Technology has evolved through the years and has driven the world along with it. Businesses must keep up with technology, or see themselves get left behind. Technological trends change every day. Businesses have to keep an eye on what technology has to offer and make sure that they integrate it into the process. Thus every minute development in technology has far-reaching effects on the world of business.
Here are a few technological trends that will alter the map of the business world.
Artificial intelligence or AI is the technology of the future. Although it is in the primitive stage, AI is here to stay for good. Even these primitive stages of AI have found their way into the industrial and business world. Many IT corporations have integrated some or the other form of AI into their processes. As this technology continues to develop, it will revolutionize all businesses, not just IT. AI is said to have limitless potential. Applications of AI have spread to seemingly unrelated domains such as healthcare, law, education etc. It is definite that AI will remake the landscape of the business world in the coming years.
Cloud and cloud computing are the new buzzwords in the software sector. Cloud computing has increased the efficiency and performance of this sector to an unprecedented level. Cloud automation promises to increase this even further. Beyond just revolutionizing legacy processes I the IT industry, cloud services have become a multimillion-dollar business domain all by themselves. It is predicted that in the next decade, 4 out of 5 IT industries will use cloud integrated platforms for their services. The cloud is the future of the IT service sector.
As we go deeper into digitization, threats to cybersecurity evolve just as fast. Cyber criminals achieve sophistication with the advent of the new technologies such as AI. Efforts by businesses to protect themselves against cyber-attacks consume huge resources and time. Yet no business is considered completely safe. Even tech giants such as Facebook have to face data security threats. This trend has changed nearly all business relationships. Consumers must have cyber security measures in place and have to be careful while dealing with businesses. Businesses need to have security policies in place and have to enforce them while dealing with their suppliers. Thus, cyber threats are changing the business world.
Internet of Things
An offshoot of AI, the internet of things or IoT has integrated the applications of AI with automation. By 2020, more than 2 million homes are expected to have IoT devices. Devices from televisions to watches have become ‘smart’. However, the primary interest of businesses in the IoT is data collection. Nearly all IoT devices collect relevant information about the consumer in order to improve user experience. Businesses stand to gain a lot from this data. It allows them to analyse consumer behaviour and make statistical models. These models allow them to predict future trends and position themselves appropriately.
Blockchain processes gained popularity because of Bitcoin. However, cryptocurrency is not all this technology has to offer. It has quite vital applications in the financial and management sector as well. Equity trading, logistics, and business planning will be using blockchain platforms in the future. Walmart has already applied the IBM blockchain platform for the food chain management. Another advantage of blockchain transactions is the append-only record system. This means that the blockchain retains all the records of transactions which cannot be erased. This provides unprecedented transparency in all transactions.
It is obvious that the world around us is changing with technology. It is imperative for the businesses that they adapt to these new trends in order for their survival. The businesses that successfully integrate the new developments in technology stand to gain enormously from them. Technology, as it develops, will keep morphing the world, and the business sector along with it.