6 Emerging Technologies That Are Transforming Business Operations
Business and technology are becoming inseparable. No one can talk meaningfully about either one without mentioning the other. The exponential rate at which technology is progressing, adapting, and modifying, is so fast that you can’t help but be engulfed in a tidal wave of growth. Whether you like it or not.
Technology in business encompasses a wide range of software, services, and hardware. It plays a pivotal role in changing every aspect of the business industry. Efficient use of technology is allowing small and large companies to stay ahead of the competition. It does so by making employees more efficient, improving communication, and tapping into the available marketing channels. Nowadays, companies use web applications, custom software, databases, and ERP solutions to enhance operational activities. It’s safe to say that technology adoption is a potent and reasonable option for businesses to gain a competitive advantage.
Even with such IT-related advancements happening here and there, some businesses still struggle to maintain their market share and profitability. To help combat this, we’ve created a list of all the top emerging technologies that are transforming business operations unimaginably. Keep reading to get a crux of these technologies and how they will help businesses in moving forward.
- Cloud Computing
Change is occurring at an unprecedently faster rate than ever before. The digital transformation has driven a fundamental shift in how a business operates, provides value to consumers, and optimizes internal resources. Cloud computing is raging because it lays the groundwork for organizations to become more customer-focused, agile, and collaborative. Other than that, cloud computing enables businesses to offload some of their operations to third-party servers accessible via the internet.
Furthermore, finding a reliable cloud computing service for running business operations is easy given the online accessibility. For instance, the renowned Microsoft Azure cloud platform offers solutions that can be utilized for activities such as computing, networking, analytics, and much more.
Lastly, companies that use the cloud can innovate more rapidly, scale more efficiently, and even bring new actionable insights to market more quickly. It has given small and medium-sized businesses access to resources that would have been prohibitively expensive in the past. It has also leveled the playing ground when competing against corporations with far greater resources.
- Introduction of Bots
Robotics and automation are quickly becoming the norm in the majority of industries. The practice of automating back-end business tasks is increasingly becoming a necessity for employees to help them become more proficient.
Such software helps remove repetitive, mundane tasks, giving workers more time to focus on larger projects and get more work done in a given timeframe. They can also help in various areas, from human resources to customer support. They can even supervise assembly-line production and correct multiple errors at a time.
- Logistics speedup
Technological advancements have enabled delivery and fulfillment workers to distribute products at a rapid pace. So, to optimize their logistics system based on planned deliveries, e-commerce businesses must combine technologically-advanced approaches. Data analysis can assist them in learning everything from the contents of a shipment to the weather conditions of a location.
The advancements in logistics have allowed businesses to meet higher expectations in terms of convenience and speed. And so, decision-makers must streamline every stage of delivery and shipment in response to periods of high demand. They can plan for quick and efficient product delivery this way. By prioritizing fulfillment to scale towards growth, the company demonstrates commitment and agility.
In today’s era, everyone is aware of blockchain technology. It is a distributed transactional database in which all parties have access to the same transaction information at all times. It is impossible to change data/information in the database unless most participants agree it complies with the rules established for approving a transaction. As a result, a blockchain enables secure transactions between multiple parties without the need for verifying a transaction through a third party.
Today, blockchain is mainly associated with cryptocurrency, which allows businesses to transfer monetary values between parties. Still, the applications and possibilities in consumer goods, health, insurance, real estate, and energy sectors are enormous. Despite its vast potential, this technology currently has only a few well-documented user examples.
- Industrial Internet of Things (IIoT)
According to International Data Corporation (IDC) stats, there will be 55.7 billion connected devices worldwide by 2025, with 75% of those devices connecting to an IIoT platform. Manufacturing-use cases will undoubtedly increase in the context of the 5G revolution. The Internet of Things can increase revenue growth while decreasing operating costs and increasing asset efficiency.
When expanding IIoT with 5G connectivity, enterprises must have a clear implementation strategy and goal in mind. The industrial market is also demanding more innovative and out-of-the-box IIoT functionality to reduce implementation time and costs. These pre-built applications will enable manufacturers to expand IIoT in intelligent, strategic ways that support their corresponding business objectives.
- 3D Printing
3D printing is a digitally controlled manufacturing technology in which items are printable through a 3D printer using the specifications of a digital 3D model. The manufacturing process is additive, which means an object is created layer by layer rather than turning or milling a larger object to the desired shape. Production with a 3D printer is only possiblewhen printing an object in successive horizontal layers of metal or plastic. Each layer is an intricately and thinly cut horizontal cross-section of the object under construction.
3D printing has enormous potential for all manufacturing-based businesses, where it can contribute to significant cost reductions associated with manufacturing and prototyping. Furthermore, 3D printing can reduce the need to store parts and significantly reduce lead times. 3D printing is also being used in the healthcare industry to create artificial organs such as teeth, ears, and skin.
Since we’re living in a digital era, every business needs to leverage the benefits of technological advancements. Technology helps a company become more efficient and build up a more remarkable and satisfactory revenue stream. The technologies listed above have successfully offered businesses the best solutions to scale themselves, no matter the size and niche. So, start incorporating the various technological trends into your business – if you haven’t already – and pave a future like no other.