Tech

The Tech Options Business Owners Are Overlooking

Published

2 years ago

May 20, 2022

Business technology is changing the way we live, buy, and work. New technologies like artificial intelligence and big data are no longer sci-fi buzzwords but actionable technologies that even SMEs can take advantage of. Therefore, today’s businesses can run at higher levels of efficiency and productivity than ever before.

The problem is that many business owners, especially those running smaller businesses, overlook the ease of use, benefits, and long-term potential of some of the most useful tech. Partly, because they already feel bombarded with technology options every sales rep claims are the Next Big Thing.

So the question is, what technologies should a business be using right now? Which ones will drive growth, improve the customer experience and accelerate productivity? This isn’t about being an early adopter — it’s about equipping yourself with the tools necessary to keep your business operating at maximum efficiency. Here are the tech options your business should not be overlooking.

Cybersecurity Technology

It’s hard to argue against the fact that digital technology has made life easier for most of us. The problem is that the same technology also exposes us to new threats. Every business owner needs to take cybersecurity seriously, no matter how small or niche. In fact, the smaller the business, the more they need to focus on protecting digital assets, finances, and data.

From customer information to employee tax details, all information needs to be protected if those with malicious intent are prevented from causing harm. The following needs to be a priority:

Ensuring that all members of your team have regular cybersecurity training sessions
Adopting two-factor authentication
Making use of password-management tools.

However, when it comes to tech, it’s important to look at options like firewalls, VPNs, and only using cloud-based digital tools. A combination of all three cybersecurity tech resources will benefit the security of your business.

Managing Customer Interactions

No business model will succeed without customers, and those customers need to be engaged and satisfied at every step of the buyer’s journey. But consumers now have more ways to communicate with brands than ever, making keeping up to date with what they need to know extremely difficult.

One of the best ways to ensure customers are always delighted is to introduce technologies that streamline communications between the business and the customer. That’s where chatbots come in. Don’t make the common mistake of thinking chatbots are still stuck in that lackluster phase of 2016. They’ve evolved, and they’re more powerful and useful than ever.

A chatbot can now communicate across multiple channels at once, in multiple languages, and in ways that reflect their understanding of customer intent. Overlooking these chatbot benefits to customers, and many other benefits can be a big mistake. AI-powered chatbots are no longer just nice-to-have; they have quickly become a technology that no business owner can afford to ignore.

Inventory Management Software

If you sell a product, managing your inventory is most likely one of the biggest causes of headaches. You have to deal with seasonal fluctuations (from both your customers and your suppliers), and you also have to make sure you’re not left with outdated stock on shelves. Overstocking can cause major damage to a business of any size, and the tighter your profit margins, the more important inventory management will be.

Inventory management software can be a game-changer. A good software package makes it easier to record your stock levels and will also give you high-value insights that can guide business growth. Your operational workflows will be easier to monitor, and scaling up will be significantly easier.

The Just-in-Case (JIC) inventory model is quickly becoming a dangerous approach to running a business. Most savvy business owners have made the switch to Just-in-Time (JIT), which, although not perfect, makes inventory budgeting safer. The risk is that both models can result in customers walking away dissatisfied. The right inventory-management software ensures your stock is not hindering your growth, whether you’re using JIT or JIC.

Accounting Software

Never underestimate the value of using well-designed cloud-based accounting software. While very few business owners get excited about balancing the books (and are more likely to put it off than tackle accounting tasks regularly), accounting software changes business management considerably.

This is largely due to automation. In the old days of pen and paper bookkeeping, the same information and numbers had to be inputted manually, over and over again. Now, adding your profits for the day in the right place means that information is added everywhere it needs to be. That’s great news for saving time, but it’s not where the usefulness of accounting software ends.

With the in-depth financial insights provided by most accounting software, you get snapshots that can be extremely valuable. You’ll know exactly when you’ve overspent on your marketing, where you’ve underspent on inventory, which of your customers haven’t paid you, and the suppliers that haven’t delivered the goods you’ve ordered. When used wisely, accounting software can be the key to knowing exactly when you can expand and grow your business.

Stop Overlooking Your Most Important Tech Tools

While the above list isn’t an exhaustive look at your business technology options, they remain the most important choices to consider in 2022. However, you will need to consider the size of your business, the sector you work in, and your profit margins.

These four technologies are so important because they all offer some form of automation, and in today’s highly competitive business landscape, the less time wasted, the more of a competitive edge you have. That alone can be the key to not just growing your business but also overtaking your competitors, no matter their size. Embrace the available technology, and you’ll find your business isn’t just more efficient but more likely to achieve its goals.

Related Topics:Business Featured Tech Options Technology

Artificial Intelligence

YouTube Introduces ‘Hype,’ A New Tool to Boost Smaller Creators’ Reach

Published

1 month ago

September 21, 2024

Florencia Haden

YouTube has rolled out a new feature called Hype, aimed at helping smaller creators grow their audience without solely relying on the platform’s recommendation algorithm, search, or collaborations. Announced at the Made on YouTube event, this feature allows a creator’s fans to directly contribute to the visibility of their videos.

