The productivity curve is a function of business technology. The better your techniques, the more you can produce (and outcompete your rivals). Unfortunately, most firms believe they’re operating right at the technological frontier. They think there is no better way of doing what they’re doing right now using fewer inputs. But that’s rarely the case. The vast majority of firms are ignorant of the technology that can assist them.
In this post, we explore some of the business technologies you’ve never heard of but should be using.
Check them out below:
Embedded Business Intelligence
Everyone knows about business intelligence (BI), and, to be fair, many companies are using it. However, embedded BI is relatively unknown.
The idea here is to turn BI from an active to a passive process using AI. Instead of hiring a team of analysts to crunch the numbers and write reports, algorithms do it for you. They then follow your objective functions, displaying charts and key metrics that interest you.
This way, you can massively cut down on your labor costs. You can also get your analysts to provide you with way more data every week than they could without computer assistance.
Imagine if you could go to a modeling & simulation company and get them to tell you how a particular decision you want to make will pan out. Well, amazingly, business technology exists.
The way it works is pretty simple. First, the modeling company creates a digital twin on your business by inputting various parameters and characteristics. They then run the counterfactual, showing you the simulated results of what’s likely to happen when you decide. Naturally, the more data you can provide such schemes, the better their forecasts will be.
Personalized Video Messaging
Video is the most popular medium for consuming content on the net. Consumers love it.
And, again, to be fair to most firms, they’re hopping on the bandwagon. However, personalized video messaging is not generally on the radar. Most brands are making videos for a general audience, not customizing them in any way.
We’re still starting personalized videos, but they’re becoming increasingly user-friendly. You can adjust multiple parameters to resonate more with the person watching them.
Imagine if you had a way of knowing what your customers were going to do next. It sounds like science fiction, but it quickly becomes a reality, thanks to intent intelligence products.
Again, the idea relies on big data within business technology. Companies collect vast troves of information and then feed it to software algorithms trained to determine whether someone is about to buy (or needs to buy). Using this information, intent intelligence can give managers and sales reps a percentage likelihood that someone will buy if they call or market to them.
If you don’t know about these business technologies already; most brands don’t. Just make sure that you’re the first in your niche to start using them, as it could put you at a substantial advantage.