September 23, 2024
Technology is truly changing the way that businesses work. It is something that is changing how businesses serve customers, how they make decisions, and also how they grow. If you want to stay ahead, businesses need to make sure they are paying attention to some of the breakthrough technologies that are shaping the future.
AI is changing the way that businesses interact with their customers. It is also streamlining workflows and spotting trends before human workers are able to. Businesses are using AI to personalise marketing, better detect any fraudulent activities, recommend products, and also to power smart chatbots so that customers can be dealt with 24/7.
Retailers like Sephora use AI to suggest makeup based on a user's skin tone as well as their purchase history. This is something that is helping customers to make better choices, faster choices, and also increasing sales. If your team is spending far too much time on repetitive tasks or they are struggling to tailor content at a large scale, then AI could be the next step that your business needs to take.
Learning goes much further than just automation; it also helps to spot patterns that are not immediately obvious to the human eye. They also help you to make smarter predictions. Businesses can use it to reduce customer churn, forecast demand, and fine-tune their pricing. This means they are able to detect risks earlier.
UPS, for example, relies heavily on predictive analytics to optimise delivery routes based on traffic and weather. The result of this is much quicker deliveries as well as reduced fuel costs. If you have large amounts of data sitting unused, machine learning might also reveal exactly what you were missing and help you to come up with solutions.
The internet of things connects everyday objects like machines, vehicles, or thermostats to the internet. It allows them to exchange and collect data. Businesses are using this to monitor equipment, reduce waste, track shipments, and increase safety automatically.
Some businesses place IoT sensors in agricultural equipment to measure soil conditions and guide planting strategy. This can help lead to better farming and better crop yields. If your operations rely on physical assets, IoT gives you the eyes and ears that you need in order to manage them in real time.
Blockchain creates secure, transparent records that cannot be tampered with. While it is often linked to cryptocurrency, it is something that businesses could use for tracking, verification, and accountability.
For example, a huge chain like Walmart uses blockchain to trace the journey of food from farm to shelf. This improves safety and response times during any recourse. If your business is something that heavily relies on trust, authenticity, or being able to trace things, then blockchain can help to strengthen your systems and make this easier.
Signage is changing how businesses are able to communicate with their customers in real time. It's no longer just screens that have flashed images; today’s digital signage is something that is extremely dynamic. It can be personalised, and it is also responsive. Businesses can use these to update promotions instantaneously, engage with shoppers with interactive content, and also tailor messages based on location, the audience, or even based on time.
For instance, restaurants could adjust digital menus based on the time of day, promoting breakfast during the morning hours and dinner deals in the evening. When they are able to use this level of targeted leads, it can create more relevant experiences and higher sales.
Digital signage can also provide really valuable data, such as how long people look at certain displays or which ads are leading to more sales. It's a visual communication tool that helps to inform your customers but also drives action.
If your storefront, lobby, or office isn't telling your brand story properly, then you are probably missing a chance to connect with your customers by using digital signage.
Cloud technology has changed how companies store data, collaborate, and run their software. You can now access tools from any device, anywhere, and also scale resources as and when they are needed. This means that you can avoid the cost of a physical infrastructure.
Startups launch products using platforms like Google Cloud or AWS; they can save time and money. Remote teams are now also using tools like Google Workspace or Microsoft 365 so that they can stay synced no matter where they are and how they are working. If flexibility and speed are priorities for your business, then the cloud can help to provide both of these for you.
AR and VR are giving businesses new ways to showcase their products as well as provide extensive training to their employees. Customers are now able to try on glasses, have a look at how a sofa fits their living room virtually, or tour a home without ever even stepping foot inside.
A fantastic example of this is IKEA's AR app that helps users visualise furniture in their own spaces. This also helps to reduce hesitation before buying and limits the amount of returns. In the workplace, VR simulations are being used to train employees in high-risk environments without having to face real-world danger. If you are selling something that people would like to see or experience before they buy, then VR and AR can help to close that gap.
5G is a new standard when it comes to speed and responsiveness. It supports high-definition video, instant file transfers, and real-time collaboration, especially when it is used in mobile environments. Many factories are now starting to use 5G so that they can control machines and robots with precision.
Health care professionals also use it for making remote diagnostics and for doing live video consultations. If your business is something that highly depends on mobile data for remote work, then 5G could give you the speed and reliability that you need to be able to do this successfully.
RPA automates structured rule-based tasks such as processing invoices, updating spreadsheets easily, or onboarding new recruits. It is something that is fast, accurate, and runs without needing to have a break.
It can be used to pull data from different systems and create daily reports that can be used to improve business processes. What used to take hours now can happen in a matter of minutes without any human error. If your team is spending a lot of time doing data entry or repetitive processes such as invoicing, then automation can give them back some valuable time.
Voice assistants like Siri, Google Assistant, and Alexa are transforming how people search the internet, shop online, and interact with brands. Businesses are now leveraging voice experiences to answer questions, provide instant support, and facilitate hands-free purchasing. For example, Domino's allows customers to reorder by speaking a single sentence.
Voice technology reduces friction and makes interactions quick and natural. If your customers are already using smart speakers or smartphones, then adopting voice technology could be the next way for you to reach out to them.
You don't need to chase every new piece of technology for your business to work. Start with one that solves a real issue that you have or unlocks new potential for your business.
It might be using AI to personalise customer service, or it could be starting to use digital signage to improve the front of your store. What matters most is that you start taking action and including some of this technology in your business plans.
Which one of these are you going to try first?
