Opinions expressed by Entrepreneur contributors are their own.
When the economy is struggling, it’s common for business owners to focus on cost-cutting measures — reducing expenses and slowing down hiring. However, simply tightening the belt isn’t enough to get ahead during a downturn. The companies that come out on top during economic recoveries are the ones that have also found new ways to grow.
So, how can you gain a competitive advantage during economic turbulence?
Having streamlined processes, consistent performance and reliable technology are key. Business automation can support these efforts — as evidenced by the 74% of surveyed companies who reported that using technology solutions for automation helped them during the pandemic. Meanwhile, 23% even managed to exceed their revenue expectations.
Here are five ways to transform your business workflows with the latest technology:
Related: How to Use Automation Effectively in Your Business
1. Embracing AI
AI appears to be this year’s buzzword with the ChatGPT hype and Google introducing Bard, but it’s a beneficial technology for businesses. By adding AI-powered automation, companies can boost the processes within different business units.
For example, in marketing and sales, AI can be used to personalize marketing strategies and create custom content. In IT and engineering, AI can streamline code writing and review processes. And in risk and legal, it can provide quick and accurate answers to complex questions by sifting through vast legal databases.
An illustration of AI’s impact on business automation is the case of a banking software company, nCino. The company used AI to automate processes related to loan origination and compliance. This allowed the company to securely collect data from clients and make onboarding faster — and nCino gained an advantage over competitors by reducing the time for getting loans. That was a critical issue during the pandemic.
2. Maximizing cloud efficiency
The cost of cloud computing is difficult for many firms to manage. This is mostly because they are unable to monitor the precise usage of their cloud resources. In fact, 54% of businesses claim that the main reason resources are wasted is because of a lack of visibility. Cloud automation is an alternative, though. In fact, 75% of chief information officers concur that automation has boosted profits, made the business more agile and enhanced the customer experience.
Cloud automation offers a powerful tool for IT teams, enabling them to efficiently create and manage cloud resources. This optimizes resource utilization and minimizes security risks posed by manual workflows. Although automation cannot replace human expertise, it is a game-changer for operational efficiency.
3. Streamlining user experience
In today’s business world, user experience plays a crucial role in shaping corporate processes and how businesses interact with their customers. A seamless front-end experience can make all the difference in a customer’s journey. The better the experience, the more likely customers are to return.
And when it comes to delivering a memorable and engaging experience, the 3-D web is leading the charge. According to Shopify, implementing 3-D content has the power to skyrocket customer engagement, resulting in a 94% conversion lift. The technologies behind this transformation include WebGL, Unity, Play Canvas and PixiJS, making it easier than ever for companies to add a cutting-edge touch to their online presence.
Related: How Artificial Intelligence Could Help You Design a Better User Experience
4. Building cyber resilience
As companies grow and technology becomes more complex, it becomes harder to manage security and compliance manually. That can result in slow response times to security issues, mistakes in how resources are set up and inconsistent policies.
Security automation makes it easier to manage security. It facilitates daily operations and integrates security into the way a company uses technology from the start. In fact, 70% of the most cyber-resilient companies use security automation.
There are three categories of security automation tools to enhance an organization’s cybersecurity. Robotic Process Automation (RPA) automates routine tasks with software robots. Security Orchestration, Automation and Response (SOAR) unifies threat views and automates responses. Extended Detection and Response (XDR) integrates security data for better threat visibility and response.
Related: Automation Is Becoming a Business Imperative: Don’t Wait Until It’s Too Late
In today’s rapidly changing business environment, companies must have the agility to confront and overcome obstacles. Technology provides a vast array of automation and optimization solutions that bring stability and efficiency, acting as a strong foundation and efficient engine to keep your business on course.
However, a one-size-fits-all approach to technology implementation is not the solution. It’s crucial to evaluate your company’s specific needs and implement technology solutions that align with your business goals. Only then can you fully harness the power of technology to achieve long-term success.
