7 Ways Technology Can Drive Business Growth And Improve Your Offerings Through Innovation

Technology is pivotal in driving market innovation and enhancing a company's offerings, simultaneously fostering business growth and improving operational efficiency. One way for leaders to drive business growth and improve their products and services is by leveraging the right technology - from streamlining operations to fostering innovative product approaches, their combined force has become indispensable for organizations striving to remain competitive and relevant in an ever-changing market.

1. Harness the Power of Data Insights

In order to drive business growth you need to dive deep into your data to understand your customers better, spot market trends, and fine-tune your strategies for growth. Investing in effective analytics tools can enable your team to gain the valuable insights required to identify areas where your firm’s products or services can be improved. These data-driven insights better inform the development of new offerings that better meet customer needs while streamlining operations through increased efficiency.

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Source: Microsoft

By incorporating appropriate AI technology into your operations, your team can become equipped to collect and effectively analyze large amounts of data on customer behavior, market trends, and internal processes, you'll enhance efficiency and unlock new opportunities for innovation and growth. Additionally, exploring AI solutions that are tailored to automate routine tasks, personalize customer experiences, and anticipate future trends can help your team gain deeper insights into operational areas within your firm that can lead to beneficial improvements and a new competitive edge. 

2. Streamline Processes Through Automation

One of the most significant benefits of digitized operations is the ability to automate repetitive tasks, eliminate errors and delays at their sources, and revolutionize traditional workflows. Technologies are now available to manage tasks that are currently labor-intensive and time-consuming. These can be transformed via appropriate automation, yielding unparalleled speed and accuracy.

In healthcare, automation streamlines administrative processes like appointment scheduling, billing, and claims processing, which at the same time optimizes vital patient interactions and improves care outcomes, along with the overall patient experience. These advancements, when properly designed and implemented, can streamline operations, minimize errors, reduce operational costs, and free up human resources for more patient outcome-centric initiatives, which also drive growth and profitability.

Source: The Role of Technology in Streamlining Operations

3. Cloud Computing Solutions

The advent of cloud computing has transformed the way businesses store, manage, and access data. Cloud-based solutions offer scalability, flexibility, advanced security, and cost-efficiency, allowing organizations to scale their IT infrastructure according to consumer’s demands. Moreover, cloud platforms facilitate collaboration and remote work, enabling geographically dispersed teams to collaborate in real time and access critical resources from anywhere with an internet connection. RapidScale claims that 94% of businesses saw an improvement in security after switching to the cloud, and 91% said the cloud makes it easier to meet government compliance requirements.

There are three main models of cloud computing. Each model represents a different part of the cloud computing stack and offers different benefits for healthcare organizations:

Infrastructure as a Service (IaaS): 

Provides the highest level of flexibility and management control over your IT resources and is most similar to existing IT resources that many IT departments and developers are familiar with today.

Benefits:

1. Scalability: Easily scale infrastructure based on demand.
2. Cost Efficiency: Reduce upfront hardware costs and pay for what you use.
3. Disaster Recovery: Built-in redundancy and data resilience.
4. Enhanced Security: Industry-leading security measures and compliance.

Platform as a Service (PaaS): 

Helps you be more efficient as you don’t need to worry about resource procurement, capacity planning, software maintenance, patching, or any of the other undifferentiated heavy lifting involved in running your application.

Benefits:

1. Rapid Development: Accelerate application development and deployment.
2. Interoperability: Seamless integration with existing systems.
3. Scalability: Automatic scaling for growing workloads.
4. Collaboration: Foster collaboration and innovation among teams.

Software as a Service (SaaS): 

A common example of a SaaS application is web-based email where you can send and receive email without having to manage feature additions to the email product or maintaining the servers and operating systems that the email program is running on.

Benefits:

1. Accessibility: Anytime, anywhere access to software applications.
2. Cost Savings: Predictable subscription fees and reduced maintenance.
3. Automatic Updates: Hassle-free maintenance and regular updates.
4. Compliance and Security: Adherence to industry regulations and robust security measures.

4. Driving Market Expansion

Innovation through strategically selected technologies will drive business growth by unlocking opportunities, expanding market reach, and fostering disruptive innovation.

