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New Ways to Solve Business Problems

BusinessHub Knowledge Guide

If the past few year’s have taught us anything, it’s that businesses need to modernise and transform their technology in order to stay competitive.

In this blog we share insights on emerging technologies that you should consider when embarking on your digitisation journey.

Embracing Innovation in Your Business

In Australia, new emerging technologies are beginning to play a decisive role in innovation, customer experience and overall success.

Newer technologies such as artificial intelligence (AI), augmented reality (AR) and Internet of Things (IoT) have been around for a while but they have risen in popularity thanks to the rise of ChatGPT and other similar bots over the past couple of years.

These technologies are helping businesses become more scalable, resilient, reduce infrastructure investment, and allowing for solutions to be deployed rapidly and securely.

Whilst we may not have a crystal ball, it’s clear that disruptive technologies such as quantum computing will revolutionise many industries, and pose risks which businesses will need to manage.

The good news is that when they are implemented corrected, these technologies will drive additional revenue and set you apart from your competition. This can be achieved by merging the insights of business leaders with the expertise of a CIO.

CIOs need to ultilise technological solutions to solve business challenges and business leaders must support and facilitate the relationship between the CIO and business executives. To succeed, a CIO needs to understand the key business objectives, and utilise technology to:

  • Automate processes
  • Make better business decisions and enable personalised customer experiences
  • Visualise data and analytics
  • Create new capabilities
  • Address gaps in resources and skillsets

Take note: an investment in emerging technology should not be viewed as a simple a risk/reward assessment because many benefits are not quantifiable, such as brand awareness. Not only that, but the ROI will most likely happen over the long term.

Another point, like everything else, emerging technology does have its own risks. Therefore, you should focus on both value and risk mitigation equally.

PROTIP: A good starting point is listening to the podcast below where BusinessHub Director, David was interviewed by WBSROCKS on the topic of digital transformation. 

Business Growth with ERP and Digital Transformation

by WBSROCKS featuring David Taylor | Director, Businesshub

Always automate where possible

Start by assessing your current processes and identify repeatable processes that you are often performing. These are the ideal candidates for automation. The benefit is that your team doesn’t become bored by doing mundane tasks. These task are not rewarding at all, and the time spent on completing them can be better used on tasks that are more important to the success of the business.

At BusinessHub, we help businesses automate tasks that are repetitive and require many hours to perform. We look at your processes, and help your business take advantage of automation to see significant ROI.

Empower with enriched data

When it comes to making business decisions, they should be informed by up-to-date data. You need to understand the data that is available and you should be able to display it in formats that can be used for further analysis. Remember, strong data allows for better business decisions.

Looking forward, it’s estimated that one trillion (IoT) devices will be in use within the next two years. Each one of these devices will generate a myriad of data.

To gain a competitive advantage, businesses will need to harness that data and use it to inform their business decisions. This will range from customer profiles, to improved operations.

The power of visualisation

The visualisation of data makes it more meaningful by allowing for more interesting ways to present and understand data. This in turn allows for better ways to create strategies and make decisions. To simplify things, think about augmented reality (AR) and how it works on your phone. You can use your camera to see how a product such a fridge will look and fit in your kitchen. It thereby helps you improve your decision-making by letting you know how the fridge will look in your kitchen and if it will fit.

AR has the power to revolutionise different industries and functions. This is already in use by many leaders in the retail sector but will no doubt expand to other industries in the near future. Other benefits of visualisation and AR is that it can make data visually available in near real-time. Difficult decisions can be made based on information that’s easily digestible.

Innovation is long-term

Your capacity for innovation is based on the power of foresight. Your business should always be looking at new ways to leverage emerging technology for efficiency, competitive advantage and market share. However, it should be noted that some of these technologies will require a long-term investment.

If we were to look at quantum computing over the next few years, it’s going to have a huge impact on business processes. This will bring an entire new group of challenges that will need to be solved. On the upside, quantum computing will increase computing capabilities, and solve problems which simply cannot be solved today. In order to take full advantage of this emerging technology, long-term planning and training will be required.

Collaboration is everything

The leadership team of a business should be working together as often as possible. For a high-functioning team, communication and accountability is key. While they all work to the common goal of the business, each member use their unique skillset to deal with certain issues:

 

  • Chief Financial Officer (CFO): If you don’t prepare for emerging technology correctly, you may find the costs start to snowball. By preparing for the implementation costs, a CFO can help rein in expenses.
  • Chief Risk Officer (CRO): Emerging technology brings new risks that need to be identified and mitigated reduce their impact on ROI.
  • Chief Audit Executive (CAE): New technology requires your team to update their skillsets. New technology needs to be audited to ensure it’s operating correctly. Internal audit plans should be implemented to cover the risks of emerging technology.
  • Chief Data Officer (CDO): Enabling emerging technology is largely dependent on the CDO. And they must work closely with the CIO.
  • Chief Marketing Officer (CMO): Ensuring that the CIO and CDO have an understanding of the customer experience is critical to any business. The CMO enables this understanding.

Your next move

The topic of emerging technology will always raise many considerations, and rightfully so. That’s why it’s important to ensure you take the following actions into account when embarking on your digitisation journey:

  • Leverage existing assets
  • Set a foundational understanding of how the business will transform and how it will get there
  • Have a framework that facilitates engagement between your business leadership team so you have set goals and the desired customer experience
  • Develop a company culture that embraces employee empowerment and develop training programs to provide them with new skills for more rewarding careers within the business as it modernises. This will help employees feel safe from the real or perceived job security threat from automation

The key takeaway here is that when properly implemented, emerging technologies can offer a myriad of benefits. The first step is to assess what matters most to your business. You need to determine the areas where emerging technologies such as AI, IoTs or AR could provide value and help you to achieve your goals. And remember, no matter how great the emerging technology is, without proper management your business will never gain all of its benefits.

In the future, the most successful businesses will be those who provide optimal customer and employee experiences while enabling innovation. If you want to be one of these businesses, we should talk. Click below to schedule a time with our team that suits you best.

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