Over the years, technology has greatly impacted how businesses operate and run their daily activities. Ever since computers emerged at the turn of the 20th century, many companies have been compelled to adapt and modify their infrastructure so as to keep up with the changing times.
For instance, airlines started using computerized flight booking systems and some banks also started to process digital checks for their customers.
Nowadays, most businesses are embracing technology since it gives them a competitive edge in the digital world that we live in. They use it for tasks such as marketing, data analytics, communication, and even outsourcing. Technology provides speed, accuracy, and efficiency which are essential for the growth of a business.
Augmented analytics
Augmented Analytics is a new approach to data management that uses machine learning (ML) and natural-language generation to predict insights and future outcomes of a business. Companies are using the technology to streamline their logistics as it helps them to quickly gather, arrange, prepare and assess data so as to access on-demand intelligence when they need it during the course of their operations.
Unlike human-thinking which is usually prone to personal biases, emotional judgments and preconceived knowledge, Augmented Analytics is more accurate and delivers data-centric, unbiased outcomes.
In terms of marketing, product designers and developers are increasingly using the technology in form of R&D (research & development) dummy units, which can be applied to visualize their product prototypes in detail, so as to ensure they meet the customers’ expectations before final production and release into the market.
Blockchain technology
The blockchain is one of the latest trends in technology that’s rapidly impacting how businesses do their transactions. It’s described as a distributed network of digital ledgers that are immutable, decentralized and open to everybody using the system.
The most popular use of blockchain technology is in cryptocurrency units such as Bitcoin, which is a peer-to-peer means of sending and receiving currency without the need of a central financial intermediary such as a bank or government.
Nowadays, some companies are accepting cryptocurrencies as a means of payment for their services/products since it’s largely hack-proof and also doesn’t get affected by global fiscal policies that may be unfavorable to some people.
Blockchain can also be used to record the transaction of valuable assets such as; company shares, digital artwork, copyright documents and so on. Once an exchange has been made, it would be recorded onto the public blockchain ledger where everyone on the network shall be able to see it, but without tampering with the transaction input.
Video content in business
Statistics show that around 63% of businesses today use video content marketing to reach out to potential customers, this clearly shows how effective the platform is in marketing. One of the advantages of using it for your business is that it can help boost conversions and sales.
According to researchers, adding a product video next to your landing-page can boost conversions by up to 80%. The strategy oftentimes works well regardless of the industry that you operate in. In fact, studies show that 74% of internet users who viewed an explainer-video placed next to a product went ahead and bought it thereafter.
Additionally, since videos allow customers to spend more time on your site, it can help you rank higher on Google given that the search engine will assume your page has good or high-quality content compared to the rest.
Online presence of business
For any business to thrive in the digital age, it should have high-quality web content that will get top rankings on search engines and drive many visitors. Always ensure that the content you post is relevant and addresses the visitors exact needs. Tech trends in this field including voice search and new formats of social media presence may help you stay relevant.
One of the main problems that business face when it comes to its online presence is measuring the efficiency of their efforts. A big part of KPI assessment can be covered with analytics tools like Adobe Experience cloud, Google Analytics, Facebook Pixel, etc.
But there are some things that cannot be researched with this tools, like bad reviews on the forums, for example. To work with negative reviews business now can embrace advantages of other trendy tools like reverse phone lookup services, automated monitoring tools for Yelp and other listings.
Communication is also important not just for businesses, but individuals as well since it helps them stay in touch with everything that matters to them, from business to personal information. Technologies offer a wide variety of services which make communication easy to order and prioritize. But for brands the best communication channels these days still remains social media and messengers, as long as communication is clear and respectful.
Conclusion
As every change, new tech trends have both pros and cons when used in building a business. Let’s sum up with what the pros and cons of technology trends we found while writing this article.
Pros:
- Increased efficiency. Technology has led to faster processing of data and information, which is helping businesses to save time and money in their operations.
- Greater mobility. It has made the world a global-village, whereby businesses can reach out to customers in any location around the world through the internet, plus they can also outsource work from anywhere.
- Higher productivity. Businesses that use technology often get higher returns on investment (ROI) compared to those that don’t.
Cons:
- Disruption of established business methods. Technology often disenfranchises those who are used to old methods of doing business, they have to adapt to it or else they risk being left behind by the changing times.
- Increasing the cost of compliance. Some governments and regulators impose hefty fees on the use of certain technologies, in order to promote fair competition and standardization in particular industries.
So before taking your business at stake with the implementation of new technology, think twice and consider every possible outcome from a strategic perspective.
