Technology is taking the world of business by storm. Tech innovations have entirely changed the way we live and do business in the 21st century. We can now interact better with friends and family through social media platforms sometimes continents apart and do it all the time in real-time. Business organizations have not been left behind. Companies can now monitor their consumers from the very fast contact using Customer Relationship Management software otherwise known as CRM and data network visibility tools. CRM helps the business enterprise identify emerging trends in consumer wants and preferences and predict what the customer may want in the future.
This is especially critical in building a better consumer brand experience using which broadens the consumer base. Machine learning and artificial intelligence have seen the development of Chatbots which have eliminated the need for customer care agents as bots can answer all the questions regarding what the consumer needs to know about a particular product. In this article, we are going to highlight the emerging top trends in technology that are going to revolutionize the way we conduct business in the 21st century.
Blockchain technology is a decentralized, distributed, tokenized and shared ledger that eliminates friction in business by having independence from individual participants or applications. Blockchain enables parties that are untrusted to conduct commercial transactions. This trend can transform industries including but not limited to the supply chain, content distribution, healthcare, government and most importantly, financial transactions. However, it is important to note that most technologies that involve blockchain are still in their infant stages, mostly unregulated, unproven and immature. To have efficient use of this technology, you must first have a crystal clear understanding of the business niche that you want to pursue, the limitations and capabilities of the blockchain, the requisite skills for implementation and a trust architecture. Ensure that your employees have the necessary cryptographic skills that are required to understand what is possible with blockchain and what is not before embarking on a project involving a distributed ledger.
Virtual reality (VR), augmented reality (AR) and mixed reality is changing the way we now interact with today’s digital world. It is expected that an immersive experience will emerge from a fundamental shift in user experiences when we combine these three technologies with conversational platforms. Development platform vendors, system software vendors, and application vendors are all in a race to have this model delivered to the consumer. Mixed reality will remain the primary focus by businesses in the next five years as it has emerged as the immersive technology of choice. In mixed reality, the user can interact with both the real and digital world objects while at the same time maintaining a physical world presence. It exists along a broad spectrum including tablet and smartphone-based augmented reality along with head-mounted displays (HMD).
Intelligent analytics and apps
It is expected that every service and application will have artificial intelligence incorporates at one level or the other in the next couple of years. Artificial intelligence and machine learning are set to run in the background of numerous application that we are familiar with shortly while presenting an opportunity for new ones. Machine learning and AI have become the next frontier for the broad range of service-based and software markets such as ERP aspects. Intelligent applications also lead to the creation of an intermediary layer between users and systems with the potential of transforming the nature of engagement and workplace structure. This is evident in enterprise assistants and advisors along with virtual customer assistants.
The cloud has been able to serve the increasing demand for storage of the vast amounts of data that are generated by businesses on a daily basis. Companies can store their information in thousands of virtual servers that are hosted all over the world. This information can be accessed by the business management and employees from virtually any place that has internet connectivity. This has made it easy for managers and business owners to manage their inventory.