How Technology Has Transformed Business Today

         Business itself and organizations are always changing and undergoing growth periods. One of the biggest catalysts for change is technology. There are many ways in which technology transforms business. Technology in business can be used to communicate with customers, make operations more efficient, implement security, and enhance research capacity, as well as many other functions. Organizations of any size, big and small, can use technology to benefit them both in tangible and intangible ways. Overall, technology has the ability to transform business and organizations.

Technology Transforms Business
Technology Transforming Business

         A huge benefit of technology is that it has the ability to collect and store tons of data. For example, organizations collect information about consumer behavior, so they can improve the customer experience. They track trends, customer buying habits, and other contextual information. With technology, organizations scan further segments and target their customers based on their individual interest and buying behaviors. Technology makes organizations more powerful because the more data an organization has the more of an advantage they have in the market.

         Technology over the years has been able to transform how we interact with organizations. The most significant evolution happened when mobile applications became available. Most people have an internet-connected device nowadays. People use their smartphones to browse a website, to shop at an online store, or to communicate with the organization’s help center. Apps are the main point of contact and engagement between customers and organizations. Therefore, organizations need to further think about how mobile applications can fit in their engagement strategy.

Automation Propelling Digital Transformation

         Lastly, the biggest change that technology has on business is automation. Systems are being built for machine learning and predictive analysis. Many complex algorithms are available to complete tasks in a fraction of the time human workers perform them. Automation has the ability to improve productivity and efficiency tremendously.

         Technology adoption has been growing and improving businesses in each and every industry. Technology transforms business for the better, and it will continue to enable organizations to realize savings, improve performance, and better serve their customers.

Learn more about how Simply Flows can transform your business.

Which of Bain’s 30 Elements of Value are Important to your Customers?

Companies can succeed in many different ways. However, increasing the perceived value of their products and services is by far the most impactful tool they can utilize. Bain’s 30 Elements of Value introduce fundamental attributes companies can choose from, combine, and deliver into their offerings. The right combination of values results in stronger customer satisfaction and loyalty. Furthermore, delivering more value accounts for a steady revenue growth, according to the research.

What are the 30 Elements of Value?

The authors of the model have combined three decades of experience doing consumer research at Bain & Company to identify 30 elements of value. Their model extends Maslow’s ‘hierarchy of needs’. They have arranged the elements into a pyramid: ‘functional’ at the bottom, ’emotional’, then ‘life changing’, and ‘social impact’ at the top.

  • Some functional elements are: ‘saves time’, ‘makes money’, ‘simplifies’, ‘reduces risk’, ‘connects’, ‘reduces effort’, ‘quality’, ‘reduces cost’.
  • Examples of emotional elements are: ‘reduces anxiety’, ‘rewards me’, ‘nostalgia’, ‘provides access’, ‘fun/entertainment’, ‘wellness’.
  • Life changing attributes are: ‘motivation’, ‘provides hope’, ‘affiliation and belonging’, ‘heirloom’.
  • ‘Self-transcendence’ is the only element at the top of the pyramid.

The attributes have different relevance depending on demographics, culture, and industry. For example, people value cost, variety, quality, and rewards when grocery shopping. At the same time, they appreciate reduced anxiety when buying an auto insurance.

How to Choose the Right Element(s)?

To decide on the right combination of elements, businesses may try to figure out which ones are the most important. Should they aim at the ones at the top more so than the elements at the bottom? Could they be successful by focusing on the functional elements only? Bain’s research answers these questions.

It turns out that perceived quality matters the most. Even more surprisingly, no other elements can compensate the lack of quality. After ‘quality’, the next most significant attributes depend on industry. For example, ‘variety’ is second for grocery and apparel retail, while ‘provides access’ is the second most important for consumer banking.

Another interesting finding is that customers believe they receive more value from digital than brick-and-mortar businesses.

Which Values to Focus On?

Start by looking at the elements important to your industry. Then evaluate your performance on those attributes relative to your competitors. If you find a weakness, that is the element to focus on first.

Next, consider adding a new element, aligned with your brand and capabilities. Adding value has a huge revenue growth potential.

Last but not least, ensure that leadership is well aligned with the values the business delivers. A leader from the organization should be appointed to monitor and holistically manage the elements of value crucial to the company success.

elements of value

Explore more of the Bain’s Elements of Value via their interactive graphic here.

Learn how Simply Flows brings important elements of value to life.

Artificial Intelligence: Can it be trusted?

Artificial Intelligence is something new and exciting entering the market. The idea of machines doing human work has always been a thought of the future that is now becoming an ever-growing reality. However, can we really trust this process? Complete privacy is a thing of the past, but this has become an even larger concern with the growth of AI. AI-enabled technology is expanding rapidly, but we know very little about the risks and ethical implications it introduces.

Entering into a Zero-Trust World

Companies are adapting to new AI technologies, but this is not without risks. The adoption of AI has led to more security breaches, leaking of information, and the creation of deepfakes. An altered video or image of a person is a deepfake. They are used to get information or for other harmful means. These issues are major ethical problems within the workplace that could cause a rise in distrust and other concerns. For example, AI could easily manufacture people’s images and voices just through hearing or seeing. Someone with malicious intent could enter into their computer systems and steal private information. That could cost companies millions of dollars. Since AI is becoming readily available, ethical people should be using those algorithms. If not, then there could be negative implications. By maintaining the mindset of being in a zero-trust world, people could be more cautious. But sometimes deepfakes are still undetectable. AI is powerful and sometimes we can disregard its content as truthful.

