Technology is constantly evolving, and nowhere is that truer than in the world of business. Transactions are now happening quicker and more securely than ever thanks to amazing technological advancements.
Keep reading to learn about some astounding innovations that you are sure to start seeing more and more in the realm of business.
1. Magnetic Ink Character Recognition (MICR)
Many banks have slowly begun to automate the in-branch check printing and issuing process to make it easier and more efficient for all customers. However, this would not be possible without the help of MICR.
MICR uses a toner that contains iron so that official documents and checks pass security clearance as per the regulations of the federal reserve. If you are in the banking industry, this is definitely something about which you will want to learn more.
2. Improved Customer Relationship Management (CRM) Systems
CRM systems are completely changing the way business managers can serve their customers. It assists business leaders to focus on their relationships with their current customers and seek out new ones.
One of the most intriguing aspects of CRM is that it takes into account a customer’s history of activity and will target each individual customer accordingly. The data collected and processed through CRM systems is instrumental to the creation of strategic plans. Gartner even suggests that companies will spend more on CRM than anything else in the enterprise software industry by the year 2021.
3. Contactless Payment
More and more people are starting to pay for things with their phones rather than credit cards, checks, or cash. This payment form is much more secure and quicker than anything else currently available, which is why it is taking the commerce world by storm. Anything that reduces the line at the register will increase customer satisfaction exponentially. They will also help businesses to cut down on credit card fees.
4. Augmented Analytics
The explosion of data that is becoming more readily available to business professionals is impressive, but it is meaningless without a means to understand it and interpret it. That’s where augmented analytics come in.
These new interfaces allow decision-makers to see helpful data at a glance. These systems save time and money because no one has to spend hours combing through data and creating graphs and charts anymore.
5. Voice Assistants
Amazon Echo and Google Home are infiltrating private residences all over the world, but they are also remarkably helpful in office settings. Are you in the middle of typing up an important report, but need to remind yourself of a meeting coming up in a couple of hours? Tell Alexa to set an alarm. It is as simple of that.
This technology will continue to greatly increase the productivity of business professionals as it improves and becomes more sophisticated.
Cryptocurrency such as Bitcoin has now become an accepted way to purchase things across political boundaries. Even though it is not worth what it once was, it has become much more mainstream and widely accepted. This technology is opening a whole new method for completing transactions that previously did not exist.
It is vital for businesses to keep up with the latest technological trends. If they do not, then they will risk becoming obsolete and succumbing to their competitors.
Looking into these six technologies is a great place to start if companies want to discover some intriguing innovations out there of which they could potentially take advantage. Even though the business world is tough and competitive, assistive technologies, like those discussed above, are becoming more readily available, helping decision-makers to enhance productivity and enhance profits.