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6 Game-Changing Modern Business Solutions to Watch in 2024 and Beyond

Comidor Team — Wed, 28 Feb 2024 11:47:53 +0000

Incredible news awaits amidst the challenges of 2023’s economic downturn! While it may have cast a shadow over numerous industries, brace yourself for an exhilarating turnaround in 2024! Here is your chance to use six modern business solutions to change the game in 2024. In this article, we will walk you through what they are, the advantages they will generate, and helpful tools. Scroll down for details!

1. Leverage Business Process Management Techniques

1.1 Why Should You Automate Business Processes in 2024?

Boost team productivity: Automating your business processes frees up your employees from repetitive routines. Hence, they can have more time to handle more complex business aspects.
Higher accuracy: Business process automation indicates a future where the reins of control are confidently handed over to computers, empowering efficiency and streamlining operations like never before. Hence, it can reduce human errors and generate higher accuracy.
Better customer relationships: Streamlining processes, especially customer-facing ones, also allows for instant responses, proactive support, and personalized engagements.
Seamless scalability: You can effortlessly scale up your business as automated workflows adapt to changing demands without additional resources.

1.2 What Tools Should You Use?

Workflow Automation Tools

You can adopt some workflow automation software offering pre-built connectors such as CRM (Customer Relationship Management System) and ERP (Enterprise Resource Planning). They can seamlessly integrate with existing systems, orchestrating tasks, routing information, and triggering actions automatically.

AI/ML and RPA

Artificial Intelligence/Machine Learning (AI/ML) tools can learn from data, make decisions, adapt, and improve your business process. Robotic Process Automation (RPA) refers to the automation technology using digital robots or bots to handle manual work or tasks.

RPA tools can automate repetitive tasks such as inventory level tracking, purchase order generation, and warehousing process optimization. Meanwhile, AI/ML gets insights from in-depth analysis of historical sales data, seasonal trends, and external factors for more accurate demand forecasting. It can proactively adjust inventory levels to minimize stockouts and overstocking and streamline logistics accordingly.

Hence, your team has more time on more sophisticated tasks like strategy development rather than being stuck with tedious and time-consuming tasks.

Business Process Management Software (BPM)

Business process management software can help you automate process mapping, reduce bottlenecks, and monitor real-time performance.

There will be unique advantages for your business if you combine BPM with RPA in your management. The combination enables you to integrate your existing systems with modern ones more efficiently. It will generate process improvement, which sets up for long-term development of your business.

2. Invest in Low-code Solutions

The Low-code Development Platform Market is projected to be valued at USD 16.17 billion in 2024 and is forecasted to surge to USD 62.15 billion by 2029, with a remarkable compound annual growth rate (CAGR) of 30.90% during the forecast period from 2024 to 2029

A low-code platform is a visual software development environment that allows you to build custom applications with minimal coding. Its big advantage lies in a drag-and-drop interface and pre-built components.

2.1 Why Should You Adopt Low-Code Applications in 2024?

Increased productivity: Low-code applications remove the complexity of app development or adjustments. So, it makes the process happen roughly 6 to 20 times faster in many cases.
Enhanced agility and innovation:
- Your business users can join the creation of solutions for your applications easily thanks to the features of a low-code platform. It opens opportunities for citizen developers to participate in building basic applications.
- Your pool of potential contributors can expand. It also results in a shorter feedback loop between identifying a problem and implementing a solution.
Cost savings: By empowering citizen developers to build simple applications, you can reduce dependency on expensive coding resources.

2.2 What Tools Should You Use?

Low-code application studios have features such as drag-and-drop functionality, enabling potential citizen developers to join the app development process. Besides, they can ensure the streamlined operations of the business apps while limiting errors during the process.
Cloud integration allows you to upload your applications to the cloud and reuse them anywhere, anytime. Besides, your teams can easily access the essential information and data in the platform.
Artificial Intelligence is a great combination with your low-code app development to automate the repetitive steps and proactively adapt to changes based on history data analysis.

