With the advent of new technologies, businesses continue to evolve every day. Most of these innovations focus on innovative tools like big data, automation, and security. Hence, these tools help in the growth of your organization, resulting in enhanced profits.
Today we’ll discusses the four major innovations in the field of business in 2019.
The Advent of Artificial Intelligence
The use of artificial intelligence is showing an interesting upward trend. While human beings are more emotional, machines follow logic and computation. Based on the application in your company, the AI trait can turn out to be both positive and negative.
Some ways in which businesses are making use of artificial intelligence are:
- Maintaining organizational security
- Providing intuitive customer experiences
- Putting in place operational automation
- Predicting organizational needs and demands.
- Processing large chunks of data
Usually, businesses spend large amounts of money on maintaining operational efficiency. AI automation can come in at this juncture to make the organizational work easier.
Increasing Use of Blockchain Technology
Blockchain technology comes into the picture when we talk about the increasing use of cryptocurrencies. Blockchain consists of blocks of encrypted information. It is stored in the form of a public ledger. Each block securely holds relevant information about a transaction, and it cannot be easily altered.
The inherent security offered by blockchain makes it easy for companies to use it for purposes like:
- Management of organizational identities
- Archiving and record-keeping
- Supply chain management
- Securing business data
According to Oracle’s head of blockchain development, around half of businesses worldwide will use specific blockchain technology in the next three years.
The Power of 5G
Wireless 5G technology is expected to be widely used in the year 2019. Wireless technology was introduced 40 years ago. Since then, we have seen a transition of its speed from 2.5 kbps to 100 Mbps. But, 5G will reach a higher speed of up to 1 Gbps.
Higher data speed is beneficial for businesses in the form of:
- Enhanced battery life
- Lowered latency
- Higher function capabilities
These enhanced capabilities can foster innovation in business circles. Also, one can see a rise in new technologies. Recent studies by Qualcomm state that 5G will turn out to be a general-purpose technology like automobiles and electricity over time.
Use of Virtual Reality
Virtual reality is another technology that is gaining popularity among businesses. It has its applications both in the hardware and software domains. At present, companies are using virtual reality to market their products uniquely. Customers can easily immerse themselves in the virtual space and see how the products work.
In addition, they can also create an immersive connection with the product offerings. Going ahead, virtual reality can be used for product design, talent management, and training.
New technologies will keep evolving every day. You need to make optimum use of them to reap maximum benefits.
Which innovative technology do you use at your workplace? We would love to hear your views in the comments below.