Every business owner wants to see their company experience explosive growth. And in the 21st Century having the relevant technology to achieve success is imperative.
There are a plethora of options available to use technology to enable growth, whatever the marketplace.
But how do business leaders make the decision on which to choose?
Patricio Valenzuela is an expert in business growth. He has been a board member with the open stock company Indisa Private Hospital since 2010. After he joined the team, the hospital went from having 150 beds to the second-largest private hospital in Chile.
He holds an MBET from UW Waterloo in Canada. Additionally, and a MBA MGSM from Macquarie University, in Australia.
Patricio also founded Agencia Negociadora Chile, the first company in his native Chile specializing in refinancing and debt reunification.
By implementing groundbreaking technology and systems, Patricio enabled individuals to circumnavigate going to banks in person and facilitated loans and mortgages totalling $120 million.
“Embracing new technologies is essential for businesses that want to achieve explosive growth in today’s rapidly evolving landscape,” says Patricio.
He adds: “By leveraging even one of the many technological options available to businesses, it can lead to improved decision-making and the creation of new opportunities for innovation and growth.
Ultimately it leads to business owners positioning themselves for long-term success in an increasingly competitive marketplace.”
Here is his take on three key technological implementations that are set to make huge changes to business growth in the near future.
Artificial Intelligence (AI)
While controversial in some areas, there is no doubt artificial intelligence (AI) has the potential to transform the way that businesses operate.
By automating routine tasks AI can streamline businesses, increase profit margins, and provide insights to improve decision-making.
AI-powered chatbots are already heavily used by all manner of companies, such as Starbucks, Whole Foods and Spotify.
The advantage is AI can provide customer service around the clock, and machine learning algorithms can analyze large datasets to identify trends and patterns.
As an example, Duolingo uses machine learning algorithms to identify user-reported issues that should be addressed (instead of issues that do not actually exist).
In addition, Kayak uses machine learning models and a large amount of data from a variety of travel service providers in order to power its recommendation engine, which can be used to locate hotels and flights for users.
Meanwhile, Quora, which connects users with a variety of communities online, uses machine learning as an integral part of its answer ranking system, which is designed to determine which answers are most relevant and helpful.
This kind of information may be missed by human analysts. By embracing AI, businesses can streamline their operations, reduce costs, and gain a competitive advantage.
Cloud computing was first implemented in the early 1960s. Simply put, cloud computing is the delivery of computing services—including servers, storage, databases, networking, software, analytics, and intelligence—over the Internet. However, its importance has only continued to grow in recent years as more businesses move their operations online. Cloud computing enables businesses to access computing resources, such as storage and processing power, over the internet, rather than having to rely on physical hardware. Gone are the days of gigantic rooms full of processors.
By taking operations online and ditching hardware, businesses can reduce costs, improve scalability, and increase flexibility. The lack of physical systems means it is much easier to scale up and scale down as needed, something which has become more necessary in today;’s the unstable global economy. Scalability can also be embraced without having to worry about investing in expensive hardware or software.
Internet of Things (IoT)
The Internet of Things (IoT) is a reference to the growing network of connected devices that can communicate with each other and the Internet. Examples include connected cars, smart appliances, connected security systems and smart agriculture equipment.
The IoT also includes smart sensors and wearables, that can communicate with each other and with the internet. The IoT provides valuable insights into customer behavior and preferences. Having this available data also helps to optimize operations.
These sensors can be used to monitor equipment and identify maintenance needs before they become critical, or to track inventory levels in real time. Taking advantage of the power of IoT can allow businesses to gain a better understanding of their operations, improve efficiency, and create new opportunities for growth.