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Google has accelerated the
way we research and navigate through life; Amazon has created a virtual
assistant Alexa to take over small tasks; Facebook and Whatsapp have escalated
the rate at which we share information; and Chinese e-commerce giant Alibaba
has used drones to deliver their packages faster.
If there was a golden thread that connects the most successful, digitally savvy companies in the world, it would be that they’ve mastered the art of saving time in order to save money.
In the case of time and money, companies can save both and preserve thousands of rands by making business processes more efficient.
Why saving time is essential
In the 1700’s, Benjamin Franklin first coined the phrase “time is money” in an essay called Advice to a Young Tradesman. His argument was simple: If you earn a daily wage, but you only work half a day, you lose half your wage.
Fast forward a few hundred years to 2020, and the phrase still rings true. Time is money and money is time. But as workspaces have evolved, so has the relationship between money and time. Today, missing a deadline can mean missing a financial target; selling your bitcoin a minute too late can mean losing months’ worth of growth; and wasting time on unoptimised processes can mean gaining costs on extra labour. Saving time in the modern workplace means saving money in the modern world.
The key to saving time
There’s a simple solution to saving time in our accelerated world and it is digitisation. As technology change accelerates exponentially, and new digital platforms and devices emerge, companies can optimise their day-to-day workings through tapping into digital products. In the 4th industrial revolution, businesses will need smarter next generation alternatives to attract, serve, and retain their customers 24/7 without any human intervention, according to Yahoo Finance.
Many companies tend to get comfortable by doing the same thing for years. Nokia is an infamous example of a stubborn market leader that was left behind by competitors like Apple and Samsung who were more willing to adapt to change. And Forbes recently reported on how Nike switched its mindset and spent two years undergoing digital transformation to reinvent its brand and supply chain. The result? The young and trendy have re-embraced the brand and Nike have seen their stock prices increase by 69%.
How can digitally savvy companies save time?
One way in which companies can seamlessly transcend to digitisation is by replacing mindless, repetitive and tedious tasks so that employees can invest their intellectual capital in supervision and innovation. Imagine a platform that can pull numbers from invoiced PDF’s into accounting software or process insurance claims?
Innovsoltech’s robotic process automation (RPA) platform, iRobo, offers intelligent automation solutions for repetitive tasks like these. The platform uses cognitive artificial intelligence (AI) and computer vision technologies to identify complex images and objects and make intelligent decisions quicker and more accurately. The perfect timesaver tool for the future focused business.
Another way in which companies can save time through digitisation is by changing the way they serve and communicate with customers. Conversational AI platforms can assist businesses in attracting consumers, convert sales, remind consumers of upcoming bills, offer virtual assistance and help them fill in information – all without human interaction.
Innovsoltech’s Convo.Ai, for example, is an AI and Natural Language Processing (NLP) based platform that allows customers to seamlessly perform business transactions via live chat or voice conversations. This helps both clients and their customers interact better, bringing them closer to each other with no human intervention.
Watch more here.
This post is sponsored by InnovSoltech produced by Brandstudio24 for Fin24.
