In the 1820s the first industrial revolution changed economies from simple agricultural-based to manufacturing. New machines with steam powered engines opened up business in iron production and chemical manufacturing. Electricity was the main highlight of the second industrial revolution between 1870 and 1914. Together with petroleum and steel, they led to new products and increased intercontinental trade.
Today, technology has embraced our entire world, stimulating progress and inspiring evolution. Since the onset of the internet in the 1990s, there have been significant cost savings for businesses that adopt internet technologies. According to McKinsey, by 2011 the Internet accounted for 21 percent of GDP growth in all mature economies. The growth of a business today is pegged upon constantly adapting to newer digital technologies. Below are the technological trends that shape business today.
Augmented analytics is a way of automating data using robotics and natural language generation. Most businesses in the post-internet age struggle with getting valuable insights from the enormous sums of data they collect both online and offline.
Breaking down this data can lead to ideas that may steer companies to profitability by informing in the areas of research and product development, marketing, and improving manufacturing processes. From raw data to meaningful information, there are many steps and processes, including comprehensive collection from several sources, cleaning of data, analysis and generating insights.
Augmented analytics automates the whole process from start to finish, allowing businesses to collect data and mine information from it quickly, cost-effectively, and promptly. Through machine learning and artificial intelligence, augmented analytics can create ready-to-use action plans from tons of data.
The blockchain consists of a live list of ledgers that are known as blocks. These blocks are hyper-connected and encrypted using the highest degree of cryptography. Everything on the blockchain runs on a peer-to-peer network, making the records immune to alterations. Businesses have now realized the exceptional opportunities for growth in the blockchain.
Financial transactions are now fast and easy thanks to the blockchain. The blockchain is the basis of all cryptocurrencies, including Bitcoins. Using the blockchain to make and receive payments, business owners can bypass intermediaries and bank transfer fees associated with other financial transactions. Reportedly, potential annual savings for banks utilizing blockchain technology is approximately $10 billion.
Blockchain technology also allows for smart contracts. A smart deal is a program made to facilitate, ascertain, and digitally enforce a business deal. On the other hand, the extra storage in the blockchain has also helped to expose brands to new audiences. Without the need for a server, you tap into the network and use other hard drives connected to share and store information.
Video is the hot item right now in online marketing. Online video content can reach many more people, when compared to using daily blogs or broadcast. Marketers are uploading video content to increase brand awareness and grow sales volume.
Webcam videos or even PowerPoint presentations with music background don’t impress anymore, especially when your competitors have uploaded high-quality videos. Businesses need to invest in quality video content, as “the more — the better” doesn’t work here, but works vise versa — the better the content, the more audience reach.
Great video content improves your niche relevance, and also helps your website be ranked higher by search engine algorithms. A well-delivered piece of story enables you to stand out in your niche. Today, there are also 360 degrees virtual reality videos that allow customers to see your business from every angle. Virtual reality videos enable viewers to feel as if they are physically within your content or store. Companies are on the run to provide this enhanced experience to customers.
A prominent online presence automatically means more brand awareness and ultimately increased sales revenue. Today, businesses have engaged many tactics in improving their search engine rankings on Google and other search engines
Social media is one of the tools often used. Companies with a vibrant social media presence have a better chance of appealing to customers. They get to understand the details of their lives, as well as their specific tastes and preferences. This helps companies tune the products or service they offer to better fit their customer profile.
To be part of consumers’ lives, businesses track online customer activities through cookies and services such as reverse phone lookup. Details unearthed through such tracking helps to reduce marketing costs.
Technology helps increase efficiency in many areas of operations for businesses. It improves communication, enhances mobility, and enables cost cutting.
Nevertheless, adapting to new technology every time it pops up can be costly. It also comes with security concerns and increased human dependability. Businesses need a smart approach to bag all the benefits of technology without its cons.