Navigating the minefield that is business technology can, at times, feel like operating heavy machinery moving equipment – cumbersome and frustrating, if you’re not well aware of what you’re doing. As much as technology is there to help streamline your business processes, making the right choices can be nerve-racking, especially when considering the potential risk of making costly mistakes.
This problem arises because the tech world changes so fast, and so drastically, it’s nearly impossible to keep up with new trends and innovations. Below is a list of some of the tech innovations that are genuinely changing the way business is done.
Cloud computing is a broad term describing hosted services accessible through the internet. Businesses can conveniently and affordably access a variety of resources such as computing power, high-end software, secure data storage facilities, hosted phone services, and online hosting platforms through the cloud. All organizations, big and small, can leverage the cloud and enjoy the cost saving, security, and efficiency benefits of cloud-based products.
Big Data and Intelligent Analytics
Businesses collect a lot of data from consumers, business transactions, performance trends, and even business associates. The collected information is stored in vast clusters of complex data sets. These data sets are then processed by AI-powered analytics software to reveal useful patterns such as market trends, consumer behavior, and business dynamics. This whole concept is what’s called big data. The results from these thorough analyses are used to inform critical decisions that guide the business’s direction.
The concept of automation and interconnectivity in the workplace has already started to catch on in many organizations. Businesses can now automate numerous mundane tasks to virtual and even real robots. Functions like customer support, live chat, phone answering, emailing, and many more can be delegated to intelligent bots hosted on live web platforms.
Although it’s difficult to identify potentially disruptive tech innovations in their infancy, it’s still crucial for an entrepreneur or business owner to keep an eye out for emerging trends. Watch what your competitors are doing and how the market is changing and make corrective adjustments.