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Personalizing your customer’s digital touchpoints with your brand is one way to turn your business strategy into a technology vision. And you can also use Artificial Intelligence to laser-focus your ads.
Unfortunately, businesses that fail to incorporate technology to achieve their goals fall behind those that do.
So keep reading if you’re seeking ways to transform your business strategy into a technological vision.
Let’s get to it!
What is a technology vision?
A technology vision is a clear and concise strategic plan that defines your company’s goals for designing and implementing new technology.
The plan should also evaluate how the company will stay relevant in a rapidly changing marketplace.
And for this reason, the technology vision will help align and motivate your teams by giving them a common goal.
A technological vision, for example, could involve using AI to automate repetitive or manufacturing tasks or Machine Learning to get insights from your customer data.
Let’s look at how you can turn your strategy into a technology vision.
4 Ways to turn your business strategy into a technology vision
We’ll look at how AI, cloud disaster recovery, personalization, and digital simulations, can transform your business strategy.
Here we go.
1. Embrace AI for automation and deeper insights
AI, or artificial intelligence, enables computers to do things that normally require human intelligence. They can learn and solve problems. It involves Deep Learning (for reasoning) and Machine Learning (for learning).
By analyzing data sets, artificial intelligence can help to:
- Automate tasks
- Predict customer behavior
- Predict and identify cybersecurity threats
These uses could mean less time spent on tedious tasks, increased employee performance, reduced costs and churn rate, and more informed, timely decisions.
A Mckinsey survey found that one critical area that businesses adopt AI is in marketing-budget allocation and spending.
The survey aligns with a previous global AI survey that found that sales and marketing units get 5% more revenue when using AI to predict buying patterns and pricing.
Consider how Facebook uses artificial intelligence (deep learning) in ad targeting to reach the right customers. Plus, they also automate the deep learning process. As businesses spend money on ads to reach the right customers and make profits, Facebook generates even more revenue.
It’s no wonder that Facebook recorded $28.6 billion in advertising revenue in 2021.
Want to learn more about AI?
Check out our guide on how AI and its subsets will change the Business world.
2. Personalize digital experiences to encourage loyalty
Personalizing digital experience means delivering content to an individual based on their website browsing behavior, purchase history, email response, and more. It includes product and style recommendations in e-commerce sites, account customization capabilities, e.g., in Spotify, and more.
Personalizing creates stronger relationships between brands and consumers. It can help cut down on churn rates, increase revenue and make customers feel more valued by their company. And in fact, 80% of customers might expect personalization.
But personalization depends on having the right data collection tools, employee collaboration tools, and data analysis tools.
Amazon.com, for example, employs the analytics tool to show a website visitor the products often bundled with an item in their cart or an item that they’re currently viewing. The company also recommends products in the transaction confirmation emails.
While personalization is not new, hyper-personalization takes the experience further.
Check out this short guide on hyper-personalization for more details.
3. Digital twin stimulation for analyzing “what-if” scenarios
Digital twins are virtual replicas of physical objects, systems, or services that demonstrate how the real objects behave in various situations. The simulations help companies receive real-time data on their systems, thus understanding how they work.
But most importantly, digital twins allow an organization to test upgrades, potential threats, and performance issues on a product without disrupting the customer’s experience.
That’s why Tesla has put a significant amount of money into digital twin technology. Every car they sell has a digital twin that continuously receives data from the car in the field (through sensors). So, Tesla can track how the real car performs to improve their current products and design future models.
Similarly, Mercedes-AMG Petronas Formula One Team uses digital twins to explore product ideas without risk. The simulations allow the team to test different what-if scenarios and different aspects of the cars.
But digital twins are not limited to vehicles.
Facebook designed a threat simulator (WW) to identify and prevent bad behaviors like spamming, scamming, and trading drugs. The simulator uses AI-powered bots to mimic innocent and bad actors. With this information, the engineers can design and test different ways to stop the bad actors.
4. Use the Cloud for disaster recovery
Disaster recovery in cloud computing allows businesses to store applications and business data in the cloud.
This type of backup service creates the ability to recover files, application and system settings, and other important data in unexpected outages, natural disasters, or cybersecurity attacks. It is also a cost-effective disaster recovery solution for small businesses.
Instead of copying the applications and data individually, cloud disaster recovery encapsulates the entire system into a virtual server. The virtual server is then backed up in a virtual host.
According to research conducted by Uptime Institute, 44 percent of businesses have recently encountered a big outage that has significantly impacted their operations. That’s why organizations back up their critical business applications in the cloud.
Besides losing time, losing data could cause a bad reputation and lose customers.
While cloud disaster recovery options keep a business resilient, they also allow it to automate the disaster recovery plan. And some platforms also allow organizations to develop, test, and run applications in the cloud.
Not to mention that you can access the business data anywhere, anytime.
The options for disaster recovery in the cloud include:
- Disaster-Recovery-as-a-Service (DRaaS)
- Cloud Disaster Recovery (Cloud DR) solutions
Are you thinking of switching to the cloud entirely?
Find out the benefits and risks of being a cloud-centric organization in this guide.
