In the ever-evolving digital age, staying relevant in business by keeping an eye on some top tech trends is essential.
Better yet, companies that employ tech turnarounds in their day-to-day running will stay ahead of the pack in the business scene. Most businesses reinvest their profits through R&D to enhance their productivity, while new developments in tech define how companies evolve and generate income.
However, understanding tech trends significantly boosts a business’s portfolio by capitalising on technological opportunities. So what are some of the tech trends companies can look out for?
1. Progression In AI
AI is getting more creative, faster, and smarter with each released version. While we’re not yet at machine-intelligence levels like Sci-Fi movies, modern-day AI gives a fascinating insight into what software can accomplish.
An example is OpenAI’s GPT-3 deep learning model that can come up with text not so different from human writing.
On the business front, AI allows firms to better understand employee and customer-facing elements, such as data synchronisation, customer preferences, and employee management processes.
For sports betting owners, AI can be a handy tool when coming up with competitive odds, like those highlighted in this 888sport review. Here, operators can compare odds against developments in the market to have the best possible value for bettors and bookmakers.
2. Social Media Advertising
The social media craze is here to stay, and it has found an exciting niche through digital marketing. With the tremendous rise of intelligent devices and fast internet, advertising has gained traction beyond the newspapers and billboards.
Instagram, Facebook, podcasts, and live-streaming platforms dominate the list. An advantage of social media marketing is that entry costs are low, and there is a broader audience reach.
Influencer marketers are an exciting group who command a decent voice among their dedicated followers. Through influencers, one can connect with customers and carve out a niche in your area of expertise.
Different enterprises have been using e-wallets and bank transfers, among other avenues, to carry out transactions. However, the entry of cryptocurrency has added a new angle to the transaction landscape.
The main entities include LiteCoin, Ethereum, and BitCoin, while other companies are developing and launching their versions. Since cryptos are powered by blockchain, an integrated and decentralised system is formed, allowing secure and fast transactions.
With transactions under the complete control of the business, owners can control and monitor financial flow without the bureaucracy of parties such as banks.
4. Intelligent Digital Assistants
Intelligent digital assistants are one of the products of the integration of AI, big data, and automation. Examples that come to mind include Microsoft’s Cortana and Amazon’s Alexa, which have improved human-software interaction.
In customer-facing roles for businesses, digital assistants offer product suggestions and customer support and keep customers up-to-date with offers or promotions. With the emergence of chatbot creation platforms, companies can build custom-made digital assistants from scratch to enhance customer interaction.
5. Cloud Computing
One of the essential items steering tech advancement is cloud computing. Remember that technology is getting more complex and more intelligent by the day, necessitating better ways of storing large swathes of data or deploying business software.
Cloud services such as cloud storage entail storing data in an online service rather than on physical items like harddisks. Managing your business on cloud software has the advantage of improved cybersecurity and more accessible support and maintenance.
6. 5G Networks
5G networks, unlike their 3G and 4G counterparts, aim to provide higher-bandwidth internet access. With faster internet speeds, operators can process and share large volumes of data in real time, reducing over-reliance on server farms.
Countries such as China and South Korea already have 5G infrastructure, with tech giant Huawei being a primary 5G provider.
7. Data Analytics
In a business’s operation, consumers provide personal information—from their favourite products and purchase behaviours to the preferred ways of reaching them through advertising efforts.
Aside from simply gathering customer data, firms can employ unique data analytics tools like data visualisation, flexible datasets, and a combination of cloud and edge computing for faster analysis.
The benefit is that advertisements are tailor-made per the consumer’s preferences and targeted coupons or deals.
8. Improved AR
Augmented reality has been a mainstay in the gaming scene, but businesses can leverage this exciting feature. Whether it’s education, manufacturing, or marketing, companies can use AR’s immersive experience that targets multiple senses. One can think of applications created for navigating virtual shops or interactive marketing events.
Despite the tremendous technological advancements, there has been a dark side in the form of cybercrime, such as cyberattacks and phishing scams.
On the positive side, cybersecurity firms are engineering tech to combat the complex web of cyberattacks. Due to the evolving nature of cyberattacks, AI has been extensively used as it can deal with threats in real time.
AI works on three principles; learning the structure of a cyberattack, coming up with a response, and predicting future attacks based on past episodes.
10. Mobile App Development
Business is no longer confined to physical stores, but rather with a smart device, consumers can carry out transactions on the go or from the comfort of their couches.
There are e-commerce websites optimised for mobile, but a mobile app is a lot better for more improved customer-seller relations. With the mobile app, a company can share content exclusive to users, enable users to report problems, and reward users with incentives.