Innovate, transform, and thrive.
With technology shaping businesses inside out, the above mentioned is the motto every business should swear by. If you are an entrepreneur yourself, you know how technological advancements have flipped things over in the business arena.
Feeling overwhelmed?
It’s okay for business leaders to feel this way, especially when they have an investment at stake. Nevertheless, technology is here to stay. And the only coping mechanism you have is to embrace it.
But how would you do that?
The only way out is to keep an eye on the technological trends that have the potential to make or break your business deals. Continue reading to know the most important ones.
1. Personal Privacy Tech
Isn’t data the buzz word all over the marketplace?
Well, rightly so.
All upcoming innovations are about data and data alone. All further developments are being made on the consumer data and how businesses interact with it.
With that, it is no surprise that consumers are becoming more and more anxious about their privacy. We are about to witness the maturity of personal privacy tech under which consumers will be able to occlude their online activity.
Is that bad news?
Certainly not.
Businesses will continue to share their databases with third parties. These third parties will render related services. But all we’re saying is, this process will get as secure as it can get.
2. On-the-go Payments
As if we haven’t seen enough payment innovations already, bankers re of the opinion that payment mechanisms are to shift even more radically. Since these payments flow to businesses, you, as a business leader, should definitely be impacted.
You might be thinking about bitcoin and other digital currencies when we say payment innovations but what we actually mean is a step even further. Instead, these on-the-go payments will be entirely different from ledger-based currencies.
Rooting in conventional bank accounts, payments are likely to be based on a peer-to-peer lending model wrapped in digital services and sent through mobile devices.
Is that good news? Certainly. This mechanism has been running successfully in the banking industry and is ready to breakthrough for other businesses.
3. Face Recognition Feature
You might have come across the debate surrounding the facial recognition feature in mobile devices. What you might not have come across are the numerous other avenues where facial recognition has been running successfully. These include stadium entries and other unrelated avenues.
However, business gurus are now accepting the potential of face recognition feature in the professional arena. Despite the resistance, enormous sums have been invested in the development of this feature. It is safe to conclude that significant research is underway.
Should your business be concerned?
Most definitely.
According to recent surveys, consumers are getting more tolerant of this feature, and it might soon be acquired in business transactions.
4. Talk Smart, Talk Business
You must be using your mobile’s Natural Language Generation feature already. Indeed, Alexa is everyone’s best friend when it comes to personal requests.
But guess what?
Alexa is soon to become your business partner as well as she answers business problems for you. Yes, you heard it right. Soon, your very own Alexa will be able to answer data queries and provide you with deep insights.
Just ask Alexa to make a chart for sales volume.
Viola, she’ll display it on your screen like an obedient data analyst.
This practicality is what your business needs.
5. Faster Edge Computing
We’ve talked about data. There’s no way we miss out on data analytics. Yes, your business has already been processing data in a centralized warehouse. But that’s about to change.
The next generation of data analysis is about taking the processing to the edge of your network. What this literally means is processing data as and when it is generated. Your corporate internet connection can finally be put to better use.
How would this help your business?
Well, your business would save on processing and warehousing costs while becoming more responsive to data needs. If your business is based in multiple locations, you must watch out for this tech trend.
6. Digging For Dark Data
According to James Hodge, 63% of businesses in the UK are too premature to access the entirety of their data.
That’s sad, no?
It is crucial to bring all this hidden data into the limelight, for this data has hidden potential.
How should you implement this in your own business?
Well, start from evolving business operations in a way that they are able to capture all the data. Making this data visible and transparent is the way to go about critical decision making.
All in all, businesses will rely less on leaps of faith and more on calculated predictions. Data has solved so many problems for businesses. The efficiency that it has brought is only the tip of the iceberg. Yet again, wait and watch.
7. Going Big With Big Data
Continuing on from the last point, businesses will be able to capture more data, and data collections will grow at a crazy momentum. With all this big data readily available, what should your business ideally do?
Your business should use Big Data smartly enough to come up with business-specific innovations. Broadly speaking, investment in and investment out decisions should be taken away from sixth sense and be based solely on big data.
