Business Consulting News

Reading, PA

Business Consulting News


Reading, PA

by: Trusted Advisors

Trusted Advisors Network

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Reading, PA – Using Artificial Intelligence in Business Analytics for Growth

Do you know about the significance of AI in business analytics? Let’s find out.

Artificial intelligence has taken over the business world. In multiple industries, the increasing volume of complex business data has encouraged organizations to make use of artificial intelligence to gain insights and identify trends. With the use of Artificial Intelligence, businesses are able to make faster decisions and are able to stand out from their competition.Analytics

The Significance of Artificial Intelligence in the Business World

Before moving toward the use of artificial intelligence in the business world, let’s spare a few minutes and talk about what AI is.

Artificial intelligence is the terminology used for equipping your computer system with human intelligence traits, such as learning, decision making and problem solving. The application of AI in the business world has been powered by machine learning, which is used for the following tasks.

  • Enabling product recommendations and facial recognition.
  • Classifying and recognizing visual images and photographs.
  • Reading and comprehending large chunks of text.

Many applications of AI in businesses include:

  • Pattern recognition
  • Business intelligence bots
  • Virtual assistants
  • Chat bots
  • Voice recognition
  • Predictive analysis

5 Ways Businesses Can Benefit from AI

  • With AI, you can provide a personalized experience to online shoppers, which is based on valuable insights. These insights are derived from online purchasing patterns and customer behavior.
  • You can automate business communication with customers through online chat systems. This also includes internet marketing and social media messaging.
  • You can achieve operational efficiency in several ways. For instance, you can make use of AI for automated inventory management and robotics for automated check-ins.
  • You can use customer data and buying patterns to make sales forecasts.
  • You can provide real-time help to customers through mobile applications, thus communicating with a large number of people at the same time and providing personalized services.

3 Major Applications of AI in Business

Customer service

If you conduct a thorough research, you will find out that more than 25% of all online transactions are made through mobile applications. With mobile apps growing in popularity, messaging and social media apps are two of the top applications used by online users. Businesses these days are using AI chat bots to communicate with their customers.

Marketing and Sales

AI has also transformed marketing and sales activities throughout various industries. Using AI, marketing professionals are beginning to automate their day to day tasks through the data they acquire. This allows them to focus on other aspects of the business.

Work Automation

Manufacturing companies of today have started using AI to use their resources smartly. One of the latest examples in this regard is that of General Electric. They have started reducing machine downtime through the data they collect from AI powered censors attached to manufacturing equipment.

To know more about the use of AI in the business world, visit our website today, and get in touch with our professionals.

Reading, PA – Watch Out For These Hidden Flaws in Your Corporate Strategy

Do you suspect any loopholes in your corporate strategy? Let’s find out if there are any.

If you are a consultant, you might have seen many corporate strategies fail because of some mistakes. These are mistakes that can easily be avoided. In the upcoming paragraphs, we will discuss the most common strategy flaws and ways you can avoid them. Strategy

Using a Stale Plan 

The chances are that your company had a great time last year, and the business boomed. However, using the same plan over and over again can sometimes backfire. Sometimes, your objectives are also the same, but you cannot ignore the environment that surrounds your business. It is alright to use a strategy that paid off in the past, but it should be adjusted according to the business environment, which changes every minute. 

Poor Understanding of the Customers and their Needs

The first two things to consider when devising a strategy are your customers and their needs. As a business person, you should be able to identify your target market. Is there a specific segment of the market that you are trying to target? Are you targeting a demographic or a specific geographic location? Once you have narrowed down your target market, try to find out everything about your audience. Then think of the needs that you are trying to address and problems that you can solve through your strategy. Knowing your audience will lead you to success. 

Not Focusing on Your Competitors and Current Trends

Identifying your competitors and the prevalent trends in the market is as important as identifying your customers and their needs. You should focus on your current competitors as well as the new competitors in the market. You must think about their offerings and whether they are different from your offerings. Is there something they are good at, but you are not? How do they attend to their customers on various forums, such as social media? Think of all these things and change your strategy accordingly. Furthermore, if you can’t identify new opportunities, changing expectations, and the latest themes, go through your strategy once again. 

Being Unaware of Numbers 

When devising a strategy, you should have the financial numbers on your fingertips. You should have well-defined goals about your expected revenues and profits, and the cash flow needed to achieve those goals. You should have the funds to attract capital and fund your business to make it grow. Another aspect of knowing the numbers is knowing the budget you have to hire more talent while investing in new systems. Obviously, you wouldn’t want a plan that is impossible to achieve because of lack of funds.

These were some of the most common flaws that you can have in your corporate strategy. For the most excellent business solutions in Reading, PA, visit our website today. 

Reading, PA – Digital Transformation for Startups | Business Development News

Do you want to leverage digital transformation for your startup? Here is what you need to do.

