For all the events that have made business more difficult over the past several years, you probably wouldn’t be surprised to learn that businesses have been more open to change the way they do things if it means that they can meet the demands placed on them by the market. These days, there are some technologies that will be a big part of business headed forward, but you may think that they are out of your business’ price range. Think again. Let’s take a look at three robust technologies and how you can use them in your business.
Artificial Intelligence
If there is a technology that is synonymous with the future it is artificial intelligence. The question is: what business wouldn’t want to automate the things that don’t help pull in revenue? The fact is that up until recently people handled a lot of the tasks that today’s AI-integrated software is more than capable of handling. This can not only significantly cut your costs, it can put your business in an advantageous position going forward.
Of course AI, being the top industry buzzword, covers a lot of ground. There are AI-based solutions that work for any type of business. For manufacturers that depend on creating quality products, there are AI systems that can scan and evaluate their work, rather than paying a team of quality assurance specialists to do it. As flaws are reported, the software learns more and more about the products, providing terrific QA without the massive expense.
Many different types of businesses lean on their supply chain and another way artificial intelligence is being used is to control inventory and track resources. By automating resource-intensive processes, your business can focus more on revenue generation and less on the minutiae.
Support is one of those platforms that a business needs, but isn’t going to bring in much in the way of revenue. Today, AI-fueled chatbots can give your customers the product and service support that they depend on without the human resource cost that comprehensive support typically commands.
Blockchain
Another technology that is seemingly too new to have any practical applications for a small business, blockchain is famously the technology behind cryptocurrency. Fortunately, there are companies out there that are providing blockchain-fueled applications that can work for small businesses.
One of the most noteworthy ways that businesses are using blockchain is for their digital contracts. The benefit that blockchain provides is that it is like a digital ledger, with every transaction on the chain sporting its own block (node). This immutability provides the security that allows blockchain technology to fuel smart contract systems.
Internet of Things
Basically, the Internet of Things includes any device that boosts its typical functionality with the ability to connect to the Internet. One caveat: this device is not one that one would need to have this connection to properly perform its base function. Think about the smart fitness watches that can automatically push data to your phone, as well as receive call and text data, or assistant devices like the Amazon Echo, that use Alexa to help you control your home with a few spoken phrases.
Due to their basis in convenience, the adoption of IoT devices is growing fast. Projections place its economic value at anywhere between $4-to-$11 trillion by 2025. With this huge growth, there are a few ways that the IoT can help to boost the inherent productivity of a business.
One such example: by using the IoT to monitor their supply levels throughout a production run, manufacturers can use the IoT to make educated predictions based on historical data—and that’s just one, very specific example. There are many other ways to boost productivity with the IoT’s support. Critical tasks and meetings can be scheduled around the times that IoT solutions record high levels of productivity, and mindless, but still time-sensitive tasks can be automated through IoT devices so employee time can be spent more wisely.
Technology continues to be a major consideration for business owners and decision makers and with use of some of the most cutting-edge tools, your business can get more done and have more information to make better decisions down the road. If you would like to talk to us about Internet of Things technology deployment, security, or any other matter involved in your business’ IT, give us a call today at (604) 513-9428.
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