Did you know that your competition is already taking advantage of advanced technology? Digital business is one of the many new factors that CEOs need to consider in today’s burgeoning era of hi-tech breakthroughs. And if your company isn’t playing along, your team could be missing out.
Here are four game-changing technologies that are altering the face of business and giving your competitors a leg up.
Cloud technologies made a lot of noise when they first entered the marketplace, but one thing is certain: They offer a seemingly infinite number of uses and benefits that are helping businesses become more competitive. Start-ups and SMBs are able to build business with less risk—businesses that can better react to changes in storage and bandwidth needs in real time.
From customer communication, to delivering services to clients and offering new ways to collaborate seamlessly, the cloud’s powers are endless.
Mobile is altering the face of many industries—from travel to drug stores. The banking industry is a great example of this. IBM reports that one third of all retail banking digital budgeting is now devoted to mobile. Healthcare is another industry that is being altered by mobile. With applications that can update and access patient data faster, doctors can dramatically improve their efficiency and speed reporting.
Overall, mobile devices and apps are opening the gates to communication on-the-go and are granting access to information. Chief officers and business heads can access this business-critical information from data analytics software faster and easier than ever.
According to an Accenture study, 30% to 40% of top-performing utilities stock pricing is made by predicting future earnings and growth. The fact is, companies that are able to make better, more accurate predictions have an advantage. Take the 2002 Oakland Athletics baseball team, for instance.
Using analytics, the Oakland A’s recruiting team determined the true value of recruiting players based on the actual performance of players rather than typical stats, like batting averages. As a result, they managed to win more games while spending around 4.4 times less money per game than the Yankees and other wealthier teams.
In almost every industry worldwide, business analytics software is helping companies make smarter and more profitable decisions.
A study performed by McKinsey Global Institute examined the effects of social technologies in four industries, including manufacturing and financial services. They estimated that these technologies could add anywhere from $900 billion to $1.3 trillion dollars of value to these industries.
The most noticeable value-adds involved searching and gathering information, as well as communication and collaboration. The same study estimated that companies could improve the productivity and knowledge of their employees by up to 25%.