Published on July 7th, 2022 | by Bibhuranjan

6 Innovations That are Making Modern Businesses More Efficient Than Ever

As technology evolves, so too does the way we run our businesses…

Technology can help a business to reach new heights. There’s absolutely no doubt about that. But for innovations to really have an impact, an organisation needs to understand how best to harness them.

Here are some of the most beneficial ways in which technology is making modern businesses more efficient than ever.

Automating workflows and processes

While technology has opened many doors when it comes to business opportunities, it has also helped to make existing workflows and processes much more streamlined, seamless and efficient. From accountancy to law to logistics, automation has fast become an essential feature in day-to-day operations.

Many successful brands make use of applications in order to streamline complex workflows and procedures, taking some of the pressure off repetitive and time-consuming tasks such as sorting through data or paying invoices and bills. From marketing to operations, automation tools can help organizations ensure that processes run more smoothly and that errors are minimized.

Platforms like HubSpot, for example, provide businesses with a single application for customer relationship management, sales, marketing and more, displaying and organizing client information and customer interactions in one place. This makes it easier than ever to engage with prospective customers, segment them appropriately, personalize their interactions and nurture their engagement – all with minimal manual labor time.

Another example of effective business automation is Rippling: an employee management software that gives HR a single platform for many key business factors. These include employee payrolls, benefits, devices, apps and more.

By turning monotonous and time consuming tasks over to powerful AI software, you can save your time for the tasks that really require your time and attention. On top of this, it also reduces the risk of human error. With technology doing much of your heavy lifting, you and your team members that focus on the core business tasks that will help you grow and generate greater revenue.

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Remote communication options

Even before the COVID-19 pandemic, remote working was on the rise, and the coronavirus crisis only accelerated this movement by making working from home the new normal. Now, many businesses are continuing to operate remotely even with restrictions lifting.

This makes cloud and mobile technologies more essential than ever before. They are there to help ensure that remote workforces maintain the capacity to stay connected, communicate with team members, remain productive and access resources.

Cloud-based solutions like Voice Over Internet Protocol (VOIP) phone systems allow workers to make and receive calls via the internet, while communication and collaboration platforms like Slack, G Suite and Microsoft Teams have been specifically designed to let workers work together despite being physically apart. Similarly, video conferencing apps like Google Meet and Zoom make it easier to host and attend interactive virtual meetings. These platforms became intrinsic to productivity during the pandemic, and continue to dominate today.

Remote working platforms also allow employees to share information securely, in an age when cybersecurity is rife. SharePoint, for example, is a central repository for processes that allows users to share and manage content with colleagues securely. It can also sync across multiple devices, making it easier than ever to collaborate. Confluence offers a similar service, allowing users to collaborate, create and organize key documents all in one place, from quarterly planning documents to blog content and more.

Improved concentration

Although we often think of technology as a source of distraction at work, in reality it can be used to help us maintain focus on the task at hand. By setting clear goals, and being able to see your deadlines and priorities all in one place, you can easily establish which tasks require your attention right now. But more than this, apps like Flora allow you to grow virtual trees on your phone for a designated period of time, effectively blocking you from using your phone until the timer runs out. If you break the growing process, the tree dies.

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Intelligent Document Processing (IDP)

Of all of the monotonous tasks that businesses can consider automating, processing documents and emails is perhaps the most beneficial. From policies to proposals, going through countless documents and emails can take up huge amounts of time with very little to spark your interest or your attention. This in turn can lead to an increased risk of human error.

That’s why Intelligent Document Processing, or IDP, is so beneficial. This automation technology can process the information contained within unstructured documents like insurance policies, contracts, requests for proposals, emails and social media posts. A combination of high accuracy and speed in searching means IDP is able to extract and classify key information, even when it needs to be interpreted or when the phrasing changes across various instance.

This results in a faster approach to dealing with documents, saving many hours of work time and offering an accurate and trustworthy solution. This means you and your team can be more responsive to customer inquiries. As the service quality you provide include, your company revenues can grow.

Some of the benefits of Intelligent Document Processing (IDP) include unmatched accuracy on unstructured text, fast implementation and quick results, seamless integration within your business environment, easy customization and the fact that very little training is required. All of this means that you can manage your business time much more effectively with little to no effort or risk involved.

Strategic planning and time management

Speaking of time management, every business owner needs to get to grips with effective time management in order to master productivity and make the most of their time and brand. This is something that, again, technology can help you achieve.

Scheduling and calendar applications like Google Calendar have been designed to integrate seamlessly with almost every kind of productivity application, as well as any device. You can plot your tasks and see them all clearly within one place, alongside they deadlines. The application also allows you to set reminders, which can help you stay on track and will help you develop good time management habits in the long run.

Elsewhere, time tracking tools like Toggl and Time Doctor allow you to keep track of which tasks your remote employees are prioritising, and how long certain tasks are taking them to complete. This gives you the opportunity to see if they need extra support or assistance if tasks are taking them a long time to complete. It also allows employees themselves to be more conscious of how they spend their work time, and how much productive time they are putting into their day.

Clear goal setting

Every business owner is different, just like the businesses they run, but there are certain traits that most entrepreneurs exhibit, and chief among these is a clear vision and a strong desire to accomplish it. Many business owners take this a step further by having an organised and detailed plan in place to help them achieve certain goals.

Goal setting is essential to running a business, and today’s technology is helping business owners not only set their goals, but keep track of them and eventually see them through to completion.

Most smartphones come with to-do list and reminder features built it, which can help you record goals and set weekly, daily or monthly reminders, but there are also applications designed specifically for goal tracking. Apps like Strides helps workers stay focused on their goals by providing charts and reminders to stay up to date with progress.

Cover Image by Freepik

Tags: Business innovation, Intelligent Document Processing, management

About the Author

Bibhuranjan Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.