3. Strengthen Security with Blockchain Technology

Blockchain is a distributed database or ledger facilitating the process of recording transactions and tracking assets. It is mostly used in cryptocurrency systems, yet many other industries apply blockchain technology to level up their business process management.

You can see the contribution of blockchain to the supply chain in tracking the movement of goods and materials by its immutable blockchain records. Besides, it offers smart contracts, which facilitate the automatic execution of agreements. It can profoundly reduce manual work and process bottlenecks.

In retail management’s security, blockchain can combat counterfeits by issuing unique digital identities for your products, verifiable on the chain. Explore the specific advantages of security that the technology helps your business below!

3.1 Why Should You Apply Blockchain Technology in 2024?

Robust security and transparency: Blockchain’s data distributed across a network of nodes can protect sensitive customer data from breaches and unauthorized access.
Advanced Counterfeit Detection: Each product on the blockchain can have a unique digital identity, which accelerates its authenticity verification. Thus, you don’t have to worry about counterfeit goods in your supply chain.
Immutable Data Trail: Blockchain acts as a tamper-proof ledger, where every transaction and product movement is cryptographically secured and permanently recorded. It saves your business’s database from being altered or trapped in fraudulent activities.
Enhanced Access Control: Blockchain tightly controls access to your data, as only authorized individuals can view or modify specific information. So, insider threats and unauthorized access attempts can profoundly drop.

3.2 What Tools Should You Use?

Blockchain-as-a-Service (BaaS) platforms can simplify the process of blockchain application building and management without extensive infrastructure setup.
Decentralized finance (DeFi) tools eliminate traditional intermediaries when you want to use financial services, e.g., lending, borrowing, and trading.
Combining blockchain with artificial intelligence (AI) creates a powerful boost for your business by making productive processes and smooth operations.

4. Upgrade Your Production with Digital Twin Technology

The year 2024 will see digital twin technology becoming more than just a futuristic concept. Businesses across industries are leveraging their power to drive tangible benefits.

Digital twin virtually represents an object or system, spanning its lifecycle. The technology uses real-time data updates, simulation, and machine learning to support the process of your product design and production.

4.1 Why Should You Use Digital Twin Technology?

Better product research and development (R&D): Digital twin technology allows you to test new designs and processes in a safe, virtual environment before physical implementation. Thus, it alleviates the process of product research and design in terms of its features and necessary refinements.
Effective process creation: Digital twin technology can simulate different production systems, which eases your monitoring and selection of which models bring the highest efficiency.
Optimizing energy consumption: Digital Twin supports you in tracking and analyzing energy usage to identify and implement efficiency measures. It also stimulates different scenarios to optimize production processes for sustainability.

4.2 What Tools Should You Use?

Simulation and modeling tools can accurately model your physical systems’ behavior, incorporating physics-based simulations and scenario testing for robust predictions.
Data analytics and visualization tools transform raw digital twin data into actionable insights, providing data cleaning, analysis, visualization, and predictive capabilities.

5. Implement a Cybersecurity Mesh Architecture

Cybersecurity Mesh Architecture (CSMA) is a collaborative and dynamic approach to ensure security across your business on digital platforms. You can think of CSMA as a web of interconnected and resilient defense against modern cyber threats.

The Gartner Report showed companies adopting a CSMA with security tools will undergo around 90% less financial impact by individual security incidents by 2024. Such an insight puts the cost-related benefits in the limelight. Is it all about its benefits?

5.1 Why Should You Implement a Cybersecurity Mesh Architecture?

Comprehensive and proactive protection: CSMA’s distributed security fabric shows considerable advantages over traditional walls. The collaborative and interconnected ecosystem adapts to new threats faster and shares intelligence in real time.
Consistent enforcement and optimal security posture: Its centralized dashboard enables you to monitor security policies and configurations across all connected solutions while quickly detecting cyber threats.
Building up your customers’ trust: The robust and proactive adaptation to ransomware and supply chain vulnerabilities by CSMA can emphasize your commitment to customers’ data protection and security.

