Can you hear me now?
Today’s business world moves at a pace unimaginable even 10 years ago. Customers expect 24-hour instant access to their vendors, as well as a corresponding response time in terms of products and services. The big question now is not what customers expect today, but rather what they will expect tomorrow – even faster and better service. Technology experts recognize this and are already working on the next generation of connectivity. Soon, we will begin hearing about the 5G platform with theoretical download speeds of 10,000 Mbps. That’s ten times the speed of the current 4G platform.
In business, companies continue to digitize every aspect of their work environments, from entering orders and sample requests to processing quotes, invoices, and products. Others use RFID technology to track inventory through their warehouses, and some have even found ways to automate various aspects of their production line, further reducing the long-term costs of manufacturing. All the while, they’re gathering data on cycle times and lead times to help them improve efficiencies and increase profits.
Looking forward, more and more companies are using application program interfaces to help them process large volumes of business. These AIPs are also helping companies marry up their divergent existing technologies in a manner that allows them to eliminate internal redundancies and harness the full power of the data that they are gathering. For example, the data from accounts receivable, production, and sales no longer have to exist in isolated form, allowing for a free flow of information among employees and departments that allows for improved responsiveness to their customers’ needs. This convergence of information could possibly be extended to customers and suppliers to streamline the flow of raw materials through production.