5 Booming Technology Innovations for Business
Here’s the deal:
We are in the digital age for quite some time now but technology is revolving around a fast-paced environment and there are no stopping technology-driven startups (or even established IT-enabled entities) from achieving cutting-edge advancement.
Digital transformation is now a constant in the business landscape – with smart machines and user experience (UX) being at the forefront of inspiration to the ever-evolving technology as we know it.
Technology is within just about everyone’s reach nowadays. Businesses don’t need multi-million dollar budgets to acquire the latest trend in the market that either automates or streamline business processes for them. Some of the most innovative apps or software out there costs just a few bucks which is one of the biggest factors on why businesses tend to adapt to these changes.
Below are the top five trends (in no particular order) that are making waves in almost every industry there is: Top Agencies, E-commerce, SaaS (Software as a Service), among others as of this writing:
1. Augmented Reality (AR)
Augmented Reality is essentially a technology based on the premises of mixed reality where digital images or sounds are infused in real-world environments to enhance a user’s perception of reality. Augmented Reality is often used in mobile devices at the moment but there are developments and already in the works to explore other avenues to utilize this piece of technology. One of the industries that are taking advantage of this innovation is the E-commerce space; mainly to enhance user experience and rake in conversion because of it.
You can do a full on coffee table-shopping without leaving your house just by browsing through an ARenabled digital catalogue and “place” some potential buys just by pointing your mobile device’s camera on the direction of the space you plan to put it on. And voila! You have an enhanced user-experience and have an almost actual preview of how each of the table you choose from will look like on that spot.
2. Artificial Intelligence (AI)
Remember the movie Bicentennial Man where Robin Williams played the titular role from the 90’s? Since then, AI has been a hot topic not just in pop culture, but also on trade shows and multi-disciplinary business conferences.
As all other things that spark the interest of many, the evolution of AI has seen its fair share of scholarly debate over its capabilities and limits. Experts from various disciplines have their own different opinions about it – some are in full support to AI’s progress while others have reservations on its advancement; citing autonomous intelligence can potentially harm the human race in some way. It comes to a point where AI doesn’t necessarily need a body (or a Robot) to function. AI is an algorithm that needs only an internet connection to function and improve intelligence by itself.
3. Internet of Things (IoT)
Almost everything around us has an IoT. In case you’re not familiar with it, IoT is the interrelation of any electronic device or machine to each other through an internet connection. The most common devices would obviously be mobile phones and computers. But it could mean almost anything with an on and off button.
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Imagine working in an office where all your equipment is interconnected to each other. Like if your office coffee machine knows the exact time everyone takes their coffee break so it would brew at just the right time.
Much has been discussed about IoT in the past and is still being talked about now; whether it would be for a better and “smart” living, or a threat to data security. One thing is for sure though – IoT is here to stay.
4. 3D Printing
In 2017, a video showing a house being built entirely out of 3D Printed blocks by a Russian company in just 24 hours went viral on social media. 3D Printing is creating physical objects based from a digital blueprint, which is then divided into layers and sent over to the 3D printer. \
Although 3D Printing has been around for around 30 years (since its concept was introduced in the 1980’s), the actual manufacturing didn’t take off until around 2009. Since then, this piece of technology has been seen as a great breakthrough and continues to develop as the years go by. The innovation benefits mostly the manufacturing industry across different niches like consumer goods, automobile, aerospace, architecture, prosthetics, and robotics among others.
While there are a number of benefits that 3D Printing presents like being cost-efficient, able to process complex designs, produces less waste, and builds things fast – there are the somewhat downside like less durability, limited materials to choose from, and if will be used on a large-scale production, can potentially cost more.
But the reality is that the advantages outweigh the disadvantages by a great deal. So with this, we can expect more and more industries to take advantage of 3D printing in the years to come.
You might have encountered this term a few times before – possibly within in-app ads, or a website with running ads, among other places. The Blockchain technology is the invention of a person (or group of persons) known as Satoshi Nakamoto and was originally intended for the cryptocurrency, Bitcoin.
It’s like a shared ledger or large digital database where each transaction performed by parties are recorded and “added” as “blocks” on the chain permanently. These blocks cannot be altered and overridden in any way as there is no single server that keeps tabs on the transactions but instead, they are duplicated multiple times across networks of computers (or simply put, they are decentralized).
Startup organizations and big firms from various industries are considering adapting to the Blockchain technology in one way or another. The great potential of this innovation brings about a number of possibilities on how businesses operate.
One way this technology will impact the business ecosystem is how it is seemingly resistant to modification; which means some businesses might not need traditional middlemen (like banks or payment gateways) to verify transactions in the future. It could be a good or bad thing, depending on how the industry will adapt to its progress in the years to come.
Try to see how other businesses that are doing it well do it and emulate best practices. Technology enables and is a gift that keeps on giving. When used and done right, the key people in businesses are able to make better and informed decisions to stay ahead of the curve.
Some of the businesses that use technology are startups such as SaaS companies, E-commerce businesses, and outsourcing/offshoring firms. P.S. This list may be updated from time to time – we can expect some cutting-edge disruptors are always likely to shake things up and push the envelope in this age of digital transformation.