It is often the case that companies that manage to stay on top of technological changes can quickly revolutionise business practices and capitalise. The number of emerging technologies slated to transform the world of business is staggering, so for many, it is a daunting task to decide which will be the most beneficial in the short and long term.
AI Could Change the World
Artificial intelligence (AI) has been a subject of great interest for many industries because of reports that it will transform business models in various ways. AI is a vast subject, and the term is often used as a marketing buzzword. In simple terms, AI refers to the ability of a machine to exhibit intelligence akin to humans. There are three main parts to this: learning, reasoning and self-correction.
Much of the interest in AI stems from the possibility of its use in performing complex tasks that would usually require the supervision of a human. Having an automated way of making complicated decisions or recognising trends in data could be a huge boon to many different industries.
AI shows great promise in revolutionising fields such as logistics, customer service, and performing menial tasks that often reduce the efficiency of employees. If businesses can rapidly utilise AI technology, they might give themselves an edge over their competitors or even completely overhaul an industry. It is, by far, one of the most exciting changes that we are seeing in business right now because of its massive potential to change almost every aspect of how we approach our work.
The list of potential benefits to businesses that adopt AI is long. In short, they include increased efficiency, a better experience for customers, automated customer responses and better pattern recognition and prediction of trends.
Understanding of the Internet of Behaviours
The amount of data available about human behaviours and interactions is known as the Internet of Behaviours (IoB). The sheer amount of data available on such things is staggering and only continues to grow as companies refine their data collection techniques.
It is becoming increasingly common for businesses to pay closer attention to this data and combine interactions from multiple sources to build a higher resolution image of how people behave. For these companies, understanding the way their current and prospective customers think is incredibly valuable. The IoB enables businesses to predict trends better and effectively market their products in a targeted manner.
There is, of course, a significant ethical caveat with such business practices. While economically, it makes a lot of sense for companies to understand their clientele as well as is possible, there are substantial questions about the ethics of collecting this much data. For example, should health insurance companies be able to access the data collected via wearable technologies such as smartwatches? Those companies could use this data to justify increases to premiums, but this would be a very ethically ambiguous practice.
In short, the increased understanding we have of human interactions will no doubt affect business practices in the future. There is, however, a distinct need to take a cautious and measured approach with its implementation, should we hope to maintain some degree of privacy in our everyday lives.
Fast, Reliable Internet is Pushing Growth
The times we live in are seeing an ever-increasing focus on the internet and digital platforms. An online presence is now considered essential for any business aiming to be successful. This goes hand in hand with the push towards cloud-based computing solutions that has already massively transformed business practices.
Additionally, fast internet is now an essential element of the increasingly common practice of working from home. There is now a push to provide all parts of the country with fast and reliable internet in Australia. Companies such as Nexgen are committing to offer stable internet connections across the nation using the National Broadband Network (NBN) to improve how businesses can adapt to the changing landscape. You can learn about the impact of the NBN on business here.
If it Can Be Automated, it Will Be
A growing school of thought states that if a process can be automated, then it should be. It is known as hyper-automation and is something that many companies will undoubtedly adopt in the future.
The push towards hyper-automation stems from issues that companies face in adapting outdated business practices to the modern world. Businesses now recognise that many of the techniques involved in manufacturing are a legacy of a bygone era. Older practices now limit the propensity for growth for many companies and reduce efficiency across all aspects of a business.
Hyper-automation will allow businesses to become better optimised and streamlined. It appears that if companies are not amongst the first to adopt such methods, they will quickly be left behind as their competitors become increasingly efficient.
The Blockchain is Gaining Traction
The blockchain is the technology that underlies cryptocurrencies like bitcoin that are becoming increasingly popular. Blockchain is an online ledger that allows for the reliable storage of records. The main benefit of the blockchain is its decentralised nature. Traditionally, records have been stored highly centralised, which opens up the possibility that they could be tampered with.
Records in the blockchain are stored across many nodes spread across an extensive system. The reliability of this technology and the difficulties associated with tampering with the system make blockchain an ideal candidate for storing records across many industries. From the storage of medical records to tracing logistics across international trade, the blockchain is becoming a revolutionary tool.
Innovation Breeds Success
Overall, the success of many companies hinges on their ability to integrate new technologies into their business models. The coronavirus pandemic has triggered many businesses to adapt their strategies accordingly. Those that wish to capitalise as we move away from Covid-19 will undoubtedly need to adopt new technologies, which will help them to thrive in the future.