By leveraging innovative technologies, such as telemedicine platforms, and workflow automation, healthcare providers can expand their reach beyond traditional markets. As an example, telemedicine allows providers to extend their services to remote areas or individuals who cannot access traditional healthcare facilities easily. These expansions open up new revenue streams and increase patient acquisition opportunities.

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Source: InformationWeek Analytics Cloud Computing Survey of 456 business technology professionals

5. Product and Service Innovation

Continuous innovation differentiates businesses in crowded markets, attracting and retaining customers. Groundbreaking technologies, novel features, and reimagined solutions meet evolving customer needs and preferences.

In financial services, innovation drives the development of new financial products, investment strategies, and personalized wealth management solutions tailored to individual needs. A good example here would be Digital Wallets (like Apple Pay and Google Play) and how Big Tech Companies that are open to enabling digital wallet integrations (like Apple Card or Amazon Card) are poised for substantial growth.

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Source: Forbes Advisor

Similarly, in healthcare, technology enables the creation of innovative medical devices, diagnostic tools, and treatment methods, improving patient outcomes and quality of care. For example, 3D printing has shown success in improving surgical techniques through the development of organ models, bone and joint implants, and precision instruments. The use of 3D printing techniques in healthcare has been growing rapidly over the last years: more than 110 hospitals in the US had facilities for point-of-care 3D manufacturing in 2019, compared with just 3 in 2010, according to data provided by Statista.

6. Digital Transformation

It is not a surprise that Digital transformation is reshaping both financial and healthcare industries. Financial institutions embrace online banking, mobile payment solutions, and robo-advisors to enhance customer experiences and expand market reach. Successful digital transformation in banking would mean a future-ready bank built on a next-generation architecture that offers vastly greater capabilities for a much lower cost. 

In the Healthcare space, telemedicine platforms, wearable devices, and remote patient monitoring technologies, which facilitate highly scalable telemedicine visits for a host of diagnosis and treatment specialties, have become critically important. Health systems recognize the necessity of improving healthcare efficacy and strengthening patient relationships. The impact of digital transformation is already being felt across all aspects of healthcare, enabling innovative new approaches to make access to care more convenient, while significantly improving its quality.

7. Strategic Partnerships

No business organization, regardless of size, can do everything on its own. Collaboration with complementary businesses through strategic partnerships enables access to new markets, specialized expertise, and pooled resources. Strategic alliances create value, reduce redundancies, and drive business growth for both healthcare organizations and financial services institutions alike.

Financial institutions partner with technology firms to enhance digital payment solutions, improve cybersecurity, and offer innovative financial services. Those kinds of partnerships are a great option for banks and advisors looking to increase their consumer base, gain brand recognition, and provide more functionality to their valued clients.

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Source: McKinsey & Company

Similarly, healthcare organizations have a vast opportunity to ensure sustained growth, innovation, and viability by successfully collaborating with select technology firms. Building successful partnerships with technology companies can help healthcare providers expand and better serve their communities. And for tech companies, the healthcare sector is clearly a good bet for future growth: In the first half of 2018 alone, healthcare startups raised more than $15 billion in capital.

With patients demanding easy access to advanced technology, it is clear that collaboration with technology firms will help healthcare providers to develop medical innovations, implement electronic health records, and improve patient engagement, driving growth and improving operational efficiency across the sector.

Why It Matters

Integrating the right technological advancements into your business strategy does not just represent a modernization effort – it is a direct investment in your firm's growth and valuation trajectory. By leveraging data analytics, AI, workflow automation, and IoT (to name just a few), your firm will gain deeper insights into customer/patient behavior, market trends, and untapped opportunities, enabling your team to tailor products and services that will meet these rapidly evolving demands.

Cloud computing and collaborative technologies streamline operations, reducing costs and improving efficiency, while cybersecurity measures protect your assets and reputation, fostering trust with stakeholders. This approach can differentiate your offerings and also open up new revenue streams and market opportunities. Ultimately, by embracing insightful technology-driven innovation, leaders can drive business growth, stay ahead of the competition, and meet the ever-changing needs of their customers and markets.

‍Contact Tech-Azur today to learn more about how intelligently led technology-driven innovation can enhance your offerings, drive business growth and valuation, and improve your firm’s operational efficiency. Let us help you prioritize innovation and leverage technology in order to remain competitive and resilient in a dynamic global economy.