The global pandemic caused worldwide lockdowns just two short years ago, and technology-related companies suffered the least in many cases. Tech-driven growth is now an integral part of many organizations' plans to take on the future.
Companies are even basing their HR strategies on cutting-edge tech, as well as growth potentials like software for OKRs and the like.
Here are five industries actively embracing technology in an effort to reach company goals faster and more efficiently.
Construction
Construction companies have numerous choices when it comes to managing construction projects. Fortunately, construction project management software is an investment that starts producing returns immediately by streamlining processes.
Construction firms that intend to stay competitive understand that hyperconnectivity is a crucial aspect of the industry. The Internet of Things (IoT), which is an integral part of a hyperconnected organization's success, is necessary as construction companies use technology to their advantage.
A successful construction company must continuously monitor and manage materials, equipment, budgets, time and people. Construction project managers provide hands-on assistance that starts with understanding the customer's goals. They set up perimeters for costs and timelines and determine which resources are needed to deliver a completed project as promised. While it may be easier to work on one project at a time, the reality for many construction project managers is much different.
According to Market US, the construction project management software market size is expected to nearly double between 2018 and 2028. As multiple complex projects progress toward completion, a construction project manager who can leverage the power of technology stands a much better chance of success.
Construction project management software helps construction project managers improve efficiency, competitiveness, and profitability for the good of the company and its employees.
Insurance
Recent technological advancements are revolutionalizing how insurance companies conduct business. Insurance underwriters depend on accurate and current data to help decide how much risk may come with issuing an individual policy. As technology transforms their access to data in real-time, underwriters are able to be more precise and produce more accurate calculations.
For consumers, updated underwriting methods mean that fewer people bear the weight of risks brought on by a few. For example, life insurance underwriters used to rely on a few key data points about an applicant's age, gender and health conditions to determine premiums. Now, they have access to data to help lower premiums for people who are older but also who are in extraordinarily good health.
In the auto insurance niche, older data about how gender affects the risk of causing a car accident are being replaced by data showing that older women pose more of a risk on the road than younger women or older men. While young men still pay the highest auto insurance rates in general, numerous states have outlawed basing premiums on gender due to emerging data showing that a person's gender is not a reliable method by which to determine risk. Instead, insurers rely on voluntary participation in telematics to generate data that help determine risk. Some companies encourage insured drivers to plug data collection devices into their vehicle's onboard diagnostics (OBD) port so they can collect information to help set more accurate premiums.
In spite of widespread concerns about privacy as it relates to data collection and smart-tech monitoring, many consumers have happily adopted smart devices and they share information with third-party data collection agencies.
eCommerce
eCommerce companies face multiple challenges from worker shortages to supply chain issues. There are many factors that come into play, and streamlining the order fulfillment process is key to running a successful eCommerce business.
Ensuring products are delivered to customers safely and on time while minimizing shipping costs to the company and the customer is top-of-mind for many eCommerce organizations. These business face numerous daily challenges, including:
- Choosing a warehouse location
- Selecting a reliable shipping carrier
- Managing inventory
- Sourcing raw materials amid worldwide shortages and shipping delays
- Fulfilling orders correctly
- Getting orders to customers on time and as promised
- Handling high volumes of orders due to seasonal volume increases
- Seamlessly scaling down with minimal costs to the business during slower times
- Providing 24/7 customer service to answer customer queries and solve shipping problems
Amid worldwide shipping problems far beyond the control of any individual eCommerce business, customer retention is top-of-mind. While getting and keeping customers used to be about how to offer the lowest price or the largest selection of products in a niche, it's now centered around whether the customer has a good delivery experience when they order products online.
eCommerce delivery tracking helps companies communicate with customers when the unexpected happens and a shipment is delayed or lost. It allows the business to proactively solve the problem on the customer's behalf, creating goodwill and a great customer service experience.
Choosing the right eCommerce delivery tracking system has the potential to minimize friction after a customer's order leaves the care of a business.
Banking and Finance
Cloud-based financial services are no longer a luxury reserved for especially tech-savvy consumers. Services like PayPal, Venmo, and CashApp allow people to send and receive money with a few clicks on their computer, phone or tablet.
Small businesses that wouldn't have previously been able to invest in a suite of point of sale (POS) equipment can now receive customer payments via a tiny card reader that attaches to any mobile phone with an internet connection.
Although consumers rely on many traditional banking and finance methods, a shift toward digital currency management is on the horizon.
Customer Service
Although many customer service calls are recorded, few are analyzed. Listening to each customer call with the intent of extracting insights is a cumbersome and time-consuming process. Call center speech analytics provide a comparably inexpensive means by which to capture key data points to produce insights to help shape a company's customer service procedures.
Speech analytics, also called audio mining, allows companies to better understand their customers' needs while providing regulatory compliance and driving better agent performance.
As companies face increased competition and reaching growth-oriented goals becomes more difficult, the transformative power of innovative technology provides a way to overcome obstacles.
