How Technology-Enabled Services will evolve the way business is done in the future
With 4.8 billion internet users worldwide – a staggering 61% of the global population, there is no denying how our access to the internet has changed business, education, government, healthcare and has even become one of the key drivers of social evolution.
Businesses are leveraging digital channels such as search engines, social media, email, and other websites to connect with current and prospective customers – A cost-effective method enabling you to measure success on a daily basis and pivot as you see fit.
What Exactly is a Technology-Enabled Service? (TES)
Technology-Enabled Services is essentially replacing or augmenting a business function or related work done by humans with technology enabled systems/applications.
The most profitable, most enduring services will need to be enabled by the best technology. While advancements in machine learning, robotics, and computer vision have and will continue to automate many tasks done by humans, TES may actually be the most accessible and efficient way to leverage this technology in the near future.
Benefits of Technology-Enabled Services:
Technology-enabled services, particularly SaaS based applications delivered via browsers, make Technology Enabled Services accessible from any place where a user can find an internet connection.
FLEXIBILITY AND INTEGRATION
TES is typically easier, cheaper and faster to configure and deliver than their in-house, people intensive, legacy-based counterparts. In addition, TES is flexible and deeply integrated with other technology and service platforms through standard web-based APIs.
ACCELERATED TIME TO BENEFIT
It is faster for a customer to implement Technology Enables Services remotely than to implement a traditional hardware or on-premise based software implementation. As a result, the customer is able to benefit from the features and capabilities of the technology enabled service faster.
Buying, operating, maintaining, upgrading and supporting hardware and on-premise software infrastructure places an incredible burden on an IT department. Shifting responsibility for performing these functions from the IT department to a TES provider significantly reduces the operational complexity. Considerable efficiency is gained in the process and cost savings accrue through the TES provider’s achievement of economies of scale, which no IT department can achieve on its own.
TES is more capital efficient than their traditional delivery model counterparts. With TES, customers do not have to commit their capital to making up-front purchases of hardware and software or people to set up an in-house version of the services. Rather, the customer pays to access the services offered as they are consumed over time.
RAMPING CAPABILTIES / OPERATIONAL FLEXIBILITY
Ramping up or down based on business demands is one of the key attributes of flexibility. Adding and removing in-house FTEs is always a challenge for customers. The ability to quickly ramp up or down a team is the key tenet of a TES based solution.
It is critical we start by identifying and defining the organization goals, and then craft the strategy differently depending on those goals. These services work for any business in any industry.
For example, regardless of what your company sells, TES will still involve building out buyer personas to identify your audience’s needs, and creating valuable online content.
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A well-executed TES strategy can help companies gain potential competitive advantages over their business rivals, both by improving operational effectiveness and enabling better decision-making.
Know more in our next blogpost of how the integration of digital technology into all areas of a business is making them efficient and profitable.
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