TECHNOLOGICAL INNOVATIONS IN BUSINESS

Innovation means introducing something new into your business. There were several innovations in business in the past 50 years that have created a landscape, which is completely alien to the working environments of those working only 50 years ago. The pace of change has been phenomenal as well as the amount of new technology and new processes has meant that we now work in a completely new way. The following are the biggest innovations that will change your business:

Social media management

Social media can really help business take off, but managing Twitter, LinkedIn, Facebook and Instagram can take up valuable time. Management platforms such as Hootsuite allow you to manage the whole thing at once, saving valuable time and giving flexibility in tough times.

Big data

It might seem like just a big buzzword, but even small businesses can benefit from big data. Technology such as ClearStory Data, InsightSquared or even good old Google Analytics can help you to make sense of your traffic and your consumer decisions, to predict demand and trends in future.

Cloud computing

Storing our data in the cloud instead of on physical servers can help you do more with less. It also do collaboration easier while working remotely, with access available anywhere at any time.

CRM and inventory management

Managing customer relationships as well as your inventory using specialist software that can help ensure you do not put a foot wrong. Try Zoho, Insightly or Salesforce are used for CRM.

Risk-management software

Want to ensure you are dealing with trustworthy customers, or check who has access to your data? Clever technology can do that for you. Try BehavioSec, which analyses your staff’s typing and mouse movements and alerts you if someone else is logging in. Duedil, meanwhile, gives metrics indicating how solvent various companies are.

Communication

Whether it is Skype, Facetime or a full VOIP service, internet-based communication systems can cut costs - particularly if you are a team working in far-flung locations. These systems often require no little or no investment in hardware, and can use apps to synchronize on-the-road communication with office phone systems. Some new systems even provide virtual receptionists, advanced call screening and forwarding rules and integration with office software (for a fee).

Ms. Anisha Tandon

Assistant Professor

Department of Management Studies