What this also means is that the demand for Big Data analysts will splurge. If your business is such an agency, be ready for manifolds of growth. After all, these tech trends are to open up opportunities.
8. Mobile Internet Packages
Look around yourself as you read this piece. Isn’t everyone engrossed in their cellphones? As per Global Mobile Trends 2017, two-thirds of the world population owns a cell phone.
Why should that bother your business?
If you aren’t a mobile manufacturer, this tech trend is still of utmost importance. With growing mobile consumerism, your brand should ideally be as mobile-friendly as it can be.
With a rising middle class, improved education levels, and better health services in emerging economies, be ready to witness a spike in demand from these economies. If you aren’t planning to take the first mover’s advantage, why are you still in business?
9. Artificially Intelligent Resources
You have seen how artificial intelligence has quickly shifted from gaming arenas to the business realms. But what’s in it for your business? Regardless of whether you’re in the manufacturing business or serves industry, artificial intelligence is bringing a lot for you.
Having artificial intelligence employed in various legs of your business, you’ll record increased performance, productivity, and quality. But that’s not all.
According to the 2017 Artificial Intelligence Global Executive Study and Research Project, 85 percent of professionals believe that artificial intelligence will help them win at competitive rivalry.
In a nutshell, artificial intelligence is not only a management aid but also a competitive tool. From AI-enabled product manuals to automated customer representatives, artificial intelligence is all over the place.
10. Cloud Computing Technology
Don’t want to invest in local computing system? You are not alone. 72% of respondents at The Future of Jobs Report 2018 said they would increase cloud computing by 2022.
What does this mean for your business? No storage and accessibility issues for the time to come. Your devices will never run low on storage. Imagine the pure bliss!
That’s not all. Your team, despite of the geographical removal, will be able to access, use and collaborate live on files, systems, data, and software.
Is your business procurement team still not convinced? Don’t let the one-time investment deter them. Think of it like investing in a good internet connection. Agile working will be as essential as the internet in the years to come.
Agility is the next big thing. Embrace and preach.
11. Human-Like Augmented Reality
You and I are witnesses of how closely knit technology and humans are in the contemporary day and age. Merging human and artificial intelligence has rolled out promisingly. What’s next? Human augmentation.
How should your business go about it? Well, human augmentation is already employed by certain businesses. So, your best bet is to seek inspiration from these ventures on how they have weaved this tech trend around human activity.
For instance, Spotify is using this technology to monitor the human heart rate. This helps Spotify present relevant soundtracks to soothe the listener’s mind. Google and other tech giants have followed suit. Now, it’s your turn.
12. Management via Hyper-automation
You already know how the synergy of machine learning and artificial intelligence has automated almost all business processes. If your business operates on automated production lines, should you just sit back and relax?
Big no.
It’s time to take the next step. Hyper automation is the next level of refined modern technologies, including natural language processing, robotics, and other technological tools. Under hyper-automation, your business will work on the frictionless model.
So, wouldn’t you want your automated lines to run on their own?
Such convenience is possible because hyper-automation brings about management solutions and human-less workflow processes.
Well, then you can sit back and relax!
13. Reintroduction Of Drone Technology
Fantasized by drones flying over your head?
Stop fantasizing and start actualizing. A simple remote control can help you steer through so many business needs.
How?
See Amazon drone deliveries for a quick insight. Delivering packages is only one use of drones. Businesses can leverage drones to their advantage and do so much more. Although this technology is already here, it is soon to be relaunched with a few tweaks in shape.
If your business revolves around farming, breeding, and irrigating, the scope for drone tech is even higher. Drones are planned to help with fencing, border demarcation, and flora fauna management—multi-tasking at its best.
Final Word
Having said that, there’s incredible untapped potential in each of these technological advancements. With a few modifications here and there, every industry can find some useful purposes for these techs to serve.
So, business owners, brace yourselves up for these upcoming technological trends as they have the power to make or break your entrepreneurship journey. Be it an entirely novel technology or the relaunch of an earlier one, stay creative.
Because any tech trend is only as good as how well you use it. Wishing you a techy fiscal year!