5.2 What Tools Should You Use?

Identity and Access Management (IAM) is a centralized solution for managing user identities, enforcing access controls, and enabling single sign-on (SSO) and multi-factor authentication (MFA).
Security Information and Event Management (SIEM) refers to a platform for collecting, analyzing, and correlating security data from various sources to detect threats and anomalies.
Zero Trust Network Access (ZTNA) replaces traditional VPNs with secure, application-level access to resources based on user identity and device posture.
Cloud Security Posture Management (CSPM) tools can monitor and manage cloud security risks, ensuring compliance with regulations and best practices.

6. Facilitate Data Integration

Data integration, as its name suggests, collects data from multiple sources across your business in one place for a holistic, accurate, and real-time dataset.

6.1 Why Should You Start Data Integration in 2024?

Reduced errors and redundancies: Data consistency across systems minimizes duplication and human errors, saving time and resources.
Improved resource allocation: You can gain real-time insights into resource utilization to optimize staffing, inventory, and budget allocation.
Making better decisions: Data integration provides a more comprehensive view of your business or organization. So you can identify underlying trends, patterns, and issues to take timely actions.
Effective business management: Information sync across various sources helps you take better control and management of your business.

6.2 What Tools Should You Use?

ETL (Extract, Transform, Load) tools move data from sources to a destination, often a data warehouse, while cleansing and transforming it.
Data Integration Platforms as a Service (iPaaS) are cloud-based platforms for connecting and integrating applications and data sources.
Real-time data integration tools handle high-volume, fast-moving data streams for real-time analytics and decision-making. For example, an ecommerce POS is a popular tool to sync your eCommerce databases between online and offline stores.

Conclusion

The six modern business solutions above will provide your business with a competitive edge in 2024 and beyond because of their superior functionalities. We hope our thorough guidelines can equip you with essential information. As a result, you can effectively apply them to improve your business.

Being updated and having experts’ consultancy are two important factors to keep your business thriving in this competitive market. Contact us to have expert support with personalized vertical solutions to enhance your business management and development today.

The post 6 Game-Changing Modern Business Solutions to Watch in 2024 and Beyond appeared first on Comidor Low-code Automation Platform.

The Ultimate Guide to Ecommerce Automation

Comidor Team — Wed, 07 Dec 2022 15:51:12 +0000

Constant optimization of processes is always on the agenda for businesses. Especially if it’s an eCommerce company, which requires managing multiple aspects, from keeping a Magento 2 PageSpeed score high to delivering the goods on time.

Naturally, poor workflow management creates issues and requires more money, time, and resources to keep a store on track. What if you could make your store run smoothly by itself with less investment and staff employed? This is precisely what eCommerce companies are striving to achieve with automation.

Read on to find out how automation works and how you can benefit from using it. We’ll also cover some of the most practical methods you can utilize to automate processes for e-commerce success.

What Is Ecommerce Automation

Automation generally involves simplifying corporate processes, like creation, distribution, and automation of human functions in an organization. The fundamental idea is to identify repetitive tasks and manual processes that can be automated and performed more effectively by workflow automation software.

In eCommerce, some manual operations such as approving purchase orders, catalog listings, processing refund claims, and resolving customer complaints, may be automated up to a certain point.

Benefits of Ecommerce Automation

The entire automation process may initially appear difficult and perplexing. However, if you turn to the right software and the proper process management methodologies, you will discover that it is a major deal-breaker for your company.

• Saves Time

Employees frequently perform repetitive duties throughout the day, wasting many hours and decreasing output. By streamlining workflows for your eCommerce company, you may move as many procedures and jobs as you can to automatic mode, giving your staff more time to work on more vital, urgent, and, most importantly, exciting activities.

For example, welcome letters are sent automatically to every user who has just finished registration. Can you imagine how much time it would take to do this manually? Luckily, there’s no need to spend time on such mundane activities since automation will handle this without requiring your participation every time.

• Eliminates mistakes

Even with the most skilled team at your disposal, human error is one thing that no organization can avoid. Automation decreases the number of mistakes made during eCommerce processes like data entry since it eliminates the need for you to input data manually.

