The growing rate of industrialization and automation in the business world has led to growth of many technologies. Some of these innovations have made a huge impact not only on the way businesses operate, but also on the personal living standards.
Modernization of business operations has reaped many benefits to the global economy as well by increasing productivity rate. This involves lowering average costs, and making it possible to meet the demands of a very complex, diverse market.
Technologies That Could Change The Business Dynamics
Read on to learn about types of technology that are forecasted to take the future of business and marketing to a whole new level.
“New technologies are constantly emerging in this digital age, and many could have the potential to change the way we do business. Companies that want to stay competitive must stay on top of the latest trends and understand which ones will have the biggest impact on their operations.” Forbes
Technologies Worth The Wait:
Here are some of the technological inventions predicted to rule the world:
Big data is basically a huge volume of data collected by businesses for different purposes including marketing and business. Its most important uses range from optimized pricing to understanding customer behavior.
Big data has been found to be helpful in determining Price Elasticity of Demand and Price
Optimization, as well as to help decision making about budget allocation. It also helps with targeted marketing online. For example, you may see ads on another website from a website you visited a few days ago, or of products related to your past search history.
This collection of big data allows businesses to have an insight into how and what customers think and want.
Artificial Intelligence (AI):
The most common technique behind automation is artificial intelligence. Quite simply, artificial intelligence refers to the programming of computers in such a way that they have the power to ‘think’ and ‘act’ on their own (obviously, with certain limitations).
According to A Medium Corporation US, strong Artificial Intelligence means that the computer ‘learns’ and ‘adapts’ to new information, and this gives AI another name: Machine Learning. AI is basically the future.
Technologists are working on integrating AI further into marketing, content distribution, robotics, and even in weapons!
A decade ago, if someone told you about cars that could drive themselves, you’d think of it as a good science fiction movie idea. Today, that idea is a reality. As many of you would already know, self-driving cars are now possible and operational. This obviously gives way to thoughts of a more self-driven lifestyle which is being experimented.
These cars are called autonomous cars and they come in six forms, Level 0 till 6. This is ranging from the level that needs no intervention of a driver to one that does require some.
One of the many technologies to learn that can give your business many benefits. It is a kind of database or collection of records that contains information or transactions made between users. It is most commonly used in BitCoin or CryptoCurrency trading. The records are signed each time and are highly secured.
Block Chain maintains security of users financial transactions and ensures authenticity between the exchanges made.
Since digital currency has become very popular over the last few years, it is expected that much of the future’s exchanges will be made in this for. which kes blockchain just as important.
Blockchain is already very widely used in businesses, and the possible uses of it in the future include a system that lets you vote online, or one that automatically refunds your money in case of cancelled events like flights, or more or less turn into a money exchange platform.
Virtual Reality (VR):
Now who doesn’t know what Virtual Reality is? We have all seen those VR games where a person wears a pair of dashing glasses and they see and feel themselves inside a game that plays on those glasses. Reality is a complicated philosophy, but Virtual Reality basically defines your reality for a while by letting the subject interact with a 3D virtual world.
This is a fairly new form of innovation in the technological world, and has a lot more to offer than just gaming.
Just like computers came in big and heavy hardware sets when they were first invented and started becoming more compact and smart as they advanced, Virtual Reality tools are expected to advance positively, too.
This amazing technology is a business in itself! This is also a recent invention amongst the technologies in this list, but is one of the most interesting one. With 3D printing, you just need to input the material that you want like plastic or clay, and send a 3D design from your computer to the printer.
The printer does not print on a paper, but instead makes an actual 3D model of your design. Having said that, you could be printing your plates, furniture, or even houses tomorrow!
This list of technologies of future highlight only the most potential ones I found. Of course, there are many more innovations yet to be discovered and the list would only extend as time goes on.