10 Technology Trends That are Changing Businesses
The Covid pandemic wreaked havoc across all industries not just in the United States but around the world. However, one sector that continues to push forward revolutionizing business as we know it is automation and technology. There are thousands, if not millions of technology applications, systems, and processes used to maintain businesses and governmental organizations, and more are created every day.
We’ve never experienced a period of faster technological innovation and advancement than we have in the last 50 years. What seemed unthinkable only a few decades ago, like artificial Intelligence (AI) and machine learning, self-driving vehicles, drone package delivery, and a basic iPhone having more computing power than what NASA used to put a man on the Moon; it’s all created another business revolution.
Today, we’ll look at ten modern technology applications that are key to business development and that every business leader should know about.
1. Artificial Intelligence and Machine Learning
Stephen Hawking once said, “Success in creating AI could be the biggest event in the history of our civilization.” Artificial Intelligence will revolutionize the world around us, how we live in it, how we interact with it, and with each other. AI and machine learning already play a huge role in everyday life. Alexa, Siri, Amazon’s product recommendations, every Google search you make, and security checks for fraudulent credit card purchases are all driven by AI.
AI works by applying an algorithm to data to solve problems, identify patterns, decide what to do next, and may be even predict future trends and outcomes. Machine Learning is a sub-discipline of AI, where computer systems can learn and adapt without following explicit instructions, by using algorithms and statistical models to analyze and draw inferences from patterns in data. (Oxford Languages Dictionary)
The human mind gains knowledge from data and not from the pre-modified arrangement of rules. Like people, the more information a machine is given, the more “intelligence” it can build. AI is all around us already, from automotive manufacturers using robots to build cars, to eCommerce websites for online shopping, to professional service firms using bots to perform data entry.
2. Cloud and Edge Computing
To put it in simplest terms, the “cloud” we all refer to is just a big network of computers connected to the internet for storing, managing, and processing data. Businesses large and small are using the cloud to cut down on overhead costs needed to maintain software and data on personal or local storage networks. Cloud providers host all the tools for you, allowing you to access your data whenever and wherever you need it.
Less known but equally as important is edge computing. Instead of using remote data centers located far away from your business, edge computing happens up-close and personal on the frontline of your operations. Pieces of information that are collected by cameras, scanners, microphones, or sensors are sent to edge devices which carry out some or all of the processing at the source – where the data is collected.
3. Blockchains and Distributed Ledger
A blockchain & distributed ledger is a kind of highly secure but public database; generally anonymous way of storing (or sharing) information.
Many businesses currently struggle with putting away, confirming, and ensuring information integrity. Blockchain innovation, a type of open, conveyed record, guarantees a functional and very secure answer for this issue. Thus, blockchain is an undeniably appealing tool for enterprises in the financial sector. Blockchain will revolutionize how banking works and how we maintain our assets. It’s the underpinning of all cryptocurrencies but has much more far-ranging applications outside of digital currency.
4. Robots & Cobots
Today’s robots can be defined as intelligent machines that can interpret and respond to their environment and perform routine or complex tasks autonomously with much, if any human intervention.
In this information driven age, it's the knowledge and capacity to act autonomously that characterizes robots and isolates them from different machines. The ascent of cross discipline robots, or cobots, is the most recent example of mechanical frameworks intended to work close by people as automated partners. Cobots upgrade the work that people do and connect securely and effectively with the human labor force. Think of them as extra (automated) muscle in the work environment.
5. Autonomous Vehicles
An autonomous vehicle, be it a car, truck, ship, or aircraft, is one that can detect what's happening around it and work without human association. You’re seeing the trend here, right?
Each major vehicle manufacturer is investing heavily in self-driving technologies. Take Tesla for example, one of the most widely known manufacturers with self-driving capabilities. In 2020, the company spent $1.49 billion in R&D, an 11% increase from 2019. Today, they have four models of passenger cars available (with at least two more planned), and they’ve done live demonstrations of the ‘Tesla Semi,” a full-size electric semi-truck with every bit as much towing capacity as today’s diesel trucks. And you guessed it – the Tesla Semi will also feature autonomous driving. This and other self-driving tech will allow companies to deliver their products to the end user with ease by land and air.
6. 5G Wireless Networks & Infrastructure
5G is the fifth generation of cellular network innovation which, along with other communication and network developments, will give us faster and more reliable remote systems administration, just as the capacity to interface more devices and empowering more creative uses for instant global connectivity.
Systems administration is the foundation of our online society and the backbone of everything that connects us digitally, including this very website. As bandwidth speed and inclusion have expanded, this is another previously unthinkable part of technology that enables remote work and telecommuting, remote systems management, security infrastructure, and yes, even accounting!
7. Genomics & Gene Editing
Genomics is an interdisciplinary field of science that spotlights on the arrangement and control of DNA and genomes of living organic entities. Gene altering is a gathering of innovations that empowers hereditary designing to change the DNA and hereditary construction of living organic entities.
Progressively amazing PCs and refined programming devices now accessible were instrumental in assisting us with understanding the human genome since it was first precisely sequenced in 2003. Today, biotechnology has progressed to where it's feasible to adjust the DNA encoded inside a cell
8. Augmented Analytics
Another notable area among all digital trends is augmented analytics. Augmented analytics is designed to help employees, especially those who are not professionally trained data scientists, automatically gain the needed information to expertly identify trends and other key patterns in huge data sets. Employees can leverage augmented analytics to make accurate recommendations and predictions.
9. Internet of Behaviors
The Internet of Behaviors is meant to capture the “digital dust” of people’s lives from various sources. Public and private sectors utilize this information to peruse and impact explicit conduct from individuals. Businesses, media outlet, governments are among those who are using this digital dust to impact the behaviors of individuals throughout the world. Those business who are able to mine available data and make real time business decisions will have a significant competitive advantage in the upcoming years.
10. Virtual reality (VR) technology usage rises
Virtual reality has developed significantly in the past few years. VR has become part of everyday life, from entertainment and gaming to productivity in business. The global pandemic only accelerated adoption of this technology as businesses turned to remote work models, with communication and collaboration extending over to VR.
Augmented Reality (AR) innovations enable transformations across all business sectors. AR remote assistance, integration of A.I. AR cloud, virtual sports events, facial expression recognition will see major growth during 2021 and beyond. The way clients and customers interact with businesses will continue to expand and grow as virtual reality continues to grow. If you’ve used Apple’s Memojis on iPhone, you’ve already experienced it.
The universe of possibilities with automation is accelerating exponentially, and an integral part of the future of business as we know it. The 10 technologies discussed here will play a crucial role in driving key decisions for businesses leading to
· Improved Operational efficiency
· Time management
· Improved Quality
· Increased productivity
· Consistency
· Customer satisfaction
· Minimize human errors
Businesses that want to gain a competitive advantage need to embrace technology and look for ways to improve their bottom line through efficiencies and automation.