The rapid development of technology provides organizations of all sizes with immense possibilities, empowering business growth. How to make a positive impact with its implementation? We’ve prepared some business problem-solving examples to illustrate it.
Within a decade, a business landmark has changed beyond recognition. Automation has gone mainstream in various sectors, bringing productivity to the next level, and Blockchain, primarily created for the purposes of the crypto market, enabled decentralizing our databases, increasing transparency and security. With neural networks, we’re able to process more data than ever to come up with accurate predictions and estimate risks.
Organizations of various sizes – from small startups to large corporate enterprises – are embracing these technologies in the hope of achieving their business goals. However, their rash application may expose the company to financial loss instead of bringing benefits. How to avoid that? These examples of business problems with solutions will provide you with a big picture.
1 Low productivity
Increasing productivity is a universal business goal across industries. Companies can apply technology to improve the manufacturing processes powered by robotics. The organizations also use it in project management to make the most out of the team’s potential, especially in the remote environment.
Solution: AI is the best solution for business problems related to productivity. Companies can use it to monitor processes, identify patterns and automate reporting to draw better conclusions. With a support of a machine learning model, they can make the most out of the available data.
2 Market instability
The pandemic has shown that most companies in the manufacturing sector weren’t prepared for the unstable supply chains and rapidly changing demand. Instead of preparing for different scenarios, they would plan and schedule their production based on stable parameters, which is typical of standard ERPs
For more information about the various problems that are solved with technology and software, see this article.
Solution: Now, these systems are extended with automated APS (advanced planning and scheduling systems) powered by machine learning algorithms. Fed with historical and real-time data, they can provide the companies with predictions that get more accurate with time and process different “what ifs”.
3 Compromised security
Depending on the nature of the issue, the companies may apply different software solutions to improve security within the organization. Confidential data leaks, illegal transactions, unauthorized access, cyberattacks, errors on an assembly line – modern technology can protect them against all these dangers.
Solutions: the manufacturers can easily avoid security-compromising incidents on the assembly line with automation solutions. For identifying security issues and triggering automated responses, they can implement advanced machine learning algorithms in their systems. To control security around the headquarters, they can use ML-based computer vision. In its case, the interpreting device detects uncommon patterns in the images, issuing the alerts.
Blockchain can also improve the security of the processes. Due to its decentralized structure, it makes the company’s data less vulnerable to cyberattacks. Since all the actions are stored in immutable blocks, they cannot be changed or removed, providing the company with increased transparency.
4 Low product quality
Maintaining the highest quality is a priority in the customer satisfaction-driven market. Quality management and quality assurance are much easier and more effective if automated.
Solution: In the manufacturing industry, technology can replace time-consuming manual inspection with computer vision in order to detect defects. In software development, the companies can apply AI for automated testing for continuous delivery, complementing manual tests.
Technological tools are becoming more accessible and customizable, already revolutionizing various sectors, particularly manufacturing, finance, and healthcare. The essential thing is to identify potential areas for improvement and estimate costs to make sure that the company will actually benefit from its implementation.