As we venture into the second decade of the 21st century, solutions for limiting business problems are plenty, with technology first in line. But let’s not start our praises yet because the primary force that led to such mass innovation is – the one and only – COVID-19. During the height of the coronavirus pandemic, many businesses had to either shut down entirely or choose a different way of operation. Some of them learned the hard way, while others embraced the power of technology and made even more revenue than before the pandemic.
As the years go by, the business sector is leaning more and more towards transformations, making it almost impossible to function without technology. And since technology is the way forward, we can say that businesses should leverage sustainable technology. Sure, AI, Blockchain, and everything in between made the cut in 2018. But it took quite a while for companies to understand the importance of these cutting-edge advancements. Still, in many places of the business world, not everyone is aware of the marvels of technology and how it breeds innovation.
Here, we will explain how technology redefines the business sector through examples that are currently breaking boulders.
1. Management Information Systems (MIS)
Management information systems have existed since the dawn of computing. However, today’s versions are far more advanced than their fore-creations. Management systems make it easier for managers to delegate tasks to subordinates. They also facilitate the management of daily operations alongside strategic decision-making. For small businesses, many management systems are all-in-one solutions. Others can be modified to a company’s nature and business needs.
As a business owner, you can benefit from the various technological resources and tools MIS offers. But since implementing such advanced systems is challenging and time-consuming, hiring someone with a solid background in systems and business management becomes crucial. Look for business professionals having online MBA credentials as they possess the relevant business skills. Combining their online learning with industrial exposure, these individuals become experts at leveraging technological resources for business success.
Furthermore, management-reporting systems also help reduce the amount of paperwork generated by your company. As a result, all of your company’s data and information becomes easily accessible.
2. AI-Driven Customer Service
Out of all the uses of artificial intelligence, the ease of providing quick and efficient customer service remains at the top. Traditionally, customer service representatives were expected to assist customers with their inquiries. AI-powered chatbots, on the other hand, are becoming increasingly popular. They can manage queries much faster and at a lower cost than human representatives. It also benefits the customer as they don’t have to wait to get a response. Moreover, companies don’t have to pay for a 24/7 staff to provide essential support around the clock.
3. Internet of Things (IoT)
Wi-Fi connectivity is being used to connect various things these days. The “Internet of Things” is the name given to this concept. And this is unquestionably the future, allowing devices such as cars, home appliances, and so on to stay connected and exchange information via the internet. Even if we have to rush to work, we can lock our doors remotely. On our way home, we get to preheat our ovens. Our smartwatches allow us to track our fitness levels. But for businesses, IoT ensures better safety, potency, and decision-making since it’s rooted in the concept of data collection and analysis. It also allows for predictive maintenance, and it is genuinely helping many industries thrive.
4. 5G Proliferation
In 2019, the implementation of 5G technology – the fifth generation of cellular competence, which features considerably faster data transmission speeds than 4G – began. According to Huawei, 5G guarantees faster speeds than 4G LTE while requiring little or no latency (delay in data transfer). This advancement is a significant step forward in the evolution of the internet of things (IoT), as 5G networks better support the upsurge of interconnected intelligent devices. While there is much excitement surrounding 5G, it is still in its early stages. Still, businesses are making most of it even in its infancy stage.
A blockchain is a decentralized transactional database where all parties can access identical transaction records. It is impossible to change information in the database unless most users agree it complies with the rules established for approving a transaction. Thus, a blockchain enables secure transactions between different parties without requiring a private entity (such as a bank) to validate the transaction.
Blockchains develop trust between the parties engaging in a network. Presently, blockchain is mainly linked with cryptocurrency, which helps transfer monetary values among parties. However, the opportunities and applications in sectors such as real estate, health, energy, insurance, and consumer goods are thought to be enormous. Despite its vast potential, the technology currently has only a few well-documented case studies.
6. Remote Collaboration
Physical distances are almost non-existent in the Digital Age.
The world has shrunk as a result of technological advancements. International markets are available to businesses worldwide, thanks to the power of the internet and logistics. What’s more, companies can also access human resources and expertise from countries other than their own. They can broaden the scope of their operations.
You can adequately handle your global team thanks to remote collaboration software. For multicultural groups, cloud-based remote collaboration software is the way to go. They reduce the need for incurring business costs such as equipment and travel. They also make it easier for businesses to expand beyond their physical boundaries.
Physical distances are rendered irrelevant by remote software. You can easily manage all of your business networks, servers, and devices. You can track teams and assist your field operatives. And communicate and collaborate with employees spread out across the country. We may see even more changes as technology advances. How many of these will become commonplace in new enterprises? Time will tell.
So, these were some of the latest technological innovations that are currently changing how we do business. Indeed, technological advancements are reshaping the entire business sector. And since every organization is adapting to the various technological trends of today, no one will wait for the weaker man to catch up. So, if you’re a small business that hasn’t leveraged the power of technology, use the above examples to your advantage and evolve.