How does the Hype Feature work?

fans can click the Hype button located just below the like button on a video. This feature is available only for creators with fewer than 500,000 subscribers. As more viewers engage with the Hype button, the video moves up on the top 100 hyped videos leaderboard, giving it a chance to reach a wider audience. To prevent users from overusing the feature to unfairly promote their favorite creators, fans are currently limited to three hypes per week.

YouTube developed Hype after recognizing that passionate fans wanted a more active role in their favorite creators’ growth. In the future, the platform plans to allow users to purchase additional hypes, introducing a new revenue stream. However, YouTube hasn’t disclosed what percentage it will take from these purchases. Currently, on purchases like Super Thanks, YouTube takes 30% of the revenue, sharing the remaining 70% with creators.

As creators receive hype, they’ll earn points that help them climb their country’s weekly leaderboard. To level the playing field for smaller creators, YouTube will also offer a bonus multiplier to channels with fewer subscribers, helping them compete with larger channels. Top hyped videos will also be awarded a special badge to highlight their achievement.

According to Bangaly Kaba, YouTube’s Director of Product Management, Hype gives fans a new way to show their support for emerging creators and help boost their latest videos. In the future, creators will be able to see exactly who hyped their content.

During the first four weeks of beta testing in Turkey, Taiwan, and Brazil, the Hype feature was used over 5 million times across more than 50,000 channels. The largest group of users during the beta, making up over 30%, were aged 18 to 24.

Health

Digital Transformation: the importance for Pharma and MedTech Companies

Published

3 months ago

August 8, 2024

Daniel Egusa

Digital Transformation for Pharma and MedTech Companies

Digital transformation refers to integrating digital technology into all areas of a business, fundamentally changing how companies operate and deliver value to customers. This transformation is crucial for staying competitive and innovative in the pharmaceutical and MedTech industries.

Pharma companies are increasingly recognizing the importance of digital innovation (among which AI is playing an increasingly important role) to enhance manufacturing processes, streamline operations, and improve patient outcomes. The COVID-19 pandemic has accelerated the adoption of digital tools, highlighting their potential to expedite drug development and bring life-saving treatments to market more efficiently.

As healthcare continues to evolve, embracing technology and investing in digital transformation in pharma will be essential for companies aiming to stay ahead in this dynamic sector.

Setting the vision

The first step in digital transformation for pharma companies is to set a clear vision. This involves answering essential questions such as:

What are the company’s long-term goals?
How can digital tools help achieve these goals?
What specific areas need improvement?

By addressing these questions, companies can better articulate their needs to service providers and move forward with a well-defined plan. Setting this vision is crucial for aligning the entire organization towards common objectives and ensuring that every digital initiative contributes to the overall strategy. For instance, if a company aims to enhance its manufacturing efficiency, it should explore digital innovation solutions like AI-driven automation and predictive analytics.

Furthermore, understanding the trend of pharma landscape in 2024 can provide valuable insights into emerging technologies and practices that could be integrated into the company’s digital strategy. For example, digital transformation in pharma manufacturing often involves incorporating advanced technology to streamline processes, reduce costs, and improve product quality.

Key components of digital transformation

Semi-digital vs. fully digital transformation

Many pharma companies are currently stuck in a semi-digital phase. This stage involves processes where documents are manually scanned and then saved as digital versions.

While this represents a step towards digital innovation, it falls short of a true digital transformation. Real digital transformation in pharma and MedTech companies requires eliminating manual intervention and automating the entire process flow. For instance, advanced systems can automate document creation, approval, and updates, ensuring that all relevant files are seamlessly integrated and maintained.

By moving beyond semi-digital practices, companies can fully harness the benefits of digital technology, improving efficiency and compliance. This shift is crucial for staying competitive in an industry increasingly driven by digital transformation in pharma marketing and manufacturing.

Computer system validation (CSV)

In the context of digital transformation in pharma, Computer System Validation (CSV) is a crucial element for ensuring that software systems perform as intended and comply with regulatory standards. The validation process, however, can be extensive and complex, often requiring significant time and resources.

To streamline this, many pharma companies are turning to external CSV consultants or leveraging solutions that adhere to the GAMP5 validation approach. This method not only simplifies the validation process but also aligns with industry best practices, ensuring compliance and operational efficiency.

By adopting such strategies, companies can better navigate the challenges of digital transformation, particularly in the pharma manufacturing and pharma marketing sectors, setting the stage for enhanced productivity and regulatory compliance.

Role of AI in digital transformation

Artificial Intelligence (AI) is transforming the pharmaceutical and MedTech industries by enhancing efficiency, accuracy, and innovation. AI streamlines drug discovery optimizes manufacturing processes, and improves patient outcomes, giving companies a competitive edge.

In drug development, AI accelerates the discovery process by analyzing large datasets to identify potential drug candidates faster and more accurately. It optimizes clinical trials by selecting suitable patients and predicting trial outcomes, leading to faster and more reliable results. In manufacturing, AI-driven automation and predictive analytics improve production efficiency, reduce downtime, and ensure product quality by identifying real-time anomalies.

