While the scope of business strategy is increasingly defined by technologies, not all technologies are equally important. A new study shows the technological areas in which businesses are investing heavily to accelerate their digital transformation journey in 2018. Here are the 4 emerging digital transformation technologies making an impact on business.
Competition is heating up in the digital world and as such, organizations need to keep abreast of the latest technological development to drive their digital transformation further. While there is no doubt that the scope of business strategy is increasingly defined by technologies, it would be foolish to think that all technologies are equally important.
Organizations that identify and separate transformative technologies from the rest stand a better chance of eclipsing the competition and surging ahead in this digital era. So, what are the technologies that deserve your most attention? A new study that shows the technological areas in which businesses are investing heavily to accelerate their digital transformation journey in 2018 may provide valuable insight.
According to the study by PointSource—a Digital Technology company, the technology area that businesses are investing in the most is voice-activated technologies. At the other end of the spectrum is facial technology, which is the least deployed technology in the business world.
At present, only half of the decision makers feel that their current digital footprint is outdated, in comparison to that of their competitors. For this reason, investment in transformative technologies is crucial to ensure your business stays competitive in the growing digital market.
The Need to Invest in Digital Transformation Technologies
The bigger the business, the more difficult it is to transform. While this still holds true, businesses today, regardless of their size, are desperate to change. Technology is now a dynamic field, all thanks to an increase in computational power, data storage facilities, and the millennial demand.
Technology is changing every day and businesses that do not cope well with these changes risk being left far behind their competition in the race to win a major share of the rapidly growing digital market. Responding to this concern, many companies today are increasing business focus on digital growth. Additionally, an increasing number of organizations are agreeing to the fact that digital technology plays a central role in the achievement of business goals.
As a result, more and more businesses today are investing in emerging technologies to accelerate their digital transformation journey in 2018. Some of the technologies businesses are investing in to accelerate their digital transformation include Blockchain, artificial Intelligence (AI), and IoT. Following is the complete list of the emerging digital transformation technologies that are having an impact on business.
The first on the list of emerging digital transformation technologies is blockchain. For some time now, bitcoin has been riding the waves of investor speculation. The technology enabling the cryptocurrency is blockchain. While the biggest benefactor of blockchain will be the finance sector, the technology will have an impact on other industries as well. In fact, businesses can use blockchain in multiple areas, including data security.
With blockchain, everyone has a copy of the core data, which means that even if someone hacks into a data point to try to manipulate that data, the original core data will still be untouched and available. Additionally, data is protected by multiple layers of encryption with each update, which makes it practically impossible for hackers to tamper the database.
In addition to the above, businesses can use the blockchain technology to add smart contracts to raise invoices and collect payments. Blockchain is the go-to solution for increasing operational efficiency, transparency and data security, and reducing maintenance costs.
2. Artificial Intelligence (AI)
An encouraging 80% of the businesses believe that artificial intelligence (AI) can make an immediate impact on their business, with 60% adopting AI for process humans cannot do and 40% using the technology to replace workers. Contrary to popular belief, AI is not a new concept. In fact, the field has been ever present since the 1950s. Though, at the time, AI was only available to large organizations possessing greater technological resources. The good news is that thing have changed over the past decade or so and today AI is accessible to smaller businesses as well.
The simplest and most effective way businesses are using AI today is chatbots. Originally designed as an extension of customer service helplines, chatbots are now being used to increase the efficiency of the entire process. With AI-powered chatbots, customers can get an immediate response to their generic or most frequently asked questions. Additionally, if the chatbot does not have a readily available solution, it will automatically redirect the customer to a human representative.
The computing power of microprocessors is increasing every day and as a result, Internet of Things (IoT) is expected to grow exponentially over the next few years. The advancement will help IoT to expand and become more accessible to small businesses. This growth in the IoT will have a direct impact on office management, customer engagement, store merchandising, inventory management, and security.
4. Virtual Reality
With the help of audio, visual and environmental cues, virtual reality (VR) is creating an experience of being present in a state or place without being physical there. Today, the technology is increasingly being utilized by the fashion, real estate, and hospitality industry as it is a great tool for data visualization. Besides being an experience in itself, VR has also branched out into Augmented Reality (AR) and Mixed Reality (MR).
These 4 emerging transformation technologies are having a major impact on business, which is the reason they have seen increased investments in the last few years. To know more emerging digital transformation technologies, get in touch with us today!
by Bobby J Davidson
We love our company and we love what we do. Check out the ‘Why Percento‘ page to learn more: Love of Technology and Business! As the President of Percento Technologies International, I provide day-to-day leadership to the company’s senior management and I am personally involved in the strategy, business development and sales activities of the firm.
The company was founded in 1999 with the purpose of providing a one call source for organizations in need of Enterprise IT Consulting and Management. We also provide a line of products in the boutique Cloud Server space with a touch of high-end website strategy consulting and design services. We personalizes the IT Service experience with a team approach, working with clients from diverse sectors of industry, including energy services, financial, legal, entertainment, healthcare, hospitality, retail and general and/or corporate business.
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