Technology advancement and the continuously evolving market place have become a future issue that business entities have to reckon. The present technological industry is affecting the way each and every business entity carries out its business processes, operations and even human labor. It is disruptive in nature however, it’s essential for the business to accommodate the technology as it will shape the future of all industries. Technology is expected to increase innovations and inventions made in the business entity including better product, service, markets and new means of carrying out business activities. Here are the technological models that are said to have a high impact on the shaping of any business entity future.
This technology is set to make a lot of changes to any business entity. They are currently designed with the abilities to be smart and to interact with human beings directly. Robots will redefine the service and product industry as they will interact with an entity’s customers as well. Replacing human labor with robots may be an efficient thing to do but robots are expensive and in industries live the service industry, people tend to like the human touch which in the near future will cease to exist. Robots are still being enhanced and evolved and may be in the near future they will be affordable, with more skills and collaborative than the current ones.
2. Artificial Intelligence
Machines in the near future will have the same abilities as employees. Their level of smartness and intelligence and the human intelligence will be synonymous. They may be difficult to develop for now but with the advancing artificial intelligence soon and quite soon the machines will enter the business world. The machines will have abilities such as customer relations; learning all there is to do with customers analyzing the business entities and giving feedback and their behavior identical to that of a human laborer.
3. Virtual Reality
The technology was originally developed for gaming purposes. It was then incorporated into the different industries e.g. the art, the designers i.e. fashion, architects etc. Applications implementing the virtual reality technology have been developed and some are already in use assisting business entities and their customers to achieve their daily goals and objectives including business processes and other operations.The future of virtual reality is aimed at bringing on a new era in which business entities will compete and on which customer satisfaction will be rated.
4. Web or Network
Today, everyone in the world is connected in one way or another through the internet. Anything you need can be accessed and brought to you from the other side of the world. Communication has improved and advancements are continuous and dynamic. Innovation is now headed towards an Internet of Things (IoT) where all machinery in the world is connected.In the same way the internet uses cloud computing, the internet of things is said to develop it further. Commands could be issued using a mobile device, a car, sensors that are in communication with other devices e.g. a coffee machine at work, air conditioning machine at home, alarms etc.
Information is the key to knowing what is emergent, trending and past in the technological world. Business entities should keep in touch with the biggest tech news in the technology industry at the moment and in the near future. Up to date information; increases a business entity’s knowledge on the latest and most useful technology for use in the entity, improves entity productivity levels, enhances customer and employee satisfaction, improves entity competency levels and differentiates the entity from other entities in the same industry.
6. Wearable Technology
Smart devices are hitting the market in a mega way. Owning a smart device is anyone’s and everyone’s business.The business entities have been provided with new means of accessing the customers including new business opportunities e.g. making business activities mobile. They can be used to create customer relations and customer satisfaction through provision of customer preferred goods and convenient services. It is only achievable through the use of wearable technology. Wearable technology has increased in its use, it can be tracked and provides unfathomable amount of information about the consumer. This has to be licensed and of course with customer permission since it is invasion of privacy.
Change is important and useful to an entity and therefore flexibility is required if the entity is to survive the technologies in the market today and in future. Business entities are undergoing undeniable transformations as a result of the advanced technology at their disposal. Technology in the future will determine the rate and the way business entities are started i.e. established, basis on which they compete, effectiveness and efficiency rates of an entity, innovation and invention capacity and competency levels of the business entity. It is of utmost importance to tune in your business to the current and most useful technology for your business entity to avoid the risk of being rendered obsolete in the near future.