Technology is a critical part of running a business and every entrepreneur should always be on the lookout for the latest technology trends to do well in the industry. And with new things coming out every so often, it’s best to know which ones will give you leverage over your competitors.
Today, you can do more a hundred things with a small device that you can carry in your pocket, from placing orders to your suppliers to presiding over a teleconference with your team from different parts of the globe. The Internet of Things or simply IoT is basically the idea of connecting any device or equipment with on and off switch to the internet. It helps in operations and logistics. IoT can also be used to make your personal life more convenient and simpler. That said, applying this technology to your business and personal activities offers a myriad of opportunities.
As a type of distribution ledger, blockchain shows great potential for your enterprise, whatever industry you belong to. It can be used for the distribution of music, verification of identity and for those in the shipping industry, for recording distribution of shipping containers. Since it is associated with cryptology and bitcoin, a blockchain is not easily tampered so it is secure. With this technology, business processes will be speedy and transparent. Moreover, business transactions can be streamlined, thus supply chain will be more efficient.
- Automation and the Gig Economy
While automation is already being applied in most business, not all entrepreneurs are taking advantage of digitalizing the way they conduct their businesses. With automation, say in factories and plants, equipment operators just need to be trained to operate the machinery and production will be higher. It will also open other jobs for people. As for a gig economy, companies will benefit from getting skilled workers and specialists and pay them for the job, per se, no overtime pay or benefits.
- Virtual Reality and Augmented Reality
When Pokemon GO was released last year, it became a craze, although it also died down after a few months. Some video game developers have also started using VR and AR in their games and consumers are catching up. However, this year, there two technology trends are expected to be in the mainstream, with more businesses using AR and VR to improve customer experience. Different industry sectors will benefit from these two, such as, retail, construction, fashion and film, to name a few.
- Artificial Intelligence
Most of us have heard about the concept of AI from the movies years ago and seemed to be impossible to happen for real. What we can imagine is a talking robot that is similar to us, humans. Today, there are two versions of AI, deep learning and machine learning. This year, we expect to see AI to be applied in our systems. Machine learning is more on learning using statistics and coming up with guidelines while deep learning leans more on educating oneself with the use of data. With big tech players like Amazon, Apple, Google and IBM in the game, there is no doubt AI will be a trend this year.