Over the last several years, businesses all over the world have found themselves squeezed by changing economic conditions and disruptive world events. Once reliable revenue streams have evaporated overnight in some industries, as the daily way of life for consumers came to a sudden halt. For many manufacturers, overseas workplace closures resulted in critical shortages of parts needed to keep the assembly line operating. Even homebuilders were affected, as they encountered a shortage of skilled labor and appliances were on back order.
With this churning sea of change, businesses have to increasingly look for ways to prepare for money emergencies, cut costs, and add revenues to their bottom line. The very survival of firms today depends on their ability to quickly adapt and evolve to do things in new ways. It’s no longer possible to succeed by relying on the way it has always been done. If a company wants to prosper, they need to leverage automation and innovation as key foundational principles in their evolution. Here are some key ways that automation and innovation can improve a company’s financial health.
Innovation: Electric Vehicles
The past year has been beset by two disturbing trends, namely soaring fuel prices and extreme weather events. The cost of gasoline and diesel skyrocketed as the recovery from the pandemic surged ahead. Unfortunately, the increased use of fossil fuels has also helped trigger climate driven severe weather events. Some nations have seen one-third of their land flooded, and cities all over the world have been inundated by flash flooding and record setting rainfall. Companies that are looking for a cost-effective way to reduce their fleet operating expenses are moving to electric vehicles. Recent innovations have made these vehicles a reliable and profit enhancing alternative to traditional modes of transportation. They are also a far cleaner alternative that is good for the environment. A company’s focus on the environment and sustainability is also a great selling point with consumers.
Automation: Email and Social Media Marketing
Email and social media marketing make up an important part of any company’s efforts to reach and sell to customers. You have to go where the eyeballs are, and consumers spend hours per day on the different social media channels. Email marketing is also an important avenue for getting your message and special offers in a customer’s hands. Unfortunately, it’s incredibly time consuming if you are manually managing your social media or email marketing campaigns. Advanced automation tools let businesses create a continuous presence on social media and produce posts that can be sent out at regular intervals. Sophisticated email drip campaigns can provide an automated way to turn leads into buyers when crafted correctly.
Innovation: Disruptive Technologies
One of the most powerful ways for companies to harness the power of technological innovation is to tap into newly emerging, disruptive technologies. Most firms live and die by the mantra of doing what they have always done. If a firm wants to open up new markets and see their profits soar, then disruptive technologies are the way to go. New technology can give businesses an incredible edge in the marketplace, or create entirely new market segments. Ecommerce giants emerged on the internet and grabbed market share by eliminating the middleman and keeping those profits for themselves. Being one of the first adopters of hot new technology can result in incredible business success.
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