The word “leverage” is described as the exertion of force using a lever. When we speak of “leverage technology,” we refer to technology’s ability to make significant business changes.
When an organization harnesses the power of leverage technology to increase productivity, the investments pay off in an exponential return. Leveraging is the most remarkable for business transformation in 2022.
Intentionally leverage technology can be the difference between a struggling business and a stable one; between a flat business and a growing one; between a formal organisation and an exceptional one.
As an IT provider, we seek to bring knowledge of these forces to our clients, giving them every opportunity to leverage them in their organization. There are multiple effective benefits of leverage technology in finance regarding business growth and operational efficiency through innovation through technology leverage.
How can a company leverage technology for business transformation?
At its foundation, technology leverage is the capacity for companies to obtain increased value from their leverage technology investments at a faster rate, while making their spend efficient and cost-effective.
When done correctly, each dollar of other technology spend grows business value by:
- Increasing the amount of money allotted to innovation.
- Minimizing the cost of change.
- Stimulating the speed of change.
- Overcoming technical debt.
- Developing the value of existing ventures.
There are six significant types of leverage companies can create when they have a strategy that optimizes their technology spend. These are:
- Data leverage: Using sensors and IoT technology to increase the amount of data you’re collecting inexpensively.
- Network leverage: Utilizing large groups of people or networks to increase information sharing and spread value.
- Technology services leverage: Building more effective high-level services based on the broader array of lower-level services.
- Integration leverage: Using advanced techniques to simplify the integration of components working together.
- Coding leverage: Building applications based on models and abstractions, which improve flexibility and scalability while reducing the cost of change.
- Analytics leverage: It provides analysts with the ability to separate signal from noise by using better data analytics techniques that can ultimately create a portfolio of analytics.
How to Leverage Technology for Business Transformation
Small and medium businesses need to leveraging to promote growth. However, like various often-used phrases, the catchphrase “leveraging technology” is used in many ways; it almost loses its meaning.
Technology may not avert the pandemic from occurring, but it can surely help avoid its spread. The Covid-19 pandemic has revealed the vulnerabilities of Indian workplaces with the obsolete entry and attendance management systems. Many offices in the country rely on manual systems and a biometric attendance machine with fingerprints, which may present significant virus transmission risks amidst the Covid-19 situation.
There is an urgent need for technology-driven solutions to prevent the virus’s spread and allow organizations to protect their employees. Such technical solutions are no longer a choice but an essential requirement taking center stage in workplace health and hygiene.
Let us look at some of the leverage technology-driven equipment to make the workplace a safe space:
1. Touchless Biometric Attendance Machine:
The first step towards restarting office premises during and after the pandemic would be to identify any hygiene threats and make appropriate changes to places/spots inside the workplace where workers may come in close contact with everyday objects or people. These spaces may include entry, exit, and similar other points.
Outdated methods of recording employee arrival and departure should be replaced by technology-enabled, new-age face biometric attendance machines that can promote a touchless experience. Biometric attendance machines fitted with facial recognition scanning technology use AI-based computer vision to capture and recognize an employee’s face for attendance.
One such next-generation touch-less biometric attendance machine is KENT CamAttendance, which offers face recognition in a fraction of a second & accuracy of 99.9%. It also comes with a patented algorithm to differentiate between a real person and a photo; hence it is downright error-free, unlike other biometric attendance machines. Besides these features, it has an in-built algorithm for mask detection that ensures that the employees wear a mask in the office premises.
2. Automated Thermal Cameras:
Besides suspending fingerprint biometric attendance machine, India’s Government also made thermal scanning of employees’ mandatory for every organization. This method is time-consuming when performed manually. It could result in long queues outside the office entrance, which may, in turn, be non-compliant to the rules of social distancing. With innovative technologies such as thermal imaging and artificial intelligence, employee body-temperature screening can be fully automated and non-intrusive.
Many offices have already introduced groundbreaking tools, such as AI-based tablets with thermal scanners and thermal imaging cameras. Some companies are now utilizing tech-based solutions that combine automatic temperature scanning with facial recognition software to deliver superior user experience.
3. Face Mask Detection With AI:
Wearing face masks can significantly reduce Covid-19’s transmission risk, but many forget or fail to wear protective masks when they venture outdoors. Such ignorance could pose significant occupational health hazards and potentially infect hundreds unless a comprehensive, tech-led system is in place to detect if employees/visitors wear masks.
This is where AI-based face mask detectors come into the picture. These systems can identify people without masks, send warnings on face-mask breaches to the authorities, and even block their entry into the premises. There are a few biometric attendance machines that provide this functionality, like KENT CamAttendance.
4. Lead Nurturing:
It’s pretty tricky to grow your business without getting new customers, but the process of acquiring leads and nurturing them to become long term clients needs a lot of moving parts. Investing in leveraging modifications that enable you to streamline this process is, relatively, freely, essential.
Your business needs access to:
- Track how leads respond to emails
- Automate email workflows
- Provide guidance with valuable content that speaks to their obstacles and pain points
This efficient streamline of processes provides your leads with a positive visitor experience while simultaneously providing your marketing and sales teams with valuable information about potential customers.
5. Real-Time People Counting Solutions:
Office entry points draw a considerable crowd, making it difficult for security guards to impose social distancing. However, advanced technology solutions will ensure that both staff and guests adhere to the social distancing rules by correctly counting the number of visitors entering and leaving a premise.
These applications can collect data in real-time and keep count of people’s total number in a premise. With social distancing becoming a necessity in public places, companies are now turning to cameras in attendance systems that are programmed to count the number of people present at a given time.
The current pandemic has brought the value of integrating leverage technology like touchless biometric attendance machine and thermal cameras into workplace planning to corporations’ realizations. Many reliable brands are offering next-gen touchless face biometric attendance machines like the KENT CamAttendance. They offer various benefits like AI-based computer vision for marking the attendance, mask detection, cloud-based application, etc. You can book your demo and know more about its specifications in more detail!
SMBs are Slow to Leveraging :
When a business leveraging, digital transformation will make significant changes in its conduct in every perspective of its business. SMBs can manage that change by leveraging the technologies that are being introduced at an intensifying rate.
However, SMBs aren’t the first to do what’s necessary to achieve digital transformation. According to an analysis done by the SMB Group, only 48% of SMBs are planning to find ways to move toward transformation, 36% have started to do things that will support transformation, and 16 percent have no digital plans in place.
Takeaway
Leverage Technology is a disruptive force. In the current ever-changing and multifaceted business environment, technology can not only help increase your businesses’ agility but can provide cost-effective means to innovate your products and services, improving customer experience. The key is to choose the right tools and partners while actively planning change and deployment.