Technology is taking on a new role for the modern business. With more value placed on data, and new innovations presenting viable options for business use, technology is now front and center for many organizations. We’ll discuss four of the most emerging technologies and how businesses are beginning to use them.
Artificial Intelligence
AI implementation is en vogue right now, and if the results are any indication, the technology isn’t going away anytime soon. Like humans, as machines get smarter they can do more; but, unlike humans, machines don’t suffer from emotional value determinations. Whether you look at this as a positive or negative trait will depend on whether or not your company is looking to put it to work for you. Here are a few ways businesses will deploy AI:
- Processing large amounts of data
- Personalizing customer experiences
- Operational automation
- Security
- Predicting demand
- And more
With businesses that are suffering from what are typically expensive operational problems fueling demand for AI-integrated business solutions, the market for these solutions is growing rapidly. The more businesses that understand how beneficial automation is, the higher the demand there is going to be for artificial intelligence.
Blockchain
Blockchain has been in the news for the past couple years, typically in the cryptocurrency conversation. Blockchain is a public ledger that’s distributed rather than centralized. Each “block” stores all the digital pieces of relevant information about a transaction. Once the data is captured it can’t be altered. This presents substantial data security benefits.
With the inherent security that the blockchain offers many businesses have been looking for ways to create applications using a more distributed system. As more people work with blockchain, more is known about it; and, as a result, there isn’t a lot of energy expended trying to do superhuman things with the technology. Instead, more blockchain-related tools are being created that are designed to help companies. Blockchain is being used in various ways, including:
- Managing supply chains
- Identity management
- Recordkeeping & archiving
- Data security
- And more
Blockchain is so popular among application developers that Oracle’s head of blockchain development said that half of businesses will be using some type of blockchain tool in the next three years.
5G
Wireless broadband access has completely changed the way people use technology. In the 40 years that wireless has been offered the standard has gone from wireless capabilities of 2.5 Kbs to over 100 Mb/s, but in the next couple of years that standard will be dwarfed by the deployment of 5G. 5G Wireless is set to be introduced in 2019, and it should completely change the world.
With data speeds of 1 Gb/s and higher, businesses will gain the following benefits:
- Faster speeds
- Reduced Latency
- Greater Capacity
- Improved Battery Life
- And more
Innovation will speed up and business will move faster than ever. Additionally, new industries will present themselves as technology is developed. In fact, a study by Qualcomm found that once 5G is completely implemented it will become a “general purpose technology” on par with electricity and the automobile.
Virtual Reality
If you polled 100 people, the prevailing sentiment around virtual reality would likely be that it is cool, but as a technology, it is a novelty. Nothing could be further from the truth. With advances in both hardware and software, virtual reality is set to transform the way people see the world. For business use, the applications available from the integration of virtual reality are virtually limitless.
With its current novelty status, it is now a popular technology used by companies to market their products. VR offers unprecedented immersion and by creating virtual spaces that allow potential customers to virtually experience the use of products and create a more emotional connection. As the technology becomes more prevalent, you will begin to see it used for training, talent management, product design, and shared experience.
Emerging technologies play a major part of a forward business strategy, and with the myriad of new technologies just now coming to market, that position will continue. What do you think about these technologies? Would your business utilize them to move your business forward? Leave your thoughts in the comments section below.
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