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6 new technologies disrupting the business sector

As new and old technologies are evolving constantly, we take a look at the ones that have the potential to change the way we do business forever. From rapidly developing artificial intelligence (AI) to the rise of blockchain, these are six technologies disrupting the business sector. 

1. Artificial intelligence

At present, businesses use artificial intelligence (AI) mostly to automate operational processes. Called robotic process automation (RPA), you can apply this kind of AI to everything from your supply chain and customer service to cybersecurity. 

For example, Amazon and other retailers are using AI-enabled carts to process warehouse orders. There's also smart sentiment analysis software that can tell you how your customers are feeling, and AI software to detect data breaches.

  
2. Drone technology

As drones continue to graduate into the mainstream, savvy businesses are finding innovative ways to put them to work. So much so that the global drone market is tipped to hit $17 billion by 2024. They're used to track inventory in vast warehouses, and survey and monitor large infrastructure and construction projects. 

Drones can also help produce inexpensive, Hollywood-worthy cinematography for everything from real estate listings to small business marketing. The world’s first drone delivery business, Project Wing, was recently approved in our nation’s capital.  
  

3. Voice technology

Whether you ask Apple’s Siri for a weather update or tell Amazon’s Alexa to play your favourite tune, people are becoming increasingly comfortable using voice technology in their everyday lives. 

So of course, emerging voice technology is also set to impact how we do business. In addition to voice-activated online chatbots, there's also growing demand for voice-activated payment technology and advertisers already dream of consumers talking with digital display ads.

Emerging voice technology is set to impact how we do business. In addition to voice-activated online chatbots, there's also growing demand for voice-activated payment technology and advertisers already dream of consumers talking with digital display ads.

4. Internet of things (IoT)

You can now enable virtually any device to connect to the internet. This makes it possible to create vast networks of internet-connected devices with the ability to share information and communicate with each other. That allows businesses to learn more about their customers and provide better, more personalised customer experiences. 

For example, Coca-Cola used data from internet-enabled vending machines to identify demand for a new flavour based on customer behaviours. IoT vending machines can also send personalised communications to individual customers, as well as automatically order refills and send performance data to maintenance employees.

5. Blockchain 

Dubbed the ‘digital gold rush’, cryptocurrencies like Bitcoin have captured a lot of attention in recent years. Blockchain serves as a digital ledger that records and stores all cryptocurrency transactions. While that may not sound like a revolutionary idea, it certainly has the business world talking. 

That’s because blockchain technology essentially validates cryptocurrency as the world’s first truly global currency. And that lowers international borders as businesses can accept the same crypto payments from their global customer base, and businesses trade with each other in a unified worldwide currency.

6. Augmented reality  

Many industries are already embracing augmented reality (AR) technology as a powerful marketing tool. Beauty, fashion and retail brands are using AR-based virtual makeover and shopping apps to give customers a digital try-before-you-buy experience. 

But that's only the beginning: AR tools help field engineers access remote assistance in real-time and help train the next generation of medical professionals. Meanwhile, car-makers like Hyundai launched AR-enabled owner's manuals to assist owners with basic car maintenance.

The business environment is rapidly evolving, and no organisation can afford to stand still. Embracing the latest technology  can help give you the tools to achieve ongoing innovation, keep pace with developing customer expectations, and beat your competitors to the punch.    

 

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