Business technology is constantly evolving to meet the needs of companies across the globe. Recently, data analytics and the ability to automate almost anything have been two of the biggest changes to business tech. Their impact has already made huge waves and you can guarantee that these powerful business tools aren’t done making headlines. Let’s examine some of the areas in business where the future looks bright for these tools.
The ability to reach potential new customers through a variety of outlets is incredibly important, whether it is via email, social media, mobile marketing, or even old-fashioned billboards. Modern marketing goes far beyond these more traditional methods through the implementation of analytics, with an impressive 85 percent of marketers using analytics for their marketing efforts.
Businesses that put their vast amounts of market research data to work for them through predictive analytics are at an advantage compared to those that don’t. Predictive analytics can help a business to optimize their marketing campaigns by predicting customer behavior and determining the best way to reach potential customers. Marketing campaigns that utilize predictive analytics are not only more effective in reaching the best possible target audience, but they also save capital by highlighting where it would be best used.
Automated email marketing is a fantastic way for a company to retain customers, but its usefulness pales in comparison to that of predictive data analytics. As a marketing tool, data analysis can assist in customer retention and provide invaluable insight into the best possible methods of customer acquisition. Predictive data analytics are unlikely to outright replace a seasoned marketer’s intuition, but it can assist them in making smarter decisions. It’s clear this business tech will forever change how marketers operate.
Inventory management solutions are also made much easier through the use of analytics. Companies that offer physical products often have to contend with the headache that is inventory management optimization, but with the power of analytics, this task becomes less of a pain. Analytics programs can identify what items a company has in stock and how often various products are being used, which ultimately leads to the elimination of excess inventory.
Analytics allow businesses to quickly optimize their inventory management systems in this way. Predictive analytics can also provide businesses with the ability to accurately anticipate demand figures far ahead of time, ensuring that the company doesn’t run out of stock. With enough available data, businesses can even implement deep learning programs that can calculate optimal inventory in a completely unbiased manner.
The data for this analysis can come from literally all aspects of a business, from the supply chain to marketing efforts. Automated sensors within product storage locations can provide vital data through the internet of things, showing when and where product is being moved in real-time. Eventually, the headache of inventory optimization will be a thing of the past thanks to analytics.
Collecting relevant tax data and then ensuring that it is appropriately filed can be an incredibly repetitive task, especially when the process is applied to large companies. Robotic process automation (RPA) effectively eliminates the tedium that comes with tax preparation. RPAs are pieces of cost-effective software that mimic human actions with increased speed and accuracy.
RPAs are essentially the bottom rung of the artificial intelligence ladder. While they are incapable of thinking or growing like an AI, they are able to handle basic business processes such as tax preparation in the same manner that a human would. RPAs are capable of working around the clock, acting as a true workhorse when it comes to menial tasks. As a bonus, this frees up human counterparts to work on more intensive processes, resulting in even greater productivity.
In the future, it is likely that all taxation will be automated on both sides of the coin, with business and the IRS alike employing automated tax software. This, however, will not negate the need for human involvement completely. The tax professionals of the future will have to have a solid understanding of both the tax code and the software solutions that they implement, ensuring that any given business avoids breaking or inadvertently side-stepping any regulations.
Modern businesses have some of the most revolutionary technological tools at their disposal. From predictive analytics that can streamline marketing efforts and optimize inventory management to automated emails, sensors, and RPAs that can provide further data to be analyzed, businesses have no shortage of technological help. While no one can know exactly what the future of business tech has in store, it is a safe bet to assume that automation and analytics will continue to play a prominent role.
The original version of this article was first published on Converge.