Technology has made doing business faster and easier, offering numerous opportunities for growth. Here are some niche tech strategies that can boost your business.


Technology is everywhere. It has become a staple of the business world. In fact, the future of business revolves around tech: from simple websites showcasing your services to apps that help you accomplish just about anything with a click of a button. It is an undeniable game-changer. The rapidly decreasing cost of technology these days has created a level playing field, allowing the kedai runcit to compete with the large retailers.

Think of how Grab changed the transport game, then consider how you can utilise technology to propel your business beyond your wildest imagination.

In today’s tech-driven environment, having a website and leveraging social media to promote your business are taken for granted, as they almost feel like second nature. But what about the more “niche” tech applications? These have the potential to set you apart from your competitors and provide that extra oomph.


Virtual reality

Bring your wildest dreams to life and captivate your customers with virtual reality (VR). It provides you the opportunity to immerse your customers in your vision, enabling them to experience what you are trying to portray. If a picture paints a thousand words, simulated reality paints a million.

Just about any real-life process can be simulated, from open-world walkabouts to highly technical professional training. You don’t even need VR goggles – just a decent computer or smartphone and an internet connection.

As a marketing tool, VR opens new worlds (literally) for showcasing products and services. During the pandemic movement restrictions, Malaysian property developers opted to use VR to showcase their properties to customers who otherwise would not be able to access the physical site. Customers could explore every nook and cranny of the property, getting a true sense of what it would be like to live there. As anyone in property sales will tell you, this is half the job done.

Entire conventions, including booths, can be done virtually, offering visitors from any part of the world to have the same experience. This significantly reduces rental costs for organiser and travel expenses for participants and visitors. Even art galleries can be simulated, providing 3D views of works that are accessible 24/7.

Just imagine how VR could help you if you were a travel agent. You could showcase the beauty and experiences of your destination to potential travellers, allowing them to virtually immerse themselves in the attractions and make informed decisions.


Augmented reality

Augmented reality (AR) is VR’s sister. Unlike VR, which fully simulates the world, AR overlays images, sounds, and other sensory information onto real-world objects. It is an excellent tool for providing customers with information that is less overwhelming than immersing them in a virtual world. Have you ever played Pokemon Go? That’s a perfect example of AR.

Sports retailers use AR to assist customers test products that can’t be used indoors, such as golf clubs. A customer can pick up a club and strike a ball onto a screen projecting a virtual golf course. This experience reduces uncertainty and is more likely to convince the customer to make a purchase.

The great thing about AR is that customers can use their own smartphones. A furniture seller, for instance, can place a QR code on their product which the customer scans to project the possible use of the item.

No phone? No problem. Burberry created an immersive in-store AR experience that allowed walk-in customers to see the statues around them come to life and interact with them.


Artificial intelligence

ChatGPT has been all the rage recently, with users sharing their interactions with the bot on social media. All this hype has been for a good reason, though. AI has been used to generate marketing and customer service emails, brainstorm business ideas, and even craft entire marketing campaigns. While the question remains whether AI will eventually take over our jobs (and lives), its use in business is undoubtedly significant, even in its most basic form.

The component of AI most often referred to in business use is called machine learning. Machine learning works by digesting large amounts of data (user-generated and input) and analysing it for patterns and correlations. It then utilises what it learns to generate future interactions. So, the more you engage with the AI, the more advanced and “human” it becomes. In this way, employing a bot to interact with your customers and automate processes can be very liberating for you and convenient for your customers. Just be sure to avoid leading your customers in circles when they want an issue resolved.

In the broader business context, AI can be leveraged to analyse risks to your business. For example, AI can simulate and generate multiple outcomes of a specific situation based on information sourced from the internet, such as potential shortages of raw materials or the environmental impact of a manufacturing process. The scenarios generated by AI can provide valuable insights to aid in making more informed decisions.


The internet-of-things

Perhaps a less human-like approach to automation is the Internet-of-Things (IoT). As the name suggests, it involves groups of interconnected physical objects with processing abilities, forming a web of connectivity. These objects communicate with each other to automate and optimise processes. For example, a courier van equipped with GPS technology can communicate with a central tower, enabling the optimisation of delivery routes and reducing delivery times. Throughout a manufacturing cycle, data collected can be analysed to proactively prevent issues before they arise. Moreover, this data can be leveraged to develop new products and business models. Similarly, digitising your supply chain can minimise the risk of errors and identify areas for optimisation. These benefits all go towards reducing your costs and improving flexibility.

This all sounds amazing, but where do you even start? Relax, we’ve got you covered. We understand that as a business owner, managing daily matters can consume a significant amount of your time. That’s why we developed a tool to alleviate that concern. Remember our earlier discussion about the IoT? Think of RHB Reflex Premium Plus as an IoT for all your business financial needs. It can help you streamline your financial, sales, accounting, people management and other processes, so you are free to plan your market domination and tech your business to the next level. Speak to your Relationship Manager today to discover more about how RHB Reflex Premium Plus can benefit your business.



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