Fortune Magazine conducts an annual ranking of the top 500 companies in the United States. The list comprises both private and public companies in the United States, and annual revenue generated dictates the position a company occupies. Appearing in the list is usually prestigious for an entity. Combining specific tools and technologies in their operations certainly makes these companies stand out. Below are some tech and tools Fortune 500 companies use.
1. CRM Solutions Software
Top companies truly embrace the value that customers bring to their businesses. Among these companies, there has been a wave of office 365 migration. Statistics show that over ninety percent of the Fortune 500 use Microsoft Cloud. The powerful CRM tools integrated into the cloud-based Microsoft Dynamics 365 allow top companies to manage customer data efficiently. Recognized on a global scale, the software solution is founded on three key pillars, namely, marketing, sales, and service. The cost-saving solution is known for automation and organization of business processes, enhancing customer loyalty and satisfaction.
2. Social Media
Social media is among the most potent tools Fortune 500 companies use to connect with customers. Ninety-seven percent of the Fortune 500 use Facebook, Instagram, Pinterest, and Twitter to engage with customers and constantly keep their brands in customers’ minds. Regularly posting content that resonates with target audiences differentiates these companies from competitors.
Affordability and extended business hours attract these giant companies to these platforms. Unlike brick and mortar outlets, such companies can keep businesses running through these pages 24/7, 365 days. Through these platforms, these companies can also have a global reach.
3. E-commerce
Companies both big and small are continuously embracing e-commerce in their operations. E-commerce has been there for quite some time, but in the wake of the COVID-19 pandemic, e-commerce has been at its peak, and even with the easing of restrictions, statistics have it that it is not about to slow down any time soon.
While small companies in the fast-moving consumer goods sector utilize platforms such as Shopify, companies in the Fortune 500 prefer to have their tailor-made solutions. Such custom-made solutions take time to develop and are costly but tend to cater to such firms’ unique needs instead of relying on generic solutions. In addition, such companies may need to integrate a back-end process into the platform hence the need for a bespoke solution.
4. Online Advertising
Reaching mass audiences in various online platforms such as search engines and socials has become increasingly popular with all types of businesses, no matter the size or industry. Fortune 500 companies understand the value of the various choices available for digital or online advertising. Budgetary allocations for advertising in these spaces are becoming crucial as the digital wave continuously becomes part of companies’ culture.
From social media advertising to Google’s pay-per-click model and newer options such as Adobe Audience Manager, these companies are getting a return for their investment by utilizing these options. Adobe Audience Manager is incredibly unique as it enables a company to build individual customer profiles, which helps in proper targeting in the various digital channels.
5. Analytics
Companies in the Fortune 500 list have huge amounts of data that need to be analyzed to derive valuable insights and formulate actionable plans. While content management systems and bespoke e-commerce developers ensure that analytics tools are available to clients, Google Analytics remains the most popular analytics tool, especially in the webspace. Additional tools by Google analytics such as Google Optimize, Google Data Studio, and Google Tag Manager focus on providing insights instead of voluminous analytics.
Companies, however, prefer to gather analytics from the various sources available to them when making critical decisions. Social media analytics also comes in handy as they enable companies to understand the performance of ads in these spaces and how target audiences interact with content.
Conclusion
A lot can be learned from the technologies utilized and their consistent use by the Fortune 500. Indeed, for a business to succeed, substantial investment has to go into the utilization and development of digital tools. However, with the successful implementation of digital tools in all organizational operations, businesses are set up for global success in the long term.