Predicting the future trends in the world of business requires a lot of hubris. As a result, it leads to being met with loads of skepticism.
Technology has taken the world by storm and has had an impact on every part of our daily lives. From our office set-ups to the way we socialize, advancements in tech have made life easier and more interesting. We can now talk to our friends and family, sometimes thousands of miles away in real time using Skype and social media platforms which allows us to get an almost instantaneous feedback. The birth of the mainstream internet just over a decade ago has transformed the way retailers conduct business in the 21st century.
E-commerce and online retail outlets have emerged in a robust way that anyone who fails to adapt to such new trends risks struggling or being edged out of business. A recent study by the Harvard Business Review suggests that business organizations that will adopt technology are going to see their sales volume increase by over 70% in the next three years.
On the other hand, the study also suggests that companies that remain rigid and continue with the status quo by failing to incorporate technology into their business operations will see a 35% decrease in their consumer base. This will automatically lower their sales volumes, profit margins and return on investment.
In this article, we are going to highlight the most efficient technological innovations that are going to change the game forever.
Blockchain technology is the basis on which cryptocurrencies operate. It is basically a distributed ledger system that has certainly carved out a distinct place in the future of business technology regardless of the market value that Bitcoin or any other cryptocurrency is trading.
Blockchain can be defined as the heart of cryptocurrency that operates in a decentralized manner where a distributed records ledger allows the user to verify records in good faith without requiring the services of a middleman. Its basic use in 2017 and before that was in the verification of cryptocurrency transactions. However, system developers have come to the realization that blockchain technology can be used for many other purposes outside the finance industry. Records of all the transactions are protected cryptographically and then distributed to all the players. This eliminates the need for human involvement in the verification of many transactions in a manner that is more impervious to infiltration or compromise by third parties.
The term “cloud” has almost become a cliché today in the world of business. However, many people do not realize the potential that this technology has to transform their businesses and multiply their returns on investment. Multiple retailers have embraced this technology such as the petabyte scale data warehouse service by Retail giant Amazon known as Amazon redshift. When used in collaboration with edge computing, the cloud is set to become a necessity rather than a reserve for big corporations.
Cloud computing stores millions of bytes of information that are generated by a business on a daily basis in thousands of virtual servers that are located all over the world. The processing power of computer systems is spread over multiple machines by edge computing technology which serves as a replacement for distributed computing. When you use these two technologies together, a business is able to eliminate the need for the traditional hard drives used for data storage together with their high costs of maintenance. The employees and managers of a company can be able to access information regarding the business from any geographical location with internet access using cloud computing. This makes it easy for company employees to beat their deadlines as they are able to even work from home.
Augmented reality has stormed the industry and brought a significant impact that is set to change the way we do things forever. For instance, the clothing and design industry can now customize mannequins that will match the consumer’s body shape and have enough virtual inventory on the display all thanks to augmented reality. AR experiences will be created by companies in their product packaging and display demonstration videos for consumers the moment they take a look at a certain product that they are interested in. this will go on to create a competitive edge for such a business in the market.
One thing that is certain is that technology is moving at an ever-increasing speed, with new techniques appearing all of the time. Whilst it’s impossible to keep up with every new piece of tech that comes out, if you keep an eye on developments you’’ll be able to choose the right ones to keep your business moving forward and keep it ahead of the competition.
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