Technology is changing the way organizations do business across all major industries. New technologies (and new applications of existing technologies) are being developed all the time, and businesses are naturally looking for ways to incorporate emerging technologies into their operations.
As IT service providers, emerging technologies are constantly changing the way we operate and improving the level of service we’re able to offer customers. At a minimum, new technologies are:
- Enabling new business models and revenue streams
- Enhancing the customer journey
- Improving the speed and quality of customer service
- Facilitating huge efficiency gains in operational processes
With so many exciting new technologies coming to market, it can be hard for businesses to keep up. For example:
Robotic Process Automation (RPA) and Intelligent Automation can be used to automate business processes that are repetitive or time-consuming, e.g. an account opening process.
The Internet of Things (IoT) and Operational Technology (OT) help organizations collect and analyze data about critical systems and processes at an unprecedented scale.
Smart Analytics solutions help businesses organize massive quantities of operational data and use it to inform process improvements.
Artificial Intelligence (AI) can help improve the responsiveness and quality of customer service via automated solutions like chatbots.
Blockchain / Digital Ledger Technology (DLT) enables new business models across all industries, particularly those that rely on secure transfer of digital rights such as licensing of art, music, and software.
Before the end of 2019, we will definitely see even more newer technologies in development that will enable benefits to efficiency and customer experience.
Technology as an Enabler
As beneficial as technology undoubtedly is, it’s not the end result. Nobody adopts a new technology purely for the sake of novelty — it has to provide genuine business value.
At the same time, new technological advances are available to everyone. IT service providers can’t claim new technologies as a differentiator, because for the most part everybody in the marketplace has access to the same technological opportunities.
After all, we don’t talk about the competitive advantages of the telephone. Why? Because every business has them. The important thing is how businesses use the telephone to promote business objectives.
The situation is exactly the same with new technologies. It’s not about “what” technology you have access to, it’s about “how” you use that technology to produce the desired outcome.