Business Unusual- How Tech is weaving a business Evolution
Business, the word that sums up all wealth in the world, started from its not so complex predecessor Barter or exchanging goods, that later gave way to the invention of money. Money was the game-changer, but not the last one in the business landscape. The ultimate pivotal change that transformed businesses is technology, and it continues to make work as we know it easier, more efficient and more error-free. With Artificial Intelligence amassing a crazy following in the last couple of years, more non-technical professionals are accepting the boon of tech in terms of productivity, but that’s not all there is to it. Here are some ways that tech will transform businesses in the foreseeable future-
1. Inexhaustible machine workers
Automation has already reached sophisticated levels, from the comfort of smart homes to the dexterity of robotic arms building cars piece by piece. With automation, robots can perform all sorts of tasks like manufacturing, warehouse operations, order processing, software development and of course, replace trashy drivers on the road. Automation is expected to save the colossal cost of hiring, training, errors, and wages and bring greater precision and less frailty to work. Think about it, a robot neither needs a lunch break, nor a holiday so work never stops, and the revenue keeps flowing!
2. Blockchain bandwagon will blow up
With Blockchain technology hitting the front lines, the world has a new digital medium for the value that can be moved, stored and managed with safety and privacy, using a complex code and mass consensus over a secure network. With this ledger technology permeating businesses, the hauls are many. Smart contracts will implement a more secure financial landscape, reducing cases of fraud and cyberattacks significantly. It will also help track assets, manage records that change too many hands using a chain code of data where changes are duly observed and accounted for. Blockchain will also cut out the hassles of delayed payments stemming from traditional contracts where payment will be enforced when pre-agreed terms are met from both parties. Data compliance and security are some more of its innumerable advantages.
3. User mapping
This technology studies the behavioral patterns online, navigational footprints, demographic information and personal details derived from the user’s data to understand what makes them splurge. Companies like Target and Walmart are already using less sophisticated versions of user mapping to understand the buyer so well that the companies can use AI to predict what they will need before they even know it! The future of selling is to give consumers exactly what they need, by studying them through their purchases and digital activities. User mapping is also used to target highly personalized ads to people.
4. Augmented reality
The synergy of technical support to aid complex business operations is what has created a global economy, where businesses operating from a basement can reach millions of people and work with people living in any part of the world. With Augmented reality, this communication will become even more ‘real’. The business will soon use AR to attract customers in a way that content and graphics can’t. AR is a niche technology but soon, it will be a truly compelling way to bring in more clients and retain them. Businesses inclined towards virtual teams will also benefit from AR owing to the advanced communication channels it will open up.
5. Wearable and implanted devices
We already wear contact lenses to enhance our sight and our fitbits warn us to snap out of a lazy afternoon on the couch. It is not surprising then, that the future has a lot of wearable and implanted devices meant to enhance our performance or predict and even prevent health risks. Wearable patches that keep you cool on a hot day, or glasses that display a map right in front of your eyes when you need it- are just two of hundreds of innovations being worked on RIGHT NOW that will change our lives dramatically. Wearable devices will transform businesses by providing all the features of smartphones and more, but with a handsfree delivery. Wearable technology will also aid advertisers with valuable consumer habits and patterns, and closer monitoring of the experiences that they enjoy.
The future of business is exciting, as modern-day tech has begun to catch up with the stuff Sci-fi movies were made of! Which other technologies do you think will disrupt business as usual?
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