The world is changing at a fast pace. It was merely a few decades ago when mankind created the first versions of what would be known today as modern technology, from desktop computers to sophisticated communication systems. These latest technological innovations range from Artificial Intelligence (AI), Augmented Reality (AR), Cryptocurrencies, Blockchain, Business Intelligence, and Business Analytics to name a few. Remarkably, these technologies, if incorporated and applied to businesses, will dramatically change the way people run its company and serve its customers. Here are several game-changing technologies that every business leader should know about.
Artificial Intelligence
Over half a century ago, many believed that the creation of machines would endanger the status quo of humanity. This is no longer the case today. Nowadays, artificial intelligence is pervasive in different industries, from video games to military training. Driverless cars are set to take on public roadways, voice and face recognition devices are everywhere, and advanced chatbots are troubleshooting issues in record time.
Randy Dean, Chief Business Officer at Launchpad.AI, says that all the things invented 150 years ago will be reinvented using Artificial Intelligence in the next 15 years. He predicts that every industry will be affected by AI and many of the problems that have long plagued industries will need a solution derived from Artificial Intelligence. With AI working for businesses, routine chores can be removed, empowering employees to concentrate on more important and rewarding work.
Cloud Computing
Almost everybody uses cloud computing in his or her personal and professional life through the cloud platform. In fact, the technology is nothing new as it is already used in Instagram, Gmail, and other social networking sites. Cloud Computing gives security and swiftness to companies while helping them cut costs due to minimized hardware and upgrades. According to Telegraph, it is expected that in 2018, the majority of organizations will place digital transformation at the heart of their respective business strategies and cloud computing will be the heart of that.
Cryptocurrencies
Cryptocurrencies, led by Bitcoin, made headlines in 2017 when Bitcoin surged more than 2,000 percent. Currently, a great number of businesses across the globe are accepting Bitcoins. This includes Subway, Expedia, WordPress, and even Microsoft. Cryptocurrencies are inflation-proof and decentralized digital currencies driven by algorithms, economics, mathematics, and cryptography. In 2013, a single piece of Bitcoin was worth $12 but in the later part of December 2017, its value was close to $20,000, says Telegraph.
Business Intelligence and Analytics
Business intelligence and business analytics both offer tools and an environment for managing and interpreting company data. The effective use of business intelligence and business analytics can make all the difference between success and failure. The benefits of business intelligence and the right use of data analytics is the solution to outperform competition by reducing costs and maximizing profits.
Through business intelligence dashboard technology, the company can track its own metrics to more precisely gauge the health of the organization as a whole. It enables you to take a closer look at the organization’s performance levels by simplifying sets of complex data. Other benefits of using a dashboard for your business include time savings, 24/7 performance monitoring, and a thorough progress evaluation.
Unified communications
New advancements in telecommuting is emerging in the business world. According to Telegraph, by 2020, 70 British-based organizations are anticipated to do remote work because of Unified Communications. This technology links up various ways an organization shares and communicates information. It integrates landlines, desktops, mobile phones, and even tablets to form a core communications platform. Aside from making work more flexible, Unified Communications also streamlines and focuses projects of all sizes, making employees more productive.
Final Thoughts
Technology is continuing to change the business landscape at an unprecedented pace and magnitude. As an entrepreneur and startup founder, it’s in your best interest to keep up with these technologies.
