Introduction
It was a fine Sunday morning, and Siddharth was troubled while drinking his hot cup of coffee. Lots of thoughts were swarming over his head. He had just started his business but was clueless about how to go about sustaining his business in the ever-competitive market. Just as he got dressed after a hot shower, the doorbell rang. He was greeted by Gowtham, his best friend who had a successful business.
Gowtham was the CEO of a well-established software development firm. Siddharth broke down and explained his situation to him. Gowtham listened patiently and told him to make the most of emerging technologies to drive business growth. This will help him to disrupt and rise in his business and thrive regardless of how heavy the competition is. Here are a few emerging technologies in business transformation that can help you turn things around.
How Emerging Tech Helps Your Business Grow?
With over 6 years of experience as a CEO and four years of experience working as an AI developer for a startup, Gowtham was able to understand the nuances of Siddharth’s business and guide him through. He said that 83% of companies keep AI as their top priority in their business plans. He guided him to harness the power of AI and ML to spearhead his operations.
With many commercial activities taken over by emerging tech like AI, using machine learning for data analysis and enhancing operational efficiency is the best way to go about it. This will help Siddharth focus on ideation and find different ways to use data findings to make appropriate decisions. Gowtham emphasized the need to use predictive analytics to enhance supply chain operations and set new market opportunities. It will also help in crafting business models and help Siddharth modify his product lineup to cater to the healthcare and finance industries as well.
Using Edge Computing
Although Siddharth now had a fair idea of how to proceed with his business, he had yet another question, “Gowtham, oftentimes I find it challenging to translate data to the cloud and this is taking up a lot of my time as I end up spending a lot of resources data analysis and processing.” Gowtham replied. “I have just the right solution for leveraging data for business growth. Use edge computing to counter this issue as it processes and analyzes data closer to the data source.
Now, it's time for you to restructure and reallocate the resources that you have allocated for data analysis and processing as edge computing will have you covered. Also, you know what? Edge computing also reduces the risk of data leaks, and helps in collecting and analyzing data in real-time, enabling you to make more informed decisions and preventing downtime. Did you know that over 75% of enterprise-generated data is created and processed outside traditionally centralized data centres or the cloud? That is the positive impact of edge computing.”
Using Data Visualization and Data Science Techniques
Having understood the benefits of edge computing, Siddharth asked Gowtham how he could use data science to benefit his business. Gowtham explained to him about data science and how integrating AI with data science can help him obtain the desired results. AI will help in analyzing a vast volume of data and provide suggestions and summaries based on that data.
Gowtham also emphasized the importance of tracking and measuring results through data visualization techniques. Using heatmaps, pie charts, bar graphs, and other ways to represent data is key to tracking data. It can also help in understanding the current industry trends or the performance of your product and using AI-powered suggestions to better your strategy for optimum reach and conversions.
Siddharth was clear about this and asked Gowtham “How to leverage big data for growth?” Gowtham said that you need to focus on data collection, analysis and action by establishing a fully data-driven culture, select the right AI tools, and build a skilled team. This will help in harnessing the power of data science and AI to drive business growth.
Streamline Operations with Generative AI
“Hey Gowtham, thanks a lot for these insights on these technologies. Also, I would like to know more about this generative AI, why is it being widely used across all industries? Would it be beneficial for my business?”
“Most certainly,” said Gowtham. Gen AI or generative AI has totally transformed the way organizations work across industries. It has had the maximum positive impact on software and product development.
Did you know that contrary to popular belief that AI is out to take away human jobs, generative AI has given rise to new opportunities with new job roles opening up for data science and generative AI development, and AI product management? It has already revolutionized the way industries resolve issues and empowers businesses to automate various tasks. By deploying gen AI in the right areas, you can focus on innovation and personalizing customer/user experiences for developing new and improved products and services. With the positive impact of emerging technologies on business models through generative AI, your business can thrive regardless of the intense competition.
Try Robotic Process Automation
Well, it looks like many of my repetitive tasks in operations will be cut down, said Siddharth. Gowtham said, “Speaking of repetitive tasks, did you know that there is a cutting-edge technology that helps in automating repetitive rule-based processes? Yes, with Robotic Process Automation or RPA, you can use bots to automate these mundane tasks more effectively. It helps with reducing costs and improving accuracy in operations. Producing reports, entering data, and processing invoices will become more efficient and faster with RPA. You can avoid inconsistencies in data processing and ensure more precise results. This will help you spearhead the digital transformation with emerging tech.”
“Wow Gowtham, thanks a lot, I was able to understand a lot about the key technologies that can help enhance my business and increase productivity. However, this looks like a lot to take in. Can you tell me if there is a course that I can take up to understand generative AI, RPA, AI program management, and data science?”
Of course Siddharth, you can reach out to Eduinix for more assistance. They have state-of-the-art courses in generative AI, machine learning, and AI in program management courses. With the help of their non-academic mentors who are focused on imparting industry-relevant knowledge, you can gain an edge over your competitors and scale up your business. By being in tune with the technology trends driving business innovation, you can harness the power of AI to drive business growth.
Leveraging data for business growth can be easily understood through this course. Eduinx also benefits professionals as mentors help them perform capstone projects that help them become desirable candidates in the job market. Mentors at Eduinx can help you make the most of emerging technologies in business transformation to help you scale up in the industry.
