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.
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.