Technology is a super vital part of businesses, and it has transformed the world as we see it. As it advances over time, it becomes imperative for the business sector to stay ahead of their game and adopt these technological changes to keep their rivals at bay in this cut-throat competition. The tech evolution is so fast that sometimes businesspeople even feel overwhelmed about deciding where to put their money. In this piece, we try to make sense of some top technological trends bound to take the business world by storm in the foreseeable future.
In the upcoming years, it is believed that we will see the growth of technologies that can flip the relationship between businesses and customer data upside down. Data issues and their privacy have hogged a lot of limelight over the years, and this has pushed personal privacy technologies to mature up. This way, users will have access to better privacy and data protection.
Virtual Personal Networks or VPNs, which prevent third parties to attain undue access to a user’s data, have become increasingly popular of late, along with data anonymizers.
Businesses are fast coming up with alternate payment methods to expand their options. These payment methods will most likely not include crypto, digital currencies, and bitcoin but instead focus on traditional bank accounts. They will be account-based services that will move money from peer to peer, majorly through mobile apps. Apart from consumer banking, innovators are also brainstorming ideas for business users.
The point is to shift away from physical cards towards direct payments from the consumer’s account. Along with implementing this initiative comes the need to build robust systems to deal with newer frauds, identity thefts, email hacks, social scams, etc.
These days, more and more organizations are moving towards cloud-native applications concerning their application infrastructure. This change will bring about the creation of newer platforms, tools, and methods. For the same purpose, many new developers are coming up with tonnes of agile codes, both fresh and reused. Machine to Machine or M2M dialogue has also increased significantly, and in the coming years, AI and automation will be the future.
Automation has already entered the scene to give business owners more control over their products and services, apart from making their lives easier. For instance, email marketing automation services are proven to deliver high ROIs for businesses due to their simplicity.
Facial recognition technology is bound to come to the fore in the next year or so. This innovation is considered to have limitless opportunities in its scope. Despite some resistance and relatively less popularity, many experts believe that with sizable investment, research, and development in the area, things will take off, and this sector will bloom like no other. The public seems to be aware of what it is and has generally been quite accepting now, and things will only get better from now on.
Natural Language Generation
NLG has become quite popular with the masses over the last couple of years. Smart devices such as Alexa can cater to simple requests such as playing a song or making a call and are equipped to answer more complex business data queries. Data has never been more humanized as it has been under NLG. This approach has made it possible for machines to understand the user better and interpret detailed insights equate to real-life situations.
Consider a sales director asking for the sales statistics of a particular product in a specific month and then compare it to the stats of another product in the form of a bar graph. The technology will be to return the results in an organized manner. All this happened simply at a voice command.
In analytics, edge computing is the next best thing. It is essentially a function that processes data near the edge of the network, i.e., the point where data gets generated instead of a data processing centralized space. Suppose a substantial amount of data is processed close to the source. In that case, the costs associated with internet usage get reduced significantly, and apps can respond in the blink of an eye, even remotely.
Edge computing is not only faster and more reliable but also more secure since sensitive information gets filtered. Organizations will be able to scale cost-effectively without having to invest in costly infrastructure upfront.
The advent of 5G
5G is being launched presently and touted as a gamechanger in the telecom industry. There are many use cases such as smart cities, connected healthcare, more robust security, etc. Bringing it into the mainstream will require an agile telecom cloud and a strategy that uses multiple clouds.
Use of Blockchain
Blockchains started as offshoots of cryptocurrency but are indeed becoming increasingly popular as time goes by. It has immense potential and can make a significant impact on businesses in the years to come. It is an incorruptible, decentralized, and unalterable space protecting encrypted data with AI. The two technologies can work in tandem to metamorphose the business world.