The business world is constantly changing and this drive seems not to be stopping anytime soon. This technologically backed evolution has completely changed the way of doing business compared to some decades ago. Gone are the days when it took several days to send money to a business partner or source a product from a supplier. Today, with a click on the phone or computer, you can transact business everywhere in the world.
You can even monitor the performance of your investments in the stock market with a simple tool. Developers can now integrate business, investment, and stock market data in applications, websites, software, and more using stock market API free of charge. All these conveniences have been achieved with technological advancement. As a business owner, you have no other option than to jump on this train to excel in your business. Now, here are how businesses can use technological tools to transform their business.
Tools for Data Analytics
The current business environment thrives on data. Whether a small or a large business, you need to analyze current and previous data to make informed and guided decisions about the business. It also helps businesses to optimize performance and maximize profit. There are several types of data analytics that businesses can rely on for current and future strategies. These include:
Descriptive analytics involves analyzing historical data to understand past activities. With it, businesses can gain insights into patterns and trends in data and summarize data in a way easier to understand.
With predictive analytics, a business can use statistical algorithms and machine learning techniques to analyze historical data and make predictions about future events. You can use it to forecast future trends and behaviors based on historical data patterns.
This type of analytics involves using data and statistical models to make recommendations for future actions. It is used to provide decision-makers with the best course of action based on different scenarios and constraints.
There are several data analytics tools for data processing and visualization. These include Google Analytics, Microsoft Excel, SAS, Tableau, Phyton, and Power BI among several others.
Tools for remote work
If for nothing, the Covid-19 outbreak taught us we can work from work. So, in this post covid era, many people are performing business tasks from home. remote work comes with several benefits for a business and its employees. And with the many technological tools, this has become even easier. Here are some tools for smooth remote work.
Strong internet connection
For effective and efficient remote work, you need a strong internet connection. Remote workers need to use a 4G or 5G internet connection for fast and smooth use.
As you work from home, you may need to communicate and collaborate with other team members who may also be working from home or at the office. Aside from sending emails and phone calls, you can communicate in real-time using instant messaging apps or videoing apps. For presentations, you can rely on video tools like Zoom, Skype, Microsoft Teams, etc.
Reaching more people
Gone are the days when businesses were only limited to targets within their country. To reach prospective customers outside, they needed to spend more using international traditional media outlets. Today, your business can reach millions of people worldwide with a click of a button on social media.
With the use of Social media platforms businesses can break into the global market from the comfort of their offices. Platforms like Facebook, Twitter, TikTok, Instagram, LinkedIn, etc. have made it possible for small and large businesses to reach more people. All you need is to create an account with social media platforms that relate to your business. With sponsored Ads, you can reach the target audience of your choice. Your page should be engaging, respond to inquiries on time, and post things of interest relating to your business.
Businesses can manage their social media activities with tools like Buffer, Hootsuite, Sprout Social, Agora Pulse, Sendible, CoSchedule, Later, etc.
As you increase your drive to reach more customers through social media and other digital media platforms, you must ensure excellent customer service to keep your customers always returning. Well-planned and initiated customer service is key to the very survival of every business. Several tech tools are available to handle customer inquiries and complaints, reach customers, and sell your product to the targeted audience. Customer service tools like Zendesk, Sprout Social, Hootsuite, MailChimp, Apple Business Chat, SurveyMonkey, and Slack can help businesses achieve their customer service and relation needs.
Protecting customers’ data from third-party access is critical for businesses to avoid lawsuits. You need to implement strong cybersecurity measures to avoid cyber-attacks. With tools like antivirus software, strong firewalls, domain name system protection, and SD-Wan tools among others, businesses can protect their data from potential infiltrations.
Technology has made doing business easier, yet very difficult. Businesses need to do more to harness the advantages of technology by having a strategic plan that suits the business environment. You must make very good use of data, do away with tense and stressful work environments by encouraging remote working, and reach more prospective customers using social media platforms.
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