Unlock Revenue Streams: How Innovative Tech Fuels Business Growth

 28th March 2024    Opinion 

With the advent of new-age technologies, global business verticals have experienced a rapid paradigm shift in recent years. The ascension of accessible modern technologies has empowered entrepreneurship everywhere, enabling business owners with the necessary tools to establish and build businesses from the ground up in aspects that were unthinkable only a few years ago. 

This shift of approach to businesses has not only decreased the conventional barriers but also promoted a culture where innovative ideas are prioritized over everything else. Individuals are now able to implement suitable technologies in their businesses to enhance growth and revenue generation and it is becoming an increasingly streamlined approach concerning business practices.

Cloud computing

Arguably the most important technological advancement that has proactively impacted businesses has been the usage of cloud. Platforms that are based on the cloud have a significant advantage over their non-cloud-using peers, as they often enjoy economical software solutions, efficient data storage and most importantly - convenience. 

As per Flexera, 94% of all corporations are utilizing the benefits of cloud computing in some capacity, a fact that underlines the technology’s influence. This allows individuals to supervise their business finances more conveniently, using cloud-based accounting software, without paying the significant costs associated with similar conventional software. Cloud-based project management software allows companies to continue streamlined coordination with their employees, promoting dexterity and innovation. 

Top Indian brands such as Nykaa have utilised cloud computing seamlessly to establish an efficient back-end operation. They have been known to use cloud-based inventory management and CRM software that allow them to operate effortlessly.

Smartphone revolution

For small businesses, another innovative way to grow and generate revenue is being driven by the smartphone revolution across the world. As per GSMArena, smartphone penetration has surpassed 66% globally, a fact that allows small businesses to reach out to more potential customers. This has made social media platforms as part of a marketing strategy, which has been increasingly used to display products or services of a business to a strategic demographic. E-commerce giants such as Shopify offer easy-to-use interfaces to establish a digital store, whereas the advent of smartphone payment apps like PhonePe and Google Pay have made payments more convenient. Indian e-commerce company Meesho can be a perfect example of this, which enables small business owners to sell their products directly to customers without the need for a middleman.

Data Analytics

Individual business owners have benefitted immensely from data analytics in recent years. Relevant data that are collected from the website or social media traffic allow valuable information on customers' preferences, market dynamics as well as campaign success. These data allow the business owners to make appropriate strategic decisions that impact marketing, research & development as well as operations. 

An example of this can be Bigbasket, founded as a tech startup in 2011 and later acquired by Tata Digital, which used data analytics extensively to establish a streamlined approach to managing inventories and logistics. This helped Bigbasket to reduce waste and enhance efficiency.

Artificial Intelligence (AI)

For the last couple of years, AI chatbots have been a revelation for businesses - big and small, to enhance their growth and generate more revenues. AI has particularly transformed individual businesses, as it can provide round-the-clock customer support, answer queries and customize consumer experience. The machine learning algorithms of AI are capable of assessing relevant customer data to produce specific product recommendations, refine conversion rates and create customized marketing strategies and campaigns. AI tools also offer accessibility that enables business owners to implement the technology to enhance business opportunities. Top Indian entities, such as ICICI Bank and Zomato have been pioneers in implementing this technology to grow their respective businesses. ICICI Bank has incorporated AI chatbots in its customer support system to provide round-the-clock service, whereas Zomato has done the same to establish a seamless customer experience, where AI chatbots answer queries regarding menus, delivery and orders.

Social media influencer marketing

Internet penetration has paved the way for social media platforms like Instagram and YouTube to receive increased popularity. This added popularity has shed limelight on social media influencers with huge followers, who are currently being integrated into the marketing strategies of entities to enhance business growth and generate additional revenue. These strategies capitalize on the huge follower list of the influencers, along with the credibility of the influencer with them. These influencers are tasked with promoting products or services of particular brands to their followers, which leads to considerable business growth for the brands. Indian brands like Mamaearth have extensively used this strategy to enhance their business, by partnering with numerous influencers, including Bollywood celebrities. This has enabled the beauty and wellness brand to interact with a wider base of potential customers and create a productive dialogue with them.

New-age technology is still on the rise and as more research and development efforts get underway, brands will have an enhanced opportunity to draft innovative approaches to drive business growth and generate additional revenue. Beginning from cloud-centric applications to data analytics, individuals are now presented with the transformative nature of new technologies to create adaptable and thriving ventures. This unforeseen pace of the evolution of technology will extend additional empowerment to individual businesses, and lead them to improved growth and profit generation.

Anubhav Singh, Founder of Bridgers