Companies can Fight Back

AI is not all bad. There are ways we can manage risk within the workplace. If a company sets forth proper guidelines and training classes on working with AI properly, this could prevent issues. New technology should be implemented, such as a three-layered security approach and new privacy-preserving techniques. AI can be harmful in the wrong hands, but by itself, it is just a computer code. If people within a company understand the risk of AI and are okay with it, this is a good starting point. No one wants to be caught off guard, so being open and discussing AI can put people at ease, even knowing that there is a risk that comes with its algorithms. Companies can fight back against these AI issues through increased security and understanding within the workplace.

Is it Worth the Risk?

Yes, it surely is. AI may be a new concept, but if organizations adequately train people on how to use it and detect fraud/scams, then why not implement it into a company. Technology is continuously improving, and if you are not moving forward, then you’re going to go out of business. People should still focus on the idea of living in a zero-trust world to remain cautious. However, Artificial Intelligence is not going anywhere and is overall worth the risk.

Learn how Simply Flows utilizes AI in a safe way to help you be more productive.

Process Automation and the Evolution of Superjobs

Over the past few years, we have seen technology grow at an exponential rate. So has process automation – including Artificial Intelligence (AI), cognitive technologies and Robotic Process Automation (RPA). AI, cognitive technologies, and RPA are growing at 20% per year. This type of software is meant to automate manual tasks. Ultimately, that takes away menial and repetitive tasks that occur in the workplace. These automations would take over routine work and would give certain jobs new roles.

As automation takes over repetitive tasks, there will need to be a change in job roles and descriptions. Since people would no longer be working on mundane tasks, their contribution inside the organization is going to increase. Process automation is causing a lot of organizations to reimagine job roles and redesign how we work. Organizations want job roles to result in more productivity, more contribution, and have more skill involved in the work that employees are tasked with.

Rise in Superjobs

With job roles changing to require more skills and contribution, the so called superjob will emerge. Superjobs require technical and soft skills, as well as parts of certain traditional jobs. These superjobs result in significant productivity and efficiency gains for the organization. Those gains are a direct result of working with automation software.

Even though process automation is on the rise and it is something to run into and not away from, organizations are still showing levels of uncertainty and fear. Most organizations wouldn’t even say that they are ready or prepared to even address the impact of these new automation technologies. However, organizations should look at automation as something to take advantage of and be excited for.

Automation Software

Overall, it’s not about replacing work with machines, it’s about adjusting the workforce to use it to our advantage and how it allows us to learn and do more by doing less.

Learn how Simply Flows can help you transform your organization.

Read about RPA and why it is the future.

Why Digital Startups had an Upper Hand

Insights from Statista’s Digital Economy Compass 2020

Moving to a Digital Setting 

Before COVID-19, the world was slowly adapting to a more digital environment. However, most companies still neglected their digital marketing strategies. Many organizations focused solely on promoting the in-person experience and did not try to improve their online business. When COVID-19 hit, companies that did not have a well-developed digital marketing strategy were ill-prepared for this drastic change, and many struggled to keep up. However, internet-based companies benefitted from this change. Even more interesting to note is that digital startups performed very well in this new environment. The pandemic exacerbated the digital transformation, thus creating opportunities for digital startups to be successful right from the start.

Digital Startups
Startups Stronger During the Pandemic

It’s not easy for a startup when it first enters the market, and a global pandemic never helps. This was not the case for digital startups. According to Statista’s “Digital Economy Compass,” many startups, such as gaming, blockchain and crypto, and social media, to name a few, did not suffer when they entered the market. In fact, there was only a -14% change in revenue for blockchain and crypto companies, while companies in traditional industries had a loss of income between -39% to -70%. Being a startup in the digital economy during the pandemic did not severely harm revenues. Companies would more than likely become more profitable over a short span of time.

Remaining Digital 

We were all looking for new things to do once the pandemic hit. Due to the lockdowns, we turned to the digital environment for everything. Work, learning, shopping, entertainment–all switched to being done online almost overnight. The pandemic fast-forwarded the inevitable future. Now, these digital companies need to keep up with their strategy to be even more profitable. We will continue to go online for most of our needs, and businesses need to stay competitive. The startups which were born digital, navigate the digital economy much easier and that is giving them the upper hand. If these organizations can continue adapting to the ever-changing environment, they will not only hold their standing in the market but outperform their peers.

Learn more about Simply Flows, a startup that entered into the digital economy during the pandemic.

Simply Flows among the ‘Startups to Watch in 2021’

Excited news! Simply Flows has been featured as one of the 15 startups to watch in 2021! Startup Grind has selected us among the companies accelerating and making an impact in their industries.

We are grateful and honored by this recognition! Startup Grind is a global community helping founders to realize their dreams. They provide various learning opportunities at conferences and summits. Also, they pair founders with mentors, assist in finding co-founders or other team members. Furthermore, they facilitate introductions to investors and networking opportunities. They hold various other local and global events throughout the year. It has been a pleasure to be part of such an active and helpful community of like-minded ‘grinders’. Therefore, we are super delighted to participate in their Accelerate Program. According to Startup Grind, the program showcases ‘a carefully curated collection of startups that are working tirelessly to reimagine the world around us.’

startups to watch in 2021

Simply Flows is the streamlining platform that will transform your business. This no-code, secure cloud platform connects applications, automates labor-intensive tasks, and is entirely self-service to make your day easier. Manual data processing is a thing of the past, and with their flow technology, errors are eliminated altogether. Simply Flows makes life easier, and with their instant notifications, it’s sure to change the way you do business.’

Read more about the 15 startups to watch in 2021 here.

We are so excited for this opportunity. That is why the date of the summit, 9/15/2021, cannot come soon enough!

Sign up today to try Simply Flows out!


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