Some of the most promising business technologies that you should be looking for.
Technology and business have always gone hand in hand; they are inseparable. Technology makes it easy for business to thrive. The provision of the technology itself is a business in its own right. It is a symbiotic relationship that has been behind some of the biggest business successes in recent history.
As the years go by, technology keeps improving and getting better. In the current climate, it is impossible to conduct any form of business without technology. At the current pace of development, we are expecting even more advanced ways of doing business to be invented.
Below are some of the most promising business technologies to look out for:
Artificial Intelligence has been in the works for ages; it is, in fact, operational in some sectors right now as we speak. However, it is still in its infancy, a rudimentary form that is unable to be properly harnessed. In the future, Artificial Intelligence will be used in all types of businesses, especially those that deal with security.
AI can be used to detect fraud as it is sharper than humans and has very little room for errors. It can also be used to increase sales and improve customer relations.
Manufacturing companies are poised to reap it big in the future once 3D printing becomes the standard way of doing business. At the moment, the cost of setting 3D printers is too high for any large scale operation. Once the technology becomes readily available and cheaper, it will double up speeds of production.
Medical supply manufacturers are the ones that will benefit the most since there is a high demand for medical kits and equipment. A demand that currently outstrips the supply.
Fraud has been a thorn in the flesh for businesses for years. As technology advances, fraud schemes are also scaling up, getting more efficient and bolder. This is where blockchain technology comes in. It is a network that connects all computers and records and stores all transactions that happen in real-time.
These records are available to everyone such that you can see the name, the time, and the nature of the transaction committed. The system will make it very difficult for people to commit fraud.
There has always been a growing fear that one day robots will take over all the jobs being done by human beings right now. That concern is not just for show, it is real, and it is already happening in many developed countries. Replacing humans with robots will always kick up a storm. From a financial point of view however, it is cheaper.
Humans are prone to injuries and this exposes the business to lawsuits and expensive compensation costs. With robots, however, they work for long without tiring and if they malfunction, they can be replaced easily. It will not be that hard to find quality industrial robotic arms for sale at a moment’s notice. Robots are the future of manufacturing businesses.
For many users of social media right now, chatbots are an annoying existence. What many people do not realize is that in the future, chatbots will be handling all customer care communications. Maintaining a full customer care staff is expensive; you will need to create shifts to ensure that the service runs 24/7. You will need to keep all of them on a salary and human errors are never far away.
Chatbots are currently in development. A few years from now, they will be handling all the day to day interactions between businesses and their customers.
There is no stopping the future. Failure to prepare for it and embrace all the tools that will make your business survive is a regrettable folly. The pace at which technology advances is frightening. Things are getting outdated even before they are unveiled, the same will happen to businesses that fail to capitalize on these changes. Preparation is key.
To read more about the 9 Business Technologies of the Future, follow our Blog next week for Part 2