Which Technologies Have The Most Potential To Impact Your Business?

  • 17th May'22
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Today, the technology sector is dominating the business market. Technology is everything and an entrepreneur cannot deny the impacts that it has on various aspects of the business. For example, the technology used by the businessperson decides the time taken to manufacture or process to the cost price of the entity being produced. Therefore, the newer and newer evolutions in technology determine the impact that a business would have. 

 

Importance of Technology In Business

 

 

The concept can be explained as all technology that helps an organization run its business and operational processes. Technology can play an important role in customer-facing applications and solutions, business-critical production and logistics solutions, or back-office financial systems, among others. Faster development cycles, disruptive business models and increased competition are highlighting the increasingly essential role of technology and automation in business. This means that the success of a business relies heavily on the optimal utilization of technology.

 

Benefits of Technology In Business

 

 

The benefits of incorporating newer and latest technology are many and some of the most basic ones are listed below-

  1. Improved Communication Processes: Businesses were empowered to work from home, especially during the pandemic when the lockdowns happened due to the advancements in communication technology. Right from emails to virtual meetings, nowadays, employees can also log in their tasks and assignments completed in timesheets, etc. Furthermore, tools, like Slack, etc also complement internal communication.

  2. Increased Employee Productivity: Business owners can also implement business technology to reduce the amount of human labor in business functions. This allows small businesses to avoid paying labor costs along with employee benefits.

  3. Broaden Customer Bases: Technology allows small businesses to reach new economic markets. Rather than just selling consumer goods or services in the local market, small businesses can reach regional, national, and international markets. Retail websites are the most common way small businesses sell products in several different economic markets.

 

6 Technologies Which Can Impact Your Business

 

 

Ubiquitous Computing

 

The average smartphone today has more processing power than supercomputers from ten years ago. Microchips have dropped in size, and gadgets are becoming smaller, lighter, more affordable, and more powerful. Other breakthroughs will continue to push the bounds of computing power now that we've reached the limits of Moore's Law, which asserts that the number of transistors on a microchip doubles every two years.

 

Connected and Smart Everything

 

Many industries, including manufacturing, education, healthcare, and defense, stand to benefit from this ability to connect things and locations to the internet (and to each other). Businesses will gain unique insights into how customers and workers behave versus how they say they behave when they deal with IoT data.

 

Artificial Intelligence

 

Have you ever wondered about a future that is AI-driven? Firstly, let's start with what is AI?

Artificial Intelligence is progressing at such a breakneck speed that today's clever robots are capable of doing a wide range of previously human-only functions. As our interactions with machines become more intelligent, AI has the potential to improve a wide range of internal business operations, whether through automation or by assisting human workers in performing their jobs and making better decisions. Every company will have to become more intelligent.

 

Extended Reality

 

XR is an umbrella word that encompasses the current state of immersive technology (virtual reality, augmented reality, and mixed reality), as well as future immersive technologies. XR may assist your company in transforming data into experiences, which has the potential to change everything you do. I believe that we will increasingly interact with the environment in this liminal region between the physical and digital worlds.

 

3D Printing

 

This technological paradigm has the potential to revolutionize production, especially in terms of mass personalization. Customers are increasingly expecting products and services to be personalized specifically to their needs. Manufacturers can personalize items and designs, even one-off requests and orders, using 3D printing.

 

Gene Editing and Synthetic Biology

 

We'll discover new ways to comprehend and manage our genes as we unravel more of their mysteries. Despite the ethical concerns raised by experts, genome editing tools like as CRISPR will make significant advances in the battle against illness, plant health, and even the production of new synthetic substances to replace fossil fuels, plastics, and animal goods.

 

We at OpenGrowth, are committed to keeping you updated with the best content on the latest trendy topics from any major field. Also, both your feedback and suggestions are valuable to us. So, do share them in the comment section below.

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Shriya Sarang, OpenGrowth Content Team

Shriya Sarang holds a degree in Political Science and Public Administration. Apart from having no political opinions, she advocates financial literacy among her friends. 


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