Innovation in business is so crucial for growth
15 Everyday Business Functions In Need Of Innovation
Despite the rapid pace of technology development in business, some areas have demonstrated a lack of innovation. Everyday business functions are the main culprits of being averse to innovation, but not through any fault of their own. These core functions are so critical to a business's functioning that change in them requires taking a costly chance that some companies prefer to avoid.
However, waiting too long to allow new developments may have a more negative impact on a business, so many core functions are expected to catch up in terms of innovation, sooner rather than later. Below, 15 members formidable tech experts look into some of the core functions of businesses that are expected to get a tech makeover within the very near future.
1. Customer Support
One business function ripe for innovation is customer support. From replacing traditional infrastructures with cloud-based solutions, to the implementation of AI and machine learning, to leveraging smartphone capabilities such as text, photos, videos, chatbots and in-app support solutions, an innovative and robust solution can turn support from a “cost-center” to a “revenue-driver." - Anand Janefalkar, UJET
2. User-Centricity
While more and more companies talk about user-centricity, not enough is being done as far as the approach, mindset and methodology behind product and service design. We expect more companies to be shifting from opinion-driven to research-driven and user-centric process focusing on the users' needs and putting them first. - Andrew Kucheriavy, Intechnic
3. Finance Business Processes
Innovation has lagged in finance business processes like order to cash, purchase to pay and accounts payable. Innovation in these areas can maximize on-time delivery and accelerate revenue. Process mining in finance will allow organizations to understand where friction lies and take action, thus improving productivity and working capital. - Alexander Rinke,Celonis
4. Expense Reports
Company policies used to allow someone to get some petty cash and go on their trip. Now it requires receipts, credit card statements and digital forms to justify every cent, and many cash transactions (like tips) are never reimbursed. With the digital footprint we all leave, this area is ripe for disruption, if they can integrate into the legacy accounting systems many companies have. -Luke Wallace, Bottle Rocket
5. Aggregation Of Consumer Payment Cards
Even though Apple, Google and Samsung digitized lots of payment cards, businesses lack compatible readers and not everyone holds a smartphone to use this feature. With innovation in payments, the regular user still has to work with cards in a bulky wallet. The need for a physical digital card, mimicking all cards compatible with traditional readers very much requires innovation. - Sujeeth Kanuganti, Aira Tech Corp
6. Credit Risk Assessment
Nearly every business has to go through credit risk assessment ever so often and that's an industry that's lagging behind in innovation. That's about to change with new platforms coming up to provide disruptive ways to connect, verify and validate business transactions using blockchain technology. This will create a more reliable way for both lenders and business owners to check and improve on risk performance. - Nick Chandi, PayPie
7. Accounts Payable
Accounts payable is the most time-consuming, laborious and paper-intensive function, and it is prone to human error. Innovation in accounts payable eliminates payment workload and reduces financial risk for an increasingly global supply chain. The data and time saved from an automated process will free finance teams to help understand their business and define strategic initiatives to grow and scale. - Chen Amit, Tipalti Ltd
8. Data Entry Automation
Manual data entry from various forms such as invoices and healthcare records costs businesses tens of billions of dollars. Countless other data remain trapped as a victim of economics. Machine learning solutions enable inexpensive, highly accurate methods to extract and organize data. With widespread adoption, the newly-available data make new products economically viable and grow the economy. - Sandra Carrico, Glynt.AI a business unit of WattzOn
9. Digitized Processes
So many companies are still using paper processes. With available technology, there should be more moving to the digital environment and trusting that they can automate their processes. With audience members switching, companies will have to switch and will no longer be able to validate using manual and paper processes. - Jon Bradshaw, Calendar
10. Mental Health Of Employees
This is a much overlooked topic. Everyone talks about physical health, but mental health is equally important. If your team is not in the right state of mind, they will not give their best. Mindset is everything! This is changing now with new products coming out that help companies be responsible for the mental health of their staff and also with laws coming into effect that promote the same. - Dr. Evan Singh Luthra, Startup Studio
11. Employee Life Cycle Planning
Millennials are by far the biggest generation to job-hop, costing an estimated $30.5 billion annually. Instead of trying to avoid employee changes, HR functions need to innovate and plan for the inevitable turnover. Start by mapping an employee's life cycle, annual review and raise timeline early on. The starting salary should include room for regular raises so employees stay motivated and engaged. - Greg Shepard, Pepperjam
12. Continued Education
Education is perceived to peak at post-secondary graduation, leaving opportunities for organizations to invest in employee learning and growth. This becomes increasingly critical as technologies continue to evolve. Both the technical and social aspects of education provide value in growth and organization progression. Ignoring this causes large companies to fall beyond the newer and more agile startups. - Danny Allan, Veeam Software
13. Facilities Management
Facilities management -- mostly related to real estate, maintenance and physical infrastructure -- is starting to gain important advancements in innovation toward more intelligent work spaces, utilization optimization and advanced monitoring. - Bruno Guicardi, CI&T
14. Disaster Recovery Testing
Annual disaster recovery drills are sometimes used to validate an organization's resilience strategy. These drills require preparation, investment and technology, but often fail, because such “black box testing” cannot tolerate today’s high levels of ongoing change. New initiatives like AI and auto-healing impact this area, and we see new approaches that use automation to assure recoverability. - Gil Hecht, Continuity Software
15. Contract Management
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