How the World’s Top Companies are Using IT to Get Ahead

It is no secret that since the pandemic many companies have been reimagining how their business should run. With brick & mortar businesses looking to move more of their business online, they have adapted to using certain tech that could put them ahead of their competition. Digital innovation has led to new emerging tech like, big data, artificial intelligence, and cloud computing. See how your business can transition to using technology to ensure that you are “future ready.”  Let’s take a look at how big companies like Netflix and Amazon are using IT to get ahead of their competitors.

BIG DATA: A CASE STUDY

The first way a company can get ahead of the competition is to start incorporating big data into their business plan. Big data put simply is a combination of structured, semi-structured and unstructured data collected by organizations that can be sorted for information like trends or patterns. So why is big data important? Companies use big data to improve operations, identify new business opportunities, and increase efficiency, which all lead to higher profits and more satisfied customers.

Netflix is undeniably one of the biggest online streaming platforms, and they owe a lot of their success to big data. They collect data such as the time their subscribers watched a particular show, if they binge-watched it, if they paused it, and if they resumed it after pausing. This helps Netflix understand each of their subscribers, and they can recommend certain movies or shows accordingly. Their goal is ultimate personalization, and they achieve this with big data systems. In recent years, in order to generate more sales, a company needs to be able to really listen to their customers and make use of all the data their customers provide them with.

HOW TO APPLY BIG DATA TO YOUR BUSINESS

• Perform research on big data tools, and see which tool aligns with your business’s goals.

• Sign up for a free trial to experience how each tool works, and whether it is a proper fit for the business plan.

• Select a big data tool.

• Reevaluate the big data tool to make sure it runs according to business needs.

ARTIFICIAL INTELLIGENCE: A CASE STUDY
Artificial intelligence is the hot new thing in many businesses today. It can incorporate itself into many different areas of the business including sales, marketing, customer support, operations, and many more. A study by Harvard Business Review found that companies using AI could increase their leads by 50%, reduce call time by 60-70%, and have cost reductions of 40-60%. AI in sales has many beneficial uses including outbound email campaigns, demand forecasting, and lead scoring. AI in marketing has the power to implement intelligent technology solutions for example, market research, competitor analysis, image recognition, and search engine optimization. Customer support benefits greatly using Artificial Intelligence because it makes it possible to automatically assess customer messages and tag urgency and trigger actions. There are so many positives to using AI in business.

Amazon has established itself as one of the biggest digital companies in the world, and one of the earliest and most successful adopters of artificial intelligence. In fact, according to a recent report, as many as 35% of total sales are driven by AI-based recommendation engines. One well-known way they use AI is through its personalized product recommendations. These recommendations are generated using algorithms and machine learning services. Amazon also uses artificial intelligence for supply chain optimization.

Millions of Amazon products are shipped around the world every day. In order to manage this complex supply chain, they use AI to forecast demand for products, optimize inventory levels, and routing orders to the most efficient fulfillment centers. They have the power to predict what products will be popular and adjust inventory accordingly.

Amazon also take advantage of their vast knowledge of artificial intelligence using fraud detection. They use AI for detecting and blocking suspicious account activity. For example, the AI might require a user to verify their identity, if a customer’s account is accessed from a new location. Like a lot of other companies, Amazon uses artificial intelligence in their customer service. This provides a more efficient and convenient experience for customers.

HOW TO USE ARTIFICIAL INTELLIGENCE IN YOUR BUSINESS

• Decide which area of the business you could implement AI (e.g., cybersecurity, CRM, customer service).

• Investigate different platforms and websites that offer help with AI. If possible, take advantage of a free trial.

If a company decides to go down the CRM route there are a few steps to ensuring success:

1.      Map your customer journey.

2.      Define your business and sales processes.

3.      Create custom fields, stages, and pipelines.

4.      Migrate your customer information.

5.      Integrate your tools and automate manual processes.

6.      Add users and set permissions.

CLOUD SOLUTIONS: A CASE STUDY
The last way to take advantage of IT in your business is to invest in cloud solutions. Cloud computing is a big generic term. In simple terms it is the delivery of different services through the internet, including data storage, servers, databases, networking, and software. It is increasingly growing in popularity because many companies need a larger storage space and seek an efficient off-site data back-up solution.

Some well-known popular brands that have made the switch to cloud computing today include Netflix, Pinterest, General Electric, Apple, and there are so many more. Netflix’s decision to move to the cloud was largely because of the ever-increasing volumes of data in their database. They also experienced a major database corruption around 2008 that stopped DVD shipments for three days. This led to a big loss of revenue and potential customers. General Electric switched to cloud computing because it improved efficiency, customer experience and drive innovation. Through the cloud they were also able to better manage their resources and reduce IT costs. Cloud computing is one of the most helpful things a company could invest in. Maybe the purpose of switching to the cloud is to find a method to store all data due to large amounts. Maybe the purpose of switching to the cloud is to eliminate site fails, so that there is never a lost customer or client. There are so many different benefits to cloud computing, and every business should look into making the switch. 

HOW TO UTILIZE CLOUD SOLUTIONS IN YOUR BUSINESS

• Accessibility anywhere, with any device

• Increased performance and efficiency

• Helps lower IT costs

• Protect files

• Instant business insights

• Increased collaboration

Another great benefit Cornerstone Technologies provides is added security. We invest heavily in security measures to keep systems and information secure.

A small business can easily make the switch to cloud computing by having a conversation with Cornerstone today. There are many different options and services provided, and we would love to start that conversation! So be sure to head over to our contact us page, cornerstoneisit.com/contact, to learn more about whether cloud computing is for you.