5 technological trends that could transform business beyond 2019
Technology continues to be a driving force in the way we do business. As it accelerates and we continue to grow, companies must adapt and grow their business to suit the modern world. Whether related to how we talk to our customers or improving productivity, progression is vital. The term, 'Digital Transformation' has become somewhat of a buzz word and one that now covers a wider scope of advances. The modern business platform needs to grow and meet the demands of a digitally enhanced world by clearly understanding the trends that could be transformative during the next year.
Also known as AI, artificial intelligence has already become integrated into business platforms. As it continues to grow, more companies are understanding the benefits of 'smart' business operations. AI systems are put in place to automate a specific task and a process of tasks. Equally, they can be used to analyse supplied data in order to provide a decision or set of actionable insights. AI systems allow businesses to build algorithms for nearly all applications and to achieve two main outcomes – a specific answer or an open look scenario. Sales businesses can implement AI to pull together important information on customers and potential clients. Customer service sectors can improve their customer interaction through systems that recognise individual cases and return appropriate solutions
Known as Internet of Things, IoT is a network of devices, appliances and vehicles that are all fitted with technology allowing them to connect and exchange data. The versatility of this technology comes from the fact that it allows data to be shared in both a wired and wireless network. Within business, IoT has the ability to transform the way information is collected and exchanged. For stock management businesses, IoT software and devices can manage inventory changes. For data collection, it can track and make a record of the different customer interactions that occur with specific devices. IoT allows more people to work remotely, meaning colleagues can connect from anywhere. And, in recruitment, it has the ability to find the most talented and skilled workers to fit a specific role.
Voice-activated devices have already become a staple part of family homes. And, in 2019, they stand to transform the way businesses interact with their customers. Using this technology, businesses can create voice assistants which have the ability to respond to questions and perform a range of tasks. They can essentially become a digital employee, used to complete repetitive and consuming tasks. This allows employees to focus their time and efforts on more important tasks. In addition, they can be programmed to manage, analyse and retrieve large quantities of data.
Working with cryptocurrency, this system tracks transactions across several devices to help with troubleshooting. These digital records are near on impossible to hack, replicate or misuse, for heightened security. As the transactions are completed on multiple computers, there is a record of each process spread across different systems. For international transactions, it allows for faster payments and transfers while reducing the associated cost. Retail businesses can also use blockchain to track specific products, for example in the event of line discontinuation or issue. In essence, it can automate a number of systems to reduce human error and save time.
Allowing you to store information on a digital platform, Cloud platforms continue to be accepted by businesses. They reduce costs by minimising both equipment and repair bills. For remote employees, this computing system allows everyone in a business to access important information and reduces the need for a physical office; thereby cutting down on rental fees. Cloud also provides a back up should you physically lose specific information and stores said information in a safe and secure environment.
These 5 trends could drastically alter the way we do business, deal with data collection and interact with our most important people – the customer.