Emerging Technologies for Businesses: Things to Look Forward in the Future

Businesses are realizing the fact that without the adoption of technology, they might face packing up in the future. Automating tasks and improving business processes are some of the reasons behind adoption. For instance, Artificial Intelligence, Augmented and Virtual Reality and Internet of Things have already impacted businesses from retail to manufacturing and supply chain to transportation.

Emerging technology services have paved their way to make businesses realize the importance of deploying technology in their business. Whether it be retail, supply chain or any other business, make sure to keep an eye on these technologies in 2018 and beyond. Let’s have a look at some of these technologies.

Virtual Reality, Video, and Video Conferencing

A survey conducted on 200 companies to find out what makes a great employee experience, MIT researchers were surprised to find the result. The video was on the top of the list and investing in video technology leads to innovation along with improved productivity and collaboration.

In recent years, we have seen the impact of video marketing and the benefits it reaps. Moreover, due to increase in remote work, people are relying more on video conferences and meetings. In order to increase your productivity, make sure to think about investing in video tools.

Virtual reality is also helping brands to help customers experience about their new product. Event managers incorporate VR for gamification and product demonstration.

Chatbots

Chatbots are transforming the businesses especially when it comes to retail. According to Gartner, by 2020, the average person will have more conversations with bots than with their spouses.

Big companies have already adopted Chatbots as a way to enhance customer support and offer assistance 24/7. Chatbots are not only limited to retail and service sector, they are also making their way in the health sector to offer cure and assistance to people with limited resources. Moreover, chatbots are also transforming the industries including news and media, fashion industry, banking, and hotels and restaurants.

Internet of Things

According to CompTIA report, IOT devices are helping to reduce costs and enhance efficiency in industry settings. Companies are benefiting from IoT as a mean to adding connectivity and intelligence to physical infrastructure.

Internet of Things is also improving health sector by cutting cost through remote monitoring, collecting and understanding medical data and patient monitoring. In addition, IoT in retail is helping retailers to direct customers in order to locate goods, view information about the product as well as offering ecosystem opportunities.

Blockchain

According to Senior Vice President of Product Development at Oracle Cloud Platform, Amit Zavery, the effect of blockchain is being seen outside the financial sector in areas like improving the supply chain and addressing security.

Blockchain has been the major disrupter in the business sector. Especially when we talk about startups, it can help them to easily access capital, verify supply chain, automating legal agreements and identity protection. Moreover, it can be a major game changer in advertisement and marketing. For instance, it can help in the prevention of ad frauds, centralized consumer information, transparency through customer journey and cross-promotional B2B deals.

Artificial Intelligence

Artificial Intelligence is no longer a fiction, it’s a reality. According to Forrester, artificial intelligence will replace 16% of American jobs by the end of the decade. Artificial Intelligence will replace the human workforce in the near future. Businesses can automate their processes, increase productivity and efficiency.

For instance, AI will help in better customer support and service. Take an example of AI Chatbots that are already being adopted by big enterprises. Artificial Intelligence is not the future – it is the present. With the passage of time, we will see more advancement in the field of AI.

Views: 40

Comment

You need to be a member of Small Business Bonfire to add comments!

Join Small Business Bonfire

About the Small Business Bonfire

The Small Business Bonfire is a social, educational and collaborative community founded in 2011 for entrepreneurs that provides actionable tips and tools through a small business blog, a weekly newsletter and a free online community.

Subscribe to Our Newsletter

Members

© 2018   Created by Alyssa Gregory.   Powered by

Badges  |  Report an Issue  |  Terms of Service