The current decade is one whose signature is innovation. For business owners, that’s good news, even if advanced technology and systems come with price tags that are not always user-friendly. In the past three years, multiple forms of innovation have brought a modicum of relief to overworked managers and supervisors and helped to boost efficiency. Contactless payment systems, subscription sales models, and customer service chatbots have taken a lot of drudgery out of day-to-day operations.
Other examples include several tools used by transport fleet managers, like dashcams, telematics, and advanced GPS devices. Additionally, companies in every industry benefit from collaboration tools like Zoom, Slack, and Microsoft Teams. What are the most popular and most innovative of the bunch? Here are details about several recent business innovations that are having a major impact across the economy.
Technology For Transport Fleets
Fleet managers have plenty to gain from all forms of business innovation. Whether it’s high-tech tracking and telematics software, routing programs, or dashcams, there are major benefits in store for fleets who choose to adopt tech solutions. Of course, there are other concerns, like whether every driver needs proper licensing. The Federal Motor Carrier Safety Association (FMCSA) has strict definitions about who is and is not a commercial operator.
In most cases, it’s about the nature of the job and the kind of vehicle involved. Fleet managers, even those who are technology-friendly, should find out more about the FMCSA’s official definition of commercial vehicle. That way, supervisors will know which drivers need to get CDLs (commercial driver licenses) and which ones don’t. Still, transport fleet managers can leverage the power of tech like dash cams and telematics to make their jobs easier.
Contactless Payments
Ever since mobile technology came on the scene more than a decade ago, contactless payment systems have been growing in popularity among merchants and consumers. During the recent pandemic, the need for social distancing gave a further boost to the adoption of the systems. Not only did they eliminate the need for physical contact, but they also did a good job of speeding up the payment process in most cases.
As the technology matured, users could pay via their smartwatches, phones, and credit cards. Many are now using contactless methods to buy all kinds of retail items. Even car dealers and banks are adopting contactless technology in their everyday business operations.
Chatbots
Business owners are always searching for ways to make the customer experience better, and chatbots are at the forefront of that effort. In less than five years, the use of robot-assisted customer service, both online and over the phone, has spread far and wide. AI (artificial intelligence) powers the best bots, most of which offer instant answers to common customer questions.
Additionally, the technology can handle more complex queries and solve many problems without the need for a human being. Not only does this streamlined process please customers, but it also saves money for companies and frees up human workers for more sophisticated forms of work. Some bots combine AI-generated faces with human-like voices to imitate human service agents.
Hayden Richards is Contributor of IntelligentHQ. He specialises in finance, trading, investment, and technology, with expertise in both buy-side, sell-side. Contributing and advising various global corporations, Hayden is a thought leader, researching on global regulatory subjects, digital, social media strategies and new trends for Businesses, Capital Markets and Financial Services.
Aside from the articles, interviews and content he writes for IntelligentHQ, Hayden is also a content curator for capital markets, analytic platforms and business industry emerging trends. An avid new media explorer Hayden is driven by a passion for business development, innovation, social business, Tech Trading, payments and eCommerce. A native Trinidadian, Hayden is also a veteran, having served with the Royal Air Force Reserves for the past 10 years.
Follow Hayden on Twitter @HaydenARichards, linkedin.com/haydenhrichards and http://www.scoop.it/u/hayden-richards
