Emerging Technology Trends for Digital Businesses
By Arijit Banerjee
The market is abuzz with multiple variety of products, services and a huge number of companies offering them. Frequent formation of new companies, expansion of the existing ones, start-ups and changing business has made the market a really interesting place. Technology has taken a dominant role in bringing about these dynamic market changes. The various trends in technology have led to the rise and evolution of a horde of industries, and businesses.
Here’s a list of top technology trends that your business needs, to stay ahead:
- Data Analytics or Business Analytics:
Most business activities have shifted online, making data a crucial element for planning and strategizing. Consumer information is the most vital data that business organizations need. It is a key element and a deciding factor for a business. That’s where data analytics and business analytics come in. The insights derived from analytics provides companies with an insight into consumer behaviour by recording their movements from one product or service to another, their preferences and expectations. Data gives you a first-hand report of the market competition as well, by identifying your competitors and their performance.
An increasing number of enterprises today invest in Data Science to upskill their staff and boost business growth.
Digital twin is a dynamic concept of computerizing physical assets. Quite simply, it is a virtual model of physical assets. This sort of a pairing allows for opportunities to be uncovered, tested and analysed within a virtual environment before it is applied to the physical world. It is one digital trend that organisations should be aware of and capitalize upon. As Thomas Kaiser, SAP’s Senior Vice President of Internet of Things put it “Digital twins are becoming a business imperative, covering the entire lifecycle of an asset or process and forming the foundation for connected products and services. Companies that fail to respond will be left behind.”
Anyone with an IT education and training know that system automation is imperative to many businesses. Increasing number of businesses, including those in the service industry are now largely dependent on automation. Embracing system automation is a smart way to do business. It makes space for more important tasks by removing redundant activities. It ensures smooth workflow in a transparent environment and enables the management to pay more attention to critical business issues. It streamlines the business operations, facilitates central communication, increases accountability and thereby ensures efficiency from employees. Whether it is coded macros in MS Excel, biometric attendance registry, salary payouts or scheduled marketing posts, automation is making life simpler for businesses everywhere.
- AI and Advanced Machine Learning:
Artificial intelligence is no longer just a fascinating possibility that we see on movies. It has made its way into various industries and been manifested in a number of ways to help achieve their needs and goals. The data gathered from Business Insights and analytics largely fuel an enterprise’s AI efforts. Organizations use AI for tasks from mining consumer data to driving more customer engagement.
One of the many manifestations of AI which is being put to vast use across various industrial sectors is Machine Learning. It is the concept of computer programs that can teach themselves to evolve and adapt when exposed to new data. Using data sets, ML can predict, analyze and suggest customer behaviour patterns. Both AI and Machine Learning play a vital role in transforming your business for the better and will continue to do so.
Technology is, undeniably, essential to the progress of any venture. It is one of the key elements in making your business futuristic. New technology trends are introduced into the world everyday; some take it by storm and the rest quietly slink into the background. Regardless, these trends impact businesses in one way or another. So, now is the time to embrace technology as it is synonymous to embracing the future and growth.
What are some Technology trends that are vital to businesses? Let us know in the comments.