We can ask how technology has altered your life, and you can ponder all you want while reading this on a cellphone or a personal laptop. But the fact of the matter is this: technology has shrunk the entire world and squeezed it right in the palm of our hands. You can reach out to people on the other side of the globe, in mere minutes, if not seconds. Humans have landed on the moon and are now prepping to set foot on the planet, Mars. The televisions are getting flatter, the cellphones are turning thinner, and our lives are becoming a whole lot easier, all thanks to technology.
Now, since technological modernization has made a firm promise to evolve and simplify each aspect of our life, it has also transformed our trading ways. There are numerous technologies available to streamline organizational management. Businesses also focus on adapting to these technological advancements to keep up with the changing business environment and industry standards.
If you are a business owner searching for ways to brush up your tech-skills or are simply a technophile who hunts for the latest technology information, dig further. Our extractions highlight some essential business-friendly technologies that are a must to know in 2020.
- ROBOTIC PROCESS AUTOMATION (RPA):
Software Robotics or Robotic Process Automation uses artificial intelligence or machine learning to automate business processes. It focuses on creating robots that can take up organizational duties that are repetitive and do not require much human intervention. Nevertheless, the research aims to maximize the level of independence such machines can work within businesses.
Software robotics helps in reducing costs, maximizing productivity, and lessen wastages. It also minimizes operational risks.
- SOCIAL E-TRADING AND CHATBOTS:
With the outbreak of COVID, we witnessed almost everything happening online. Since social interactions were minimal, people switched over to the internet to manage all their activities. We prefer using the internet over physical setups such as; shopping groceries, paying bills, or utilizing any meeting software to conduct official engagements.
As a result, tools get created to ease financial transactions over social platforms. Experts also predicted that the recent hike in online purchases might give social-platforms an incentive to develop features to facilitate monetary transactions.
Likewise, e-commerce also involves handling consumer queries online, and often these questions are very similar. Chatbots are machines that are programmed to handle tasks without human interference. The use of chatbots in performing basic e-trade tasks is a rising trend in the business world.
- CIRCULAR TECHNOLOGY:
We are all aware of the depleting resources of our planet. One concept widely encouraged today is adopting environmental-friendly approaches. Similarly, businesses have also tried moving towards a greener way of existing to fulfill their corporate social responsibility. When it comes to technology, business gurus believe a far better approach towards owning tech-devices is to lease them rather than buy the assets. Organizations should look into second-hand, refurbished items rather than buying them brand new. It will reduce the company footprint and also lower down costs. Going green is always a win-win situation.
- CLOUD-BASED SYSTEMS:
Cloud computing provides businesses with an opportunity to access resources from remote places. Cloud is essentially a space to store your data and information accessible from a compatible device from anywhere around the world. Cloud-based systems are the tech trend of 2020. Since remote working became an indispensable part of every organization due to the pandemic, cloud-based systems offer some incredible benefits.
- AUGMENTED REALITY:
Much like virtual reality, augmented reality aims at enhancing customer experience. It provides the viewers with information in several different modes, such as visual, auditory, somatosensory, and olfactory.
From a commercial standpoint, technology now targets aligning virtual consumer experiences to real-life ones as much as possible. The objective is to give customers an online experience similar to what they may feel when shopping in-store. Augmented reality is the upcoming craze, and from here onwards, the market is said only to grow and thrive.
- INTERNET OF THINGS (IoT):
The Internet of Things (IoT) describes an online space that connects objects or things. These objects link to the internet through sensors, software, or any other technology. It aims to provide a platform for exchanging information and connecting with other devices over the internet. One typical example of the IoT is a smart home where we see home applications and devices connected to Alexa.
The Internet of Things is quickly evolving, and professionals predict that soon it will take up a considerable chunk of our business and personal lives. It has many benefits to offer for organizations and industry sectors alike.
CONCLUSION:
Technology is a crucial part of our lives today. It has already significantly altered our way of existence, and it is safe to say that technological advancements will modify our lives for the best in the times ahead. Businesses also benefit immensely through the changing dynamics of the technological world. Technology has given companies ways to maximize productivity and increase efficiency. It has also provided platforms to improve transactions and other crucial functions. With the blessings of technological improvements, businesses have found numerous ways to evolve, innovate, and progress ahead.