Incorporating Emerging Technologies for Further Process Improvement

Companies must remain competitive and efficient in today's fast-paced commercial landscape. One method is to incorporate developing technologies into your business procedures. In this post, we'll look at how emerging technologies like artificial intelligence, robotic process automation, and the Internet of Things can assist to enhance your company operations and generate growth.

Covered in this article

Business Process Automation
Digital Transformation
Emerging Technologies
Artificial Intelligence
Robotic Process Automation
Internet of Things
Cloud Computing and Big Data
Predictive Analytics
Quick Overview of Emerging Technologies for Further Process Improvement
Emerging Technologies for Further Process Improvement FAQs

Business Process Automation

The use of technology to automate repetitive procedures and streamline processes is known as business process automation (BPA). This can save time, and money, and increase accuracy. Employees can focus on higher-value tasks that demand human judgement by automating operations like data input and document management.

Example

Automating the invoicing process is an example of business process automation. Instead of manually preparing and sending invoices to consumers, firms can use accounting software to generate and send invoices automatically, decreasing errors and saving time.

Digital Transformation

The integration of digital technology into all sectors of business results in major changes in how firms are run and provide value to customers. It lets companies use emerging technologies to improve processes, boost efficiency, and develop new business models.

Example

A typical brick-and-mortar retailer moving to an online store is an example of digital transformation. They may reach a larger audience, improve customer experience, and optimise their procedures by using digital technology in their organisation, while at the same time reducing costs such as rental charges for a physical premises - depending on whether they opt to move the entire business online.

Emerging Technologies

Emerging technologies such as artificial intelligence (AI), robotic process automation (RPA), and the Internet of Things (IoT) are changing the way we work. By harnessing the power of these technologies, businesses can improve their processes, gain insights, and make data-driven decisions.

Example

Using chatbots to address customer support enquiries is an example of developing technology. Chatbots can be trained to answer frequently asked inquiries and provide assistance, allowing employees to focus on more complicated issues.

Artificial Intelligence 

AI refers to the use of machines to perform tasks that would typically require human intelligence, such as visual perception, speech recognition, and decision-making. AI can be used to automate tasks such as customer service and data analysis, resulting in faster, more accurate results.

Example

An example of AI in business is using predictive analytics to forecast sales trends. By analysing past sales data and using machine learning algorithms, businesses can identify patterns and make predictions about future sales.

Robotic Process Automation

RPA is the use of software robots to automate repetitive, rule-based tasks such as data entry and invoice processing. RPA can help improve accuracy, reduce costs, and free up employees to focus on higher-value tasks.

Biotechnology

Biotechnology is a broad field that applies the principles of biology to create products and technologies that improve human health, agriculture, and the environment. It involves the manipulation of living organisms or their components, such as genes, cells, and proteins, to produce novel and useful products. Applications of biotechnology include the development of new medicines and vaccines, genetic testing, gene therapy, and the production of biofuels and genetically modified crops.

Nanotechnology

Nanotechnology refers to the manipulation of matter on an atomic, molecular, and supramolecular scale. The field is characterised by its focus on structures measuring between 1 to 100 nanometers in size (a nanometer is one billionth of a meter). Nanotechnology's potential applications are vast and span numerous sectors, including electronics, medicine, energy, and materials science. It can lead to the creation of new materials with enhanced properties, more efficient energy sources, targeted drug delivery systems, and much more.

Example

An example of RPA is automating the data entry process for invoices. Instead of manually entering invoice data into a system, RPA can be used to automatically extract data from invoices and enter it into the system, reducing errors and saving time.

Internet of Things

IoT refers to the network of physical devices such as sensors and cameras that are connected to the internet. By using IoT devices, businesses can collect real-time data about their operations, which can be used to make data-driven decisions and improve processes.

Example

Using sensors to monitor equipment performance in a manufacturing plant is an example of IoT in business. Businesses can discover maintenance issues and avoid downtime by gathering real-time data about their equipment.

Cloud Computing and Big Data

Cloud computing enables businesses to access computing resources such as servers and storage over the internet, rather than having to invest in expensive hardware. Big data refers to the large volumes of data that businesses generate and collect. By using cloud computing and big data analytics, businesses can store, process, and analyse large volumes of data, resulting in better insights and decision-making.

Example

Using a cloud-based data analytics platform to handle and analyse enormous volumes of consumer data is an example of cloud computing and big data. Businesses can acquire insights into customer behaviour and preferences by examining this data and making data-driven decisions to improve customer experience.

Predictive Analytics

Predictive analytics is the use of statistical algorithms and machine learning techniques to identify patterns in data and make predictions about future events. By using predictive analytics, businesses can forecast trends and identify opportunities to improve processes.

Example

Using machine learning algorithms to identify fraudulent transactions is an example of predictive analytics in business. Businesses can detect suspicious transactions and avoid fraud by studying previous data, finding patterns and implementing preventative controls to guard against fraud risks.

Quick Overview of Emerging Technologies for Further Process Improvement

Incorporating emerging technologies into your business processes can help improve efficiency, reduce costs, and drive growth. By leveraging the power of artificial intelligence, robotic process automation, the Internet of Things, cloud computing, big data, and predictive analytics, businesses can stay ahead of the competition and achieve their full potential. If you're interested in optimising your business processes, consider Velocity's Business Process Review, Design and Automation services. Our team of experts can conduct a thorough audit of your current processes and design your ideal processes to maximise efficiency, mitigate risks and automate routine tasks using HubSpot CRM technology. Contact us today to learn more.

Emerging Technologies for Further Process Improvement FAQs

Which technologies help to improve process efficiency?

• Artificial intelligence (AI)
• Robotic process automation (RPA)
• Internet of Things (IoT)
• Cloud computing
• Big data analytics
• Predictive analytics

What is the role of emerging technology in further process enhancement?

Emerging technologies are expected to play a key role in further process enhancement by enabling businesses to streamline processes, increase efficiency, and make data-driven decisions. Technologies such as AI, RPA, IoT, cloud computing, and big data analytics are expected to transform the way businesses operate and create new opportunities for growth.

What are four types of emerging technologies?

There are many types of emerging technologies, but some of the most common include:

• Artificial intelligence (AI)
• Robotics
• Biotechnology
• Nanotechnology

How the business process can be improved with technology?