As technology advances, traditional products and services are replaced with new digital alternatives, new market opportunities are surfacing, and established businesses have to rely on novel strategies to maintain their competitiveness. As these changes become more prevalent, business leaders need to consider which technical approaches to adopt to improve their offerings and help their revenue grow.
The implementation of advanced technology may present a challenge for many companies that are already adapting to increased competition in an uncertain climate but can serve as a valuable asset to companies of all sizes. Whether it’s optimizing the workflow or obtaining cyber security services, almost any aspect of a business can benefit from technological advancement.
As you navigate the myriad of new applications and innovations at play, the question of which technologies can impact your business most significantly is often top of mind. Here are 4 tech advances you should be aware of, and how they are expected to impact the business world in the future.
Workflow Tools
One of the principal concerns for businesses undergoing digital transformations is the efficiency of their data workflow. Fortunately, new advances in technology offer plenty of opportunities for integrating data, automating business processes, and enriching workflow capabilities.
With solutions like PowerApps, you can go as far as building custom apps that connect your data and streamline your processes to fit your unique business needs. If your business is based in New York, for example, you can now look for a PowerApps consultant in NYC that will help you develop the best apps for your specific business needs.
The functionality of these tools extends to numerous internal processes, like organizing project teams, data validation and storage, and management best practices. These improve work quality, increase the uptime in procedures, and free up time for other tasks and projects that will add value down the line.
Artificial Intelligence
With increased spending on automation technology, AI assets are implemented in larger numbers across businesses. These tools can evaluate data from their environment and use that knowledge to achieve a specified goal such as analyses and problem-solving. The rise of AI or machine learning has been ongoing for some time now, but the sophistication of the technology will shape a new future for digital businesses.
Since AI algorithms learn autonomously from data sets and minimal human instructions, organizations can use them to conduct complex analyses from extensive amounts of data and inform decision-making processes that would otherwise be too difficult for human logic. Naturally, this opens opportunities for more advanced solutions and faster growth.
As the technology progresses, more and more businesses are using sophisticated AI assistants, or chatbots, in their organizations or for customer service purposes. The new technology has improved functions like voice recognition and sentiment analysis, thus closing the gap between human and technology-led interactions.
Virtual and Augmented Reality
Virtual reality (VR) allows users to interact in a computer-generated simulation of a given environment, and augmented reality (AR) merges the computer-simulated environment with reality, both with the end goal of producing an immersive and interactive experience. Their visual capabilities can primarily improve customer journeys but also the quality of manual work processes.
The technologies have already had significant impacts on numerous industries. For example, customers can test products like cars and furniture before they go into production, and manufacturing companies can perform maintenance of complex production equipment. Their contributions were predominantly seen in computer games and apps, like Pokemon Go or Snapchat lenses, but will span across areas like retail, marketing, events, and even tourism.
Virtual and augmented realities will continue to allow growth opportunities for businesses as demand for enhanced customer experiences rises. Not only is their applicability widespread, but it carries lower risk than other developing technologies like self-driving cars or drones.
Blockchain
Blockchain technology is mainly known for paving the way for a new era of digital currencies, but its wide applications – and effects – span across multiple industries and products. The primary advantage of blockchain is the transparency in data transfer and modification, which eliminates the reliance on third parties like banks, governments, and lawyers to process and keep records of commercial transactions.
Blockchain will likely play a significant role in the development of businesses globally as the infrastructure that supports everyday systems and transactions. It allows for faster and secure payments, digitized real-world assets, and increased efficiency in supply chain management and logistics. For example, it provides transparency in supply chain tracking by allowing oversight of suppliers, products, storage, and all product details.
Blockchain also allows businesses to send and receive payment without financial intermediaries like brokers and escrow agents. All of these transactions are transparent and recorded and can also cost significantly less in the absence of tracking and reconciliation. Ultimately, its benefits come down to increased trust in the system due to greater transparency, traceability, and the cost reduction associated with the elimination of manual administration.
Conclusion
Continuous advancements in technology are revolutionizing business models and processes at a rapid pace. With solutions like automated workflow tools, AI, virtual and augmented reality, and blockchain, businesses can improve efficiency, reduce costs, and boost consumer experiences.
Although there is no one way of becoming in the age of technological advancement, incorporating these technologies – and anticipating their effects – can help you achieve and maintain a competitive advantage in the global digital transformation.
Founder Dinis Guarda
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