7 Technologies that will drive the future of every business
We can use technology for anything in any business – from scaling teams and providing better service to increasing privacy and accessibility.
While certain software applications might seem excessive, several powerful technologies have severe benefits to adopting. We’ve identified seven of them. Keep reading!
Access where you want, when you want
Cloud computing, or cloud services, store information through a remote server instead of locally on your device. Saving your files in a cloud application, like Google Docs, gives you the ability to access them anywhere.
There are a few different types of cloud computing services, which are:
– Infrastructure as a Service (IaaS): Companies that provide cloud-based storage and data processing, like Amazon Web Services.
– Platform as a Service (PaaS): companies that let you build an entire, functioning application in the cloud, like Heroku or Salesforce Platform and Salesforce CDP.
– Software as a Service (SaaS): applications that store information in the cloud, like Google G Suite.
Cloud computing has revolutionized the way businesses access and store information. It allows remote work since you don’t need to access a specific device or group of devices to get what you need. With easier access, you can also scale more quickly.
For example, installing a cloud-based phone system for your business lets your customer service agents take calls from anywhere on any device. You also don’t need to buy more phone lines anytime a new employee joins the team, which cuts costs and allows you to hire more people at a faster rate.
Everything is connected
The Internet of Things refers to every device connected to the Internet (to make it easy). However, it’s increasingly becoming the go-to term for devices linked together over the same network to transmit related data, like a home security system that uses various connected sensors to detect unusual activity and notify you appropriately.
Concerning business, IoT keeps your employees and customers safer, more interconnected, and alert. If your company has a warehouse, IoT technology can keep you up-to-date on the status of your supply chain and how your goods are being stored. Similarly, you can use IoT to detect potential problems with machinery, from industrial machines to everyday cars, so that proper repairs can be scheduled before a more severe breakdown occurs.
The Blockchain revolution
A blockchain is a type of database most commonly used to create a digital ledger. This ledger can be viewed and shared across many parties and track transactions for physical or intangible assets. Blockchain data can’t be deleted or edited.
The permanence of this service makes it a highly secure way of storing information. If someone were to alter their copy of a blockchain’s data, it would immediately appear fraudulent since the changes would not carry over to any of the other existing copies.
It’s also highly traceable—every new block that gets created connects to data from the previous blocks so that no information can be lost.
Companies that handle sensitive information would be well-suited to implement blockchain technology, such as healthcare providers with patient records, music labels that need to track royalties earned, and real estate companies that issue property titles.
Pay in the most convenient and secure way
Contactless payments let you make a payment in-store without having to insert a credit or debit card into a terminal machine.
Some physical cards come enabled with contactless technology. Digital wallets, or eWallets, let consumers pay by mobile device via a direct connection to their bank account or by filling money into the wallet. Contactless payment apps, like Apple Pay and Google Wallet, connect
your card information to contactless technology to let you pay without using your physical card. This kind of payment is growing in popularity and quickly becoming a driving differentiator for consumers. The contactless payment market size will grow at a rate of 20% YoY until 2028.
Authentic digital experiences
Augmented reality superimposes digital elements onto your worldview through your smartphone camera. In contrast, virtual reality is completely shut out of the real world. You are immersed in an entirely digital experience.
AR and VR technologies aren’t just for video games or social media apps. Their applications vary widely and can help improve customer experience across many industries. IKEA Place app, for example, lets customers see how IKEA furniture will look inside their homes before they make a purchase. Sephora, the famous beauty retailer, uses virtual reality to let customers see what certain beauty products will look like before they buy.
AR and VR help customers make more informed decisions, building loyalty and increasing customer satisfaction.
More efficient manufacturing
3D and 4D printing transform a digital blueprint file of an object into a physical object. 3D printed objects are created from a repeating 2D structure and are not malleable once finished. 4D printed bjects, however, can change their shape when triggered by heat, water, or light.
3D and 4D printing have revolutionized manufacturing to lower the costs, energy, and materials used to make goods. With printing, companies can now produce higher volumes of custom items at a lower price. Instead of manufacturing and shipping custom goods through traditional methods, which are more costly and time-consuming, companies can upload design files to a printer to produce exactly what customers want on-demand. Printing uses only 90% of the same materials and can cut energy usage by up to 50%, making it more efficient than traditional manufacturing.
In short, both businesses and customers are looking for solutions that offer better service at lower costs. Technology helps make that possible. Implementing certain technologies can help your business save money, time and create more flexibility for both customers and employees. It is a win-win!
Bojana Vojnović, editorial manager at Nextiva and editor in chief at Amplitude Magazin, has collaborated with our blog in this post.