Leveraging technology is not a new concept however with the growing advance of technology in the business environment, every organization big or small is on the lookout for new ways to maintain its competitive edge. There are fifteen best practices but one of them is of particular importance – the use of what is called “golden technologies”, or the first-class and revolutionary technologies that provide a really vast value. It is important that these technologies should be used to improve the way that organizations operate, meet and satisfy their customers, and grow their top and bottom lines. As promised in the previous section, in this article we will explain how one can convert golden technologies into business value.
What Are Golden Technologies?
Golden technologies are those enabling technologies which are capable of revolutionizing the business world. Some of the latest emerging technologies are Artificial Intelligence (AI), Blockchain, Cloud Computing, Internet of Things (IoT), and others are advanced Data Analysis. These are commonly known as ‘golden’ technologies because of the immense contribution they can make to organisations in a double bargain of productivity and revenues. Therefore, golden technologies may help optimize organizational management and improve key choices regarding performance and market opportunities.
For instance, AI can be used in advance customer behavior modeling while IoT can be used to monitor the state of equipment and systems in real time. While cloud computing gives organizations the ability to create, store and use information from any location, blockchain allows for safer and more secure virtual transactions.
How Can You Incorporate Golden Technologies into Your Business
Organization golden technologies thus needs to be done well and with a clear plan as well as the right action plan. Here are some key ways you can leverage these technologies to transform your business:
1. Use of artificial intelligence to online automate repetitive duties.
Artificial intelligence is among the most potent forms of golden technologies in the modern business environment. AI solutions can perform a large number of monotonous operations, which includes data input and outgoing calls to clients, inventory and supply chain management. AI techniques like chatbots, predictive analysis, machine learning and many more can cut down much effort, less error and save time for the business.
For instance, a customer service team employs artificial intelligence to manage simple questions and answer them using chatbots. It also helps to eliminate or avoid certain tasks for human agents, which also indicates that both efficiency of work and customer satisfaction will be higher. Further, AI can help to schedule appointments and filter information, which helps a business make informed decisions at the right time and not simply act according to impulse or decisions made sometime ago.
2. Utilising Blockchain for Automation of Transparency and Security
Blockchain is another golden technology that is about to transform the way companies conduct transactions. The decentralized, unalterable nature of this type of records storage through the use of block chain in the context of record-keeping makes it more secure especially where issues of security of data is paramount, such as in the financial services sector, healthcare and logistics among others. Thus, by using blockchain technology, realizations can be made that transactions are safe, trackable and cannot be changed.
For example, supply chain firms can utilize blockchain in passing the ownership of properties from one firm to another so as to eliminate fake deals. Likewise, blockchain can be used by financial institutions to clear and settle payments faster and more efficiently than by the conventional approaches to this realm of banking services.
In addition, the smart contracts option to blockchain enables organizations to enact parties’ mutual commitments without any interference from third parties cooperating with executing all the connected conditions once some predetermined specifications are achieved.
3. Enhancing Value Proposition by Exploiting IoT for Customer Relations
The IoT is an implementation of a network of interconnected devices and it is also characterized by the ability to transfer data between devices and central systems. It enables a business to gather information from devices, sensors and systems to enhance option-making at the present time and offer improved customer experiences.
Retail, for instance, can utilize IoT to track the movement of customers within stores through smart sensors; this is of great importance since it provides information about areas that may be flooded with customers or vice versa. Such information can be used for determining better store location, improving the ways how goods are displayed, for providing better organization of stores’ stocks, as well as for making individual offers for customers. Other IoT smart objects, in particular, wearable fitness monitors help companies in the health and wellness sector to collect data which could enable them to assess and provide services to unique clients.
In the manufacturing sector, IoT can be used to monitor the status of the machinery without physical interference which in turn can reduce repair and maintenance costs undertaken. Hence, the predictive maintenance capability ensures that operations are conducted without unduly breaking down and optimizing the production lines.
Advantages of Golden Technologies to the Business
Adopting golden technologies can offer numerous benefits, including:
1. The maintenance of efficiency and increasing the productivity of services has been enhanced.
The ability to enhance efficiency and overcome higher costs within operations is one of the biggest benefits of golden technologies. Robotic process automation, artificial intelligence, and migrations to the cloud improve business processes and minimize the effects of mistakes. Data produced reveals that firms that adopt golden technologies can do things expeditiously and with enhanced precision, thereby improving their profitability.
2. Cost Reduction
Even if the first cost of some of the golden technologies is somewhat high, it is justified because the returns thus realized are equally good. For instance, the use of customer service bots from AI lowers the workforce requirements for a support team, and cloud services lower the expenses required to own physical information technologies. Also, there are technologies available, for instance, blockchain to reduce the charges which are associated with the transactions and to remove intermediaries from different processes.
3. Better Decision-Making
Technologies like big data analytics and AI are some of the ‘golden’ technologies that allow businesses to make better decisions. Currently, it is possible to gather huge quantities of data analyzing which businesses can reveal patterns and trends that were invisible. This makes it possible for every single department of a company to make strategic decisions from the way that the company is marketed, to the products that are to be produced and that can assist the business to be competitive within the market.
4. Enhanced Security
As the level of cyber threats continues to concern, companies are searching for methods of safeguarding their information. Blockchain gives increased security as it records transactions in a manner that is immutable and AI can immediately identify potential risks. Another way is to encrypt IoT devices so that the necessary data remains a secret and is protected throughout the entire network.
Issues on The Implementation of Golden Technologies
On its advantages, implementing golden technologies is not without some hitch. Some of the common obstacles businesses may face include:
1. High Initial Costs
However, the payback for golden technologies is huge in the long run, but this usually comes with a very expensive upfront cost. Small businesses are unable to afford high initial costs associated with the procurement and integration of the above technologies. Nevertheless, there are some strategies for piercing this layer, including searching for financing or choosing simplified, although cheaper ones, which can be gradually expanded.
2. Lack of Expertise
Gold technologies are specific types that need some degree of skill to apply and sustain in an organization. Sometimes organizations may require new employees for their training or outsource new technology professionals for their services. Before fully embracing these technologies, we need to gain effective mastery of how they operate and how they can be optimally used.
3. Y Integration with existing systems
Implementation of newer technologies into the existing systems is always a tricky nut to crack, especially for businesses existing for years. There are a few steps to be taken when implementing new systems to ensure its compatibility with the previous ones; this may take time and possibly a new system may have to be developed half way through the process.
Conclusion
These golden technologies present positive impacts of making different types of businesses across different industries operate effectively and efficiently with less costs on their customer’s side as well as in operational and managerial decisions. From artificial intelligence, blockchain, IoT, or other such technologies, the businesses that adapt to these can secure their long-term futures with growing consumer competition. But to achieve the goal, systematic planning, resource commitment and skilled management are requisite to facilitate and support development. When the obstacles are beaten, and all of the golden technologies’ potential is realized, then organizations can discover fresh avenues for development to sustainably increase profits.
