New Innovations That Will Impact Business
Business strategies should evolve with innovation. Just look at what the internet has done for business: from making it easy for customers to leave a review to giving birth to e-commerce.
Randall Isenberg, partner at the Law Offices of Randall B. Isenberg, always has an eye on developing technology that can impact his business. “I keep an eye on emerging technologies and so should you, especially if you’re a small business owner.”
So, what technologies are likely to make a significant impact in the near future? Read on to find out.
Remember when 4G was the big thing in telecommunications networks? Well, those companies have begun rolling out 5G networks this year. With 5G, you get faster connectivity with lower latency and less power consumption. This will make mobile connectivity faster than most wired broadband connections. Could the desktop become an obsolete thing in the home soon?
Personal wearables will become available to the masses, thanks to microdisplays becoming more affordable. This is will also give businesses an incredible way to showcase their products through augmented reality, which overlays computer graphics over a real-world image. This will only become more and more realistic as images become rendered with better lighting and effects.
Blockchains emerged in the technology lexicon thanks, in part, to Bitcoin, but it has more than just financial applications. Some 2,500 applications for blockchain patents have been filed, addressing everything from improving the supply chain to addressing security concerns. However, finance is where Blockchain is expected to make the most significant impact, topping $176 billion by 2025.
A chatbot provides text-based customer service in an automated way. The value of this to e-commerce customer service is that a chatbot gathers information about a client, providing prospective leads. Currently, chatbots are limited by the progression of NLP (natural language processing), but this improves with each passing year.
3-D printing is making manufacturing more accessible. People can now make small items like toys and gifts in their own homes. 3-D printing allows manufacturers to create and test prototypes without spending thousands of dollars. In the future, retailers may be able to make custom orders for customers utilizing 3-D printing.
Wearable tech has come a long way since the calculator watch. Now, we have watches that can not only tell us the time but keep track of how many steps we take every day and how many hours we sleep. This has applications in healthcare, allowing for remote monitoring of patients by their healthcare team.
As technology improves, we are likely to see many innovations that affect businesses. From drones to deliver a pizza to augmented and virtual reality becoming available, there’s no end to the possibilities. Business and technology will continue forward, making innovation the key to growth.