4 Ways Successful Companies Leverage Technology
Today, more and more businesses rely on the automation and inter-operational efficiency that newer technology affords. As companies strive to complete their “digital transformations,” many businesses are attributing a significant amount of their financial success to the adoption of new, more innovative ways of doing business.
As a small business looking for a sustainable growth path, it may be difficult at first to truly understand the value that some of these advancing technologies can bring to your organization or how they can be applied to your individual business needs. Thankfully, however, there are many real-world examples to follow when paving the way for future business success.
Here are four examples of fast-growing companies that continue to leverage technology to their benefit.
When you think of business technology working at full force for a company, look no further than Amazon’s development over the last ten years. Since their inception, e-commerce platforms have used technology to drive their operations in nearly every aspect of a business. However, Amazon has redefined the importance of adopting innovative ways to increase their revenue, while providing a seamless shopping experience for their customers.
The foundation of most of Amazon’s success is attributed to their ability to collect and utilize customer data effectively. By deploying a number of algorithms and making use of advanced metrics, Amazon can better understand what their customers’ shopping habits are and suggest relevant upsells to their shopping carts.
This technology has also leveraged their ability to execute highly targeted customer engagement strategies that significantly increase their customer retention and repeat business.
For companies that maintain a hybrid approach to both manufacturing and retail, Apple has set the bar on how these businesses can use technology to create innovative products and develop a strongly integrated supply chain. Technology drives nearly every facet of our lives, and Apple has recognized this for years now.
Early adoption of the latest trends and technological advancements has made their company the industry titan that they are today. However, the success of Apple would not be what it is today without the operational standards that enterprise solutions help to enforce.
Maintaining an integrated supply chain system in manufacturing is critical in both optimal production and effective quality control. Apple has set themselves apart from their competition by their ability to consistently deliver goods that conform to the strictest software standards, all of which is managed by a well-developed ecosystem of suppliers, developers, and retail partners.
Apple utilizes the latest available technology in resource planning, marketing, and collaboration tools to ensure product launches and advertising initiatives are consistently executed within their sensitive timetables.
User data and business intelligence are crucial for companies in the media streaming industry. Spotify is an example of a company who has highlighted this importance as they have become one of the fastest growing companies in recent years.
Spotify lives and breathes analytics as they have created mobile applications designed for artists and musicians to better connect with their audience. Smart business intelligence allows Spotify to recognize geographical locations of their user base, hugely impacting how managers plan their musician tours and maximize their awareness.
Artificial intelligence technology has also been adopted by Spotify to help offer better music suggestions for listeners. “Discovery” is a big piece to the relevancy puzzle that Spotify has managed to fine tune with the use of advanced learning protocols. Their applications are continually learning about their users to help provide them with music that continues to cater to their individual tastes. This intelligence creates a truly unique user experience and is one of the main differentiators of their competition.
Related: 5 next-level ways to use technology as a productivity tool
Mobile technology adoption is another huge contributor to successful business growth. Uber has quite literally “ridden” the trend of mobile usage and engagement in the transportation industry to its advantage.
Uber uses sophisticated data collection and storage methods as the primary way to manage its infrastructure. The result is a simplified and efficient way of providing convenient, safe, and fast transportation services for residents in multiple cities. What has made Uber so successful, however, is their ability to utilize the data they collect to improve their service offerings and improve their overall reputation.
It only takes 15 seconds or less for Uber’s application to match you with a driver in your area. That type of automation doesn’t come without investments in advanced technologies to methodically make use of GPS tracking, customer reviews, and driver reputability. Uber also uses dynamic pricing protocols, nicknamed “Geosurge,” to intelligently shift service pricing for higher demand areas and hours of operation.
Recognizing that customers are willing to pay higher costs for services for better convenience and reliability, Uber continues to significantly increase its revenue year over year, profiting over $2.5 billion from its investments in mobile technology and automation.
Related: 7 productivity apps to use during the workday
We live in a digital world that thrives on the availability of advanced technology, designed to improve the way businesses are run and how customers interact with them. All the examples of successful companies listed here have in one form or another embraced technology to improve their system processes and develop sustainable solutions for their customers.
Vision computer solutions is a managed IT services company in Detroit that knows all too well the critical role that technology plays in the business world today. Our experts in business technology can help your company design its own innovative solution and help you paint a path to your business success.