5 Emerging Technologies That Will Have A Huge Impact On Business

The digital transformation is continuing at pace and is only going to increase in pace. Thanks to the internet, smartphones, and computers becoming more and more connected, we are seeing the digitization of virtually every industry.

This is accelerating the pace at which we are adopting new technologies and changing the way we do business. Businesses of all types, across all industries, are feeling the effects of this digital transformation. In fact, 94% of businesses that have adopted the digital transformation say it has positively impacted

their business. That being said, the pace of change isn’t slowing any time soon. The latest areas of focus for business are highlighted below. If you have any questions about the impact these emerging technologies will have on your business, feel free to reach out to us.

1. Artificial Intelligence

Artificial Intelligence

Artificial Intelligence (AI) Artificial Intelligence has the ability to improve business performance and help increase revenues by automating complex tasks, increasing productivity, and reducing costs. AI also increases customer satisfaction by providing insights and solving problems. AI is seeing adoption in the areas of customer support, marketing, sales, and operations.

It is being used to help improve customer experience by providing automated assistance, such as scheduling appointments, routing packages, and automated email responses. AI is also being used to optimize business operations by improving efficiencies, such as automating repetitive tasks, scheduling meetings, and forecasting demand.

2. Blockchain

 Blockchain

One of the most talked-about technologies of the year is blockchain, which is also one of the most promising. Blockchain is a digital, distributed ledger that records transactions between parties without the need for a centralized authority. It’s also transparent and distributed, which means it’s extremely difficult to hack or manipulate the information on the ledger.

This led to a rise in the use of blockchain in finance, cybersecurity, and supply chains. Most notably, retail giants, Walmart and Tesco have adopted blockchain to track food products throughout the supply chain to ensure consumers that the products are safe to eat.

3. Internet of Things (IoT)

 Internet of Things

The Internet of Things, or the connection of everyday objects like appliances, cars, and wearable devices to the web, is a huge focus for many organizations. The growth of the IoT has been exponential in the last few years, with a projected 3.9 billion connected devices by the year 2025.

Consumers are also more interested in the possibilities of the IoT than ever before, with 65% of consumers wanting to be connected to the IoT.

4. Virtual and Augmented Reality

4. Virtual and Augmented Reality

Virtual reality (VR) and augmented reality (AR) are the next big digital technologies on the horizon. VR is a digital simulation that places the user in an alternate reality. It’s largely been used as a marketing tool to immerse customers in an experience that can be used to interact with products. AR, on the other hand, is used to overlay digital information in the real world with the help of a mobile device.

VR and AR are expected to have a huge impact on the business world in the areas of marketing, training, customer support, and more. VR and AR are also expected to have a significant impact on the entertainment industry, with AR being particularly popular with gamers.

5. Smart Contracts

 Smart Contracts

Businesses are also looking toward smart contracts to help automate and improve business processes. Smart contracts are computer programs that facilitate, verify, or enforce the negotiation of a contract, or that act as a program for a contract.

They can be used in a variety of scenarios, including contract management, escrow, crowdfunding, financial agreements, goods and services, property and information, and many more.

Conclusion

We are now at the point where technology is advancing so quickly that it almost feels like we’re in the midst of a new industrial revolution. We are now in a place where we can say with a lot of certainties that there are a set of technologies that are going to have a huge impact on business in the coming year.

These five technologies all represent different areas of focus for businesses as they look to keep up with the pace of change. You can expect to see each one of them play a significant role in your industry in the coming year.