Additionally, the system will automatically prompt the subsequent action, such as requesting permission from the person in charge. It ensures that no step is missed or forgotten along the process.

• Gathers Real Data

Most automation tools provide extensive business performance metrics and analytics. It gives a better understanding of how your business functions. You can learn how long it currently takes to process an order, how many mistakes are produced by your existing purchase order, or at which point visitors leave the website.

• Reduces Costs

By introducing automation, you’re not only making the process simpler for yourself, but you’re also saving money by not hiring extra staff to complete jobs that could be done automatically.

What Can Be Automated in an eCommerce company?

To determine what processes can be automated, think about the customer journey and additional aspects your team needs to deal with outside the platform, such as marketing activities, accounting, HR processes, payroll, and lead generation.

1. Orders Management

Every eCommerce company depends on the items’ delivery. In the long run, missed deliveries might be quite expensive. Shipping issues are usually the result of errors made along the road. An employee may have entered the wrong address on a shipping label, and an order may have been mistakenly marked as complete in your system.

This area of your business can be streamlined through workflow process automation. Printing shipping labels and changing the order status are included in this. It may also involve giving delivery tracking numbers.

2. Abandoned Cart Recovery

An Independent Web UX Research Institute Baymard estimates that nearly 70% of shopping carts get abandoned. With proper automation, follow-up emails or push notifications will be automatically sent to entice the consumer back when they leave their cart on your website. In the case of emails, they can be personalized and mention the items the user added and justify why they would still want to purchase them. eCommerce data analytics can help identify patterns in cart abandonment and optimize the timing and content of these follow-ups.

3. Customer Support

Give your clients updates on their orders’ shipment status, transit time, and courier deliveries. Provide up-to-date contact information upfront so that clients can get in touch with your team.

Besides that, consider integrating chatbot solutions powered with cognitive automation capabilities into the store so that you can instantly communicate with customers. For example, if you set up your Business WhatsApp for online customers, you may send automatic messages to start a conversation or find out what their main worry is.

4. Social Media Management

According to a WordPress hosting Kinsta, 74% of customers rely on their social networks to make purchasing decisions. Hence, it comes as no surprise that online stores devote so much time and effort to promoting their business on social networks. Social media marketing requires consistent production and distribution of engaging content for your audience. Design teams can speed up that creative work by building reusable promos with flyer design apps that plug into their automation stack.

If this process is automated, your company may benefit from a social media presence without investing much employee time in it. Using social media management tools, you may create a lot of content at once and plan how and when to share each post. Apart from that, such tools usually provide extensive analytics, which is crucial for building an efficient marketing strategy.

5. Inventory Management

When you sell through one channel, managing inventory doesn’t seem like much of a burden. However, with time you increase the number of sales channels. Your responsibility to control inventories across all channels expands as a result. Inventory automation tools conduct regular counts, help to track inventory across channels, and set reorder points to avoid overstocking and understocking. Thanks to inventory management and automation you’ll be able to keep your business growing with a better understanding of the goods in stock and the threshold inventory.

6. Accounting

The finances and accounts of your eCommerce business should be well-organized. You may use accounting and bookkeeping software solutions to automate the financial management process. They can give you a complete idea of finances and allow you to plan investments according to cash flow. You will also be able to handle your tax claims and predict your company’s financial needs.

Final Word

When preparing your business for automation, identify the repetitive tasks affecting your company’s productivity. Once you’ve determined where your operations are weak, you may consider ways to strengthen them. Consider how it will change the workload and what tasks your employees can take up instead of those automated.

After that, you need to find the right workflow automation tools. Study your options, and pay attention to the functions, interface, and price. Remember that you need to train your employees to work with these tools. After the automation is set, you need to constantly analyze the results, assess the impact, and make changes if necessary.

Author bio:

Alex Husar is a chief technology officer at Onilab. Working at the company for almost a decade, Alex has gained proficiency in web development, creating progressive web apps (PWAs), and team management. Alex constantly deepens his knowledge in various technological areas and shares it in his articles. He helps programmers overcome common challenges and stay updated with the latest web development trends.

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