BusinessTechnology

Innovative Technologies That Are Changing Business

3 Mins read

Technology is constantly evolving and changing every aspect of modern life. Nowadays, we can see innovations across all facets of society, and business is no exception. New and exciting technologies are being adopted seemingly every day that streamline organizations and offer them a competitive advantage over their rivals.

However, the sheer rate of change can make it challenging to keep up with what will revolutionise business practices in the coming months and years. With that in mind, here are some of the most promising technological breakthroughs that will alter how organisations operate in the future.

Flexible Working Management Solutions

At the beginning of the Covid-19 pandemic, the government-imposed restrictions triggered a fundamental shake-up of how many people view working practices. With many people forced to work remotely to minimise the transmission of the virus, it became apparent that flexible working arrangements are feasible thanks to modern technology.

Using communication and collaboration tools like Zoom, Microsoft Teams and Slack, employees can work remotely without a discernible drop-off in productivity. As we move away from lockdowns and restrictions, many businesses opt for more flexible work models to give their employees more freedom around their hours.

While there is still a need for a physical workplace, many companies are implementing hotdesking solutions in the wake of the pandemic. However, these can be challenging to manage without the help of dedicated software. This is where desk booking systems can be beneficial. For example, Matrix Booking offer a desk booking system that businesses can use to manage hotdesks in their offices. With additional analytics and Covid security features, such solutions allow companies to transition to a flexible schedule with fewer logistical headaches.

AI Chatbots Will Change the Customer Experience

AI chatbots are becoming an increasingly valuable tool for many businesses, especially smaller enterprises. These chatbots can engage with customers and help to answer simple queries and inform of product information naturally.

Smaller companies often struggle to keep up with customers’ demands, and run of the mill queries occupy a lot of time small teams could otherwise use to resolve more pressing matters. With advances in AI technology, the algorithms underlying the chatbots are advancing rapidly.

It has been suggested that these chatbots could cut operational costs by up to 30%, which could be a significant saving for businesses with limited resources. Around 50% of companies have indicated that they plan on integrating AI chatbots into their business models, so this technology looks set to alter the landscape of business in the future.

Blockchain is Vital in a Digital World

As the world becomes increasingly digital, there is an ever-growing need for cybersecurity protocols to protect information and legitimacy in business. The blockchain has been hailed as a revolutionary innovation for years but is becoming a more practical tool for most businesses nowadays.

While blockchain is a complicated subject matter, at its core, it’s relatively simple. Essentially, it is a type of database that records information in such a way that it is virtually impossible to change, hack or cheat. Transactions in the database are registered with a unique and immutable cryptographic signature. This creates a decentralised record of when a transaction is changed or disrupted, essentially making any tampering impossible.

In business, this means that databases are practically incorruptible. This ensures the safety of information and allows companies to securely distribute sensitive documents or contracts. Information transmitted through the blockchain is verifiable and reliable. In a world where cyberattacks are problematic for businesses of all sizes, cybersecurity solutions like blockchain will play a significant role in protecting them.

Contactless Payments are the Future of Transactions

Another technological change that has been accelerated by the Covid-19 pandemic is the widespread adoption of contactless and mobile payments. When it became clear that methods were needed to curb viral transmission, many businesses stopped accepting cash as a means of payment. Thanks to this, mobile and NFC payments are no longer a nice feature; they are essential.

Innovations like Apple Pay allow customers to instantly pay for goods simply by holding their phone to the scanner at the till. This is very convenient for consumers and businesses alike. Thanks to changes to contactless limits, it seems as though most transactions will be through NFC or mobile payments in the future.

Businesses of all sizes will need to adopt this over the coming months and years as consumer behaviour changes. It looks increasingly likely that we will live in a more or less cashless society in the future.

Conclusion

In summary, the world is becoming increasingly digital. In the wake of the global shake-up caused by Covid-19, many companies are adopting new innovations to remain competitive. The innovations discussed above represent some of the most significant technological advancements that will change businesses in the coming years.

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About author
Ryan Kh is a big data and analytic expert, marketing digital products on Amazon's Envato. He is not just passionate about latest buzz and tech stuff but in fact he's totally into it. Follow Ryan’s daily posts on Catalyst For Business.
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