3 Tech Trends That Will Change the Way Businesses Work
One of the greatest challenges in running a business is staying on top of the latest tech trends.
The tech scene is ever-changing and often difficult to keep up with, which can seriously hinder the growth of a business. To prepare yourself for what's coming in 2018, have a read about these three trends that are predicted to shape the technological landscape next year.
Today, every two days we create as much data as we did from the beginning of time until 2000. By 2020, the amount of digital information available will have grown from around the 5 zettabytes of today to 50 zettabytes.
One of the biggest challenges businesses will have to adapt to in datafication is establishing which data to not use. The above numbers demonstrates the enormous amount of data available to marketers today. It's important to realise which data is beneficial and relevant to a business, rather than settling with the first option available.
Otherwise, datafication will serve as an incredible tool for businesses. In particular, partnering with big platforms such as Google and Facebook can offer businesses a wealth of data on potential customers as well as tools to interpret that data with. The accessible nature of these large platforms means that businesses of any size or budget can succeed in growth and sales.
2. Internet of Things (IoT)
All of us are familiar with IoT, but perhaps may not have heard the name used before. The IoT comprises things such as Smart Home features and wearables including the Apple Watch and Fitbit. IoT has immense potential to give companies new opportunities, with many companies having already adopted it into their business strategy.
As well as promoting better data collection and business insights, IoT can assist with reducing risks, cutting costs, creating new revenue streams, improving employee productivity and enhancing customer experience.
74 percent of companies who have already adopted IoT agree that digital transformation is not viable without it. If used effectively, it can drive business growth to never-before-seen levels.
3. The Rise of AI
The partnership between human and machine is expected to gain massive popularity over the next few years. According to a Boston Consulting Group and MIT Sloan Management Review study:
- 84 percent of respondents say AI will enable them to obtain or sustain a competitive advantage.
- 83 percent believe AI is a strategic priority for their businesses today.
- 75% state that AI will allow them to move into new businesses and ventures.
AI is able to rapidly perform a variety of functions at a speed that is impossible for humans, but lacks the general human intelligence essential for many elements of business. This is why it's expected that AI will see a massive surge in popularity across a variety of industries. Customer-facing activities including marketing automation, support and service are predicted to be the most affected areas by AI in the next five years.
AI can provide opportunities for huge career growth. It has the potential to remove the need for mundane, repetitive tasks, allowing humans to focus on the more rewarding work.