AI is also revolutionizing supply chain management by improving decision-making, reducing inventory levels, and minimizing out-of-stock scenarios. Integrating solutions like AI for smart pharmaceutical inventory management allows companies to achieve substantial savings. Moreover, AI enhances personalized patient care by analyzing data to provide tailored treatment recommendations and predict medication responses, thus improving healthcare quality.

Implementation and compliance considerations

Accessibility and affordability

Digital transformation in pharma is not just about adopting the latest technologies; it also involves ensuring that these technologies are accessible and affordable for all stakeholders involved. To achieve this, pharma companies must prioritize solutions that are easy to implement across various locations and cost-effective.

Cloud-based platforms are particularly suitable as they offer global implementation capabilities without the need for site-specific installations. This approach not only streamlines operations but also significantly reduces overhead costs, making it a viable option for both large enterprises and startups. By leveraging cloud technology, companies can ensure that their digital transformation efforts are both inclusive and financially sustainable, aligning with the broader goals of digital innovation and enhanced healthcare delivery.

Implementation and transformation time

The time required for a complete overhaul often raises concerns among pharma companies. However, with the right partner, this process can be both swift and seamless.

The key lies in selecting a vendor that provides end-to-end solutions and offers additional support for data import, integration, and training. This comprehensive approach not only accelerates the transition but also ensures that internal IT and QA teams are not overwhelmed by the demands of the transformation.

By leveraging such partnerships, companies can effectively navigate the complexities of digital transformation, thereby enhancing their operational efficiency and competitiveness in the healthcare sector.

Regulatory compliance

In the realm of digital transformation in pharma, regulatory compliance remains a critical consideration. Both pharma companies and MedTech industries must adhere to stringent regulatory standards to ensure the safety and efficacy of their products. Therefore, sourcing a digital solution that meets all compliance criteria is essential.

Opting for 21 CFR Part 11-compliant software can help companies overcome regulatory hurdles by ensuring that electronic records and signatures are trustworthy, reliable, and equivalent to paper records. This is particularly important in the context of digital innovation and healthcare, where maintaining data integrity and security is paramount.

Additionally, the implementation of compliant software solutions can streamline manufacturing processes, reduce the risk of non-compliance, and facilitate smoother audits. As technology continues to evolve, staying ahead of compliance requirements will be crucial for maintaining operational efficiency and ensuring patient safety.

Conclusion

Championing an end-to-end digital transformation project requires careful planning, vendor selection, and execution. Partnering with an experienced service provider can significantly ease the transition from being digital to being digital.

This approach not only streamlines the implementation process but also ensures that the transformation aligns with industry standards and regulatory requirements. By leveraging the expertise of a seasoned provider, pharma companies can focus on core activities while seamlessly integrating digital innovation into their operations.

This strategic partnership is crucial for navigating the complexities of digital transformation in pharma manufacturing and healthcare, ultimately enhancing operational efficiency and accelerating time-to-market for new treatments.

Artificial Intelligence

Galaxy AI to Expand to Mid-Range Galaxy A Phones in 2024

Published

3 months ago

August 7, 2024

William Watson

Exciting news for Galaxy A phone users! Samsung is set to bring its innovative Galaxy AI technology to select mid-range Galaxy A models in 2024. This expansion will start with the Galaxy A35 and Galaxy A55, according to sources from SamMobile.

Limited Galaxy AI Features for Galaxy A35 and A55

While this is a significant move, it’s important to note that not all Galaxy AI features will be available on these mid-range devices. Samsung has yet to specify which AI tools will be included, but features requiring substantial on-device processing power will likely be omitted.

The rollout of Galaxy AI to the Galaxy A35 and A55 is expected to happen through the One UI 6.1.1 update, which could arrive as early as this month or next. However, there is no confirmed release date.

Current Availability and Limitations

As of now, the most affordable Galaxy AI-enabled phone available is the Galaxy S23 FE. Even this model does not include all the AI features found in the original Galaxy AI suite for the Galaxy S24 series, such as Instant Slow-Mo.

Despite hardware similarities, older Galaxy A models like the Galaxy A54, which shares the Exynos 1380 SoC with the Galaxy A35, are not confirmed to receive Galaxy AI. Samsung appears to be focusing on models released in 2024 and later.

Samsung’s AI Ambitions

At Unpacked 2024, Samsung announced its ambition to extend Galaxy AI tools to over 200 million Galaxy devices, including phones, tablets, and wearables. This expansion to mid-range Galaxy A phones is a part of that strategy, aiming to democratize advanced AI features across a broader range of devices.

Summary

Samsung’s Galaxy AI is set to arrive on mid-range Galaxy A phones, starting with the Galaxy A35 and A55, through the One UI 6.1.1 update. While not all AI features will be available, this marks a significant step in making advanced AI technology more accessible. Stay tuned for further updates on the rollout and specific features.