In today’s fast-paced world, the world is being exposed to new technologies every minute. Digital transformation entails making use of these technologies to bring about changes in the way a company operates and functions. If you have just launched your startup and want to leverage digital transformation for your startup, here is what you need to do. In the upcoming paragraphs, we will share some tips with you that will help you leverage digital transformation for your startup.Digital Workplace

Let’s begin. 

Tip # 1: Adapt to the Latest Updates 

One of the best things you can do to leverage digital transformation for your startup is to adapt to the latest technological updates. This will allow you to grow mergers and acquisitions. As a result, you will find yourself in a better position to expand your business. If you are new in the market, you must understand that for the organic growth of your business, specific strategies are needed. One of these strategies includes moving to a cloud-based environment, which will give you global focus. You will also absorb feedback on the go and resolve problems promptly. You will also be able to try out new business models and implement them when you can. 

Tip # 2: Enable Digital Tools

Curating new legacy trends and adapting to the latest technology doesn’t suffice. The best thing you can do is identify the problems within the organization while collecting customer and process data. Another thing that you can do is to make good use of cloud-based applications. With time, a majority of companies and their clients have learned that manual processes aren’t useful anymore, especially when the workload is high. Moreover, sticking to manual processes costs them a lot of money, which keeps them from surviving in a highly competitive market. On the flipside, cloud-based technology gives them the flexibility and the scalability to address such issues. With cloud-based technologies, all you need is an internet connection. 

Tip # 3: Promote the Digital Workplace

Lastly, the best way to make your startup benefit from digital transformation is to promote a digital workplace. Therefore, you must allow your employees to work together, and share data without any obstacles. The talent you hire should be tech-savvy and well aware of the latest digital trends. Furthermore, you should try to retain your employees while encouraging changes in management. 

Last Few Words 

Without a doubt, digital transformation has taken over the business world and has revolutionized the way businesses would operate. Therefore, companies are adopting new ways to retain their customers and satisfy their customers. By utilizing the tips mentioned above, you will be much more successful in the long run.

For the best business solutions in Reading, PA, feel free to visit our website today.

Reading, PA – Understanding the Benefits of Blockchain for Businesses

Are you aware of the benefits of blockchain for businesses? Let’s find out.

All across the world, professionals from different industries are looking for ways to use blockchain to their benefit. This will allow them to disrupt and transform their conventional business models. A lot of industries have even witnessed the benefits of blockchain in terms of better transparency, enhanced traceability, and improved security. Furthermore, blockchain has expedited transactions, and it has reduced costs. In the upcoming paragraphs, we will discuss these benefits in detail.Traceability

Let’s begin.

Increased Transparency 

Because of blockchain, transaction histories are now more transparent than ever. A blockchain is a form of a distributed ledger. Therefore, all the participants use the same documentation as opposed to copies. Only through mutual census can the shared version be updated, and all of the parties must agree to the changes. To change each transaction record, all the subsequent records will need alteration. Therefore, the data on a blockchain is far more accurate and transparent. 

Improved Security 

Unlike other methods of record-keeping, blockchain is far more secure. Before transactions are recorded, they must be agreed upon. After approval, a transaction should be linked to the previous deal. Furthermore, the information is saved on a network of computers instead of being secured on a single server. Therefore, it becomes challenging for hackers to access transaction data. In industries where protection of information is crucial, blockchain ensures safety, while discouraging unauthorized activity and fraud. 

Better Traceability 

You may work for an industry that has a complex supply chain. If so, then you can understand how difficult it is to trace the origin of an item. Recording the exchange of goods on a blockchain, you get an audit trail of a product at every step of its journey. The transactional data can be used to prevent fraud and verify the authenticity of assets. 

Enhanced Efficiency and Speed 

When you follow the conventional pen and paper methods, the process becomes time-consuming and prone to human error. Through blockchain, these processes can be streamlined and automated. For keeping records, a single digital ledger is used. This digital ledger is shared among several participants. Therefore, multiple ledgers are not to be reconciled, and therefore, there is less clutter. Also, when many people have access to the same data, trusting one another becomes reasonably easy. Moreover, there is no need to involve intermediaries, and clearing a settlement becomes easier. 

Minimized Costs 

Regardless of your nature of the business, you will always look for ways to minimize costs. With blockchain to protect your information, you don’t need a third party service. Also, it doesn’t matter whether or not you can trust your trading partner. Plus, you also don’t have to go through lengthy documentation to complete a trade.

These were some of the many benefits of blockchain for your business. For the best business solutions in Reading, PA, feel free to visit our website.


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BIO: We partner with organizations to help them accelerate & grow profitable marketplace advantages by helping align people and processes with strategy. How we do it is dependent upon the specific needs of each client, however, the results are palpable!