Can business keep pace with the smart Technologies’ that are continually evolving?
What areas of business (and government) will technology have the most significant impact in the future? What areas of the company will undergo dramatic changes? Or, will the technology hinder business growth?
To help you answer all these questions, we gathered insights and facts from business leaders about the impact technology will have on business over the next couple of decades.
Here’s the result of our findings:
Blockchain technology has been recently receiving a lot of attention, especially from the financial industry. Large and complex organizations are continuously acquiring Blockchain start-ups, as the financial technology (or FinTech) continues to rise.
Blockchain also brought us Bitcoin.
What is Blockchain?
It’s the most efficient (and the quickest) way to transfer information (or database) online, which has allowed bitcoin dealers to move their chips quickly than regular cash, making it extremely valuable.
And for your business, Blockchain technology means doing transactions more quickly (and cheaply). In fact, Blockchain apps have already been developed and tested in major industries such as financial and health-care, with flying colors.
But, the main benefit Blockchain offers is ‘security’to users. By using Blockchain technology in your system, your database will be more secure (and safer) to access and to use.
2. Adaptive Security
As technology improves, it’s obvious cyber threats also enhances. With most of the financial transactions done through the Internet these days, the dangers of ‘cyber theft’ – stealing of sensitive information (such as credit card details) through the use of computers and Internet – have also become real.
(Getting started with credit cards? Look for the card company that produces bank cards that meets your requirements, especially the one developed by utilizing the latest in printing and personalization technology, and open an account with them, and use it responsibly.)
Every problem has its solution. And, the Adaptive Security Architecture (ASA) is the answer, which will protect your system without lifting your finger.
And, as technology becomes advanced, so will the security. In 2017, for example, many of us saw the advanced use of biometrics. In 2018, that will be taken to a whole new level, and most likely fused with the ASA technology (and combined with other protective measures). Soon, ASA technology will be able to predict, detect, prevent, and respond to cyber threats.
3. Mesh App and Service Architecture (MASA)
With all these smart technologies and artificial intelligence (AI) becoming mainstream, we need something to make them work together in tandem to execute advanced tasks more efficiently. In other words, they need to mesh. And the answer is Mesh App and Service Architecture (MASA).
Integrating these devices will help business be more responsive and save thousands of staff hours.
4. More responsive systems
In 2017, a lot of businesses saw how many of the devices we use on a daily basis could be made ‘smart’ and responsive. But, that’s just a tip of the iceberg. In fact, everything out there can be digitized and made responsive by attaching sensors and chip. Think cars, wallets, washing machines, and skateboards, for example.
Why digitize everything? The answer is simple: to make it easier to carry out simple day-to-day tasks and to gather enough data to make critical decisions in life (and business) quickly and easily. For example, musicians can learn their singing patterns more efficiently. Chefs can measure the calories in each dish, and athletes can better study their running patterns by making their shoe smart.
Likewise, businesses will also be benefited. They’ll be able to gather data more efficiently, execute more simple tasks remotely, and delegate tasks to “things” rather than to people. While many people may be without work, small businesses, on the other hand, will benefit: they’ll be able to do more with less and become more competitive.
5. AI and ML
According to Gartner, business is expected to spend $3.5 trillion on IT services all over the world over the next year. And, a significant portion of that investment is going towards Artificial Intelligence (AI) and Machine Learning (ML).
In 2016-17, the world’s leading tech firms adopted and invested more money into AI than any other areas. Microsoft and Google spent a lot on ‘cloud computing, but this year, expect to see increased applications in other areas such as medicine, travel, HR, and banking.
How will it benefit businesses? Well, the primary advantage it provides to businesses is that it learns your system as you go. In other words, your customers won’t get canned (or standardized) responses for their queries.
Almost everything will be ‘customized’ to suit their specific experience – meaning not only you’ll have access to more actionable intelligence, in most instances, you’ll won’t even have to lift your fingers to solve it. Plus, your customers won’t get any cookie-cutter responses from the customer support. AI software, for example, will offer a better answer based on previous interactions they had with your company and other activities they performed online.
(Did you know: Skype can translate a message into six languages in real time, with more translation capability added next year?)
Likewise, businesses who have clients from all over the world will be able to communicate without having to hire an interpreter.
Over to you: Do you think smart technologies will help businesses stay on top of their game? We’d love to hear your responses, in the comment section below.
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