Innovation in Business: 5 Tech Trends to Stay Ahead of the Curve

As a new decade dawns, it’s time for businesses to look ahead to new trends. In the area of technology, companies need to employ modern methods of retaining customers and employees. Those enterprises that fall behind face losing business and opportunities to attract new talent.

Whether it’s building software systems or changing up how workers execute their daily tasks, organizations need to pay attention to the newest trends in technology. The following offers some insight into five emerging technologies. These approaches aim to assist companies with staying in sync with business-technology trends.

1. Building AI-as-a-Service

Artificial Intelligence (AI) has been assisting companies with various jobs over the last decade. In fact, Gartner’s 2019 CIO Report found that 37% of organizations have implemented AI in some form. From handling the customer experience to performing small tasks, AI has improved many overall business operations. AI application and development is often outsourced to as-a-service providers.

As-a-service vendors will be focusing on developing specialized AI-as-a-service offerings in the coming years. The pool of businesses that specialize in this type of customization is small, which is why there will be a growth in the companies that offer these services. Bernard Marr, a business analyst, predicts that “during 2020, we will see wider adoption and a growing pool of providers that are likely to start offering more tailored applications and services for specific or specialized tasks. This will mean no company will have any excuses left not to use AI.”

2. Developing Hyper-Automation

Automation is another technology that is taking over tasks for companies. The next step, hyper-automation, brings in additional advanced tools to increase automated processes and amplify employee efficiency. The technology used in this process includes AI, machine learning, robotic process automation, and intelligent business-management software.

These tools are not meant to replace employees. However, hyper-automation often creates a digital twin of the business, something that can benefit businesses by helping business leaders see how processes drive value. It also provides insights for improving company functions. Overall, hyper-automation will offer many benefits for organizations going forward.

3. Using a Hybrid or Multi-Cloud Approach

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In combination with other advanced technologies, cloud computing is enabling organizations to not only improve internal operations but also innovate in the way they interact with their customers. However, depending on the current level of tech adoption in an organization, some companies are using multiple cloud vendors to meet their growing needs. Fortunately, hybrid or multi-cloud strategies are available to help businesses more efficiently handle different application workloads.

A hybrid cloud uses private- and public-cloud infrastructure while a multi-cloud approach employs multiple cloud providers. The primary benefit of these solutions is agility. The ability to adapt and change quickly is key in modern business—particularly businesses looking to stay ahead of the competition. Organizations looking to scale both up and down, reduce capital expenditures, and improve reliability are turning to these programs for assistance. Savvy businesses are also looking to avoid frustration from limitations or third-party access from more legacy vendors, like Infor, which is resulting in more companies becoming early adopters of next-generation cloud technology.

4. Taking Customer Service to the Next Level

Customers are demanding more from companies, and customer service is one area where technology can assist businesses. Individuals enjoy being able to talk to a company via any medium including text, video, and screen-sharing technology. This consumer demand is one that requires businesses to be flexible and adapt to each situation in real time.

It also means a business needs a good tracking system for consumer interactions. These systems can range from Customer Relationship Management tools to a spreadsheet. Companies need to avoid leading their customers in a circle, and these tools can help.

5. Allowing Employees to Work Remotely

Thanks to technology like video conferencing and the cloud, working remotely is far easier than it’s ever been before. More and more frequently, businesses are staying competitive through hiring remote employees or allowing their staff to work from home. This flexibility encourages more autonomy and results in employees who are more satisfied.

Companies also expand their hiring pools by bringing in talent from different locations. This benefits businesses by onboarding individuals with the talents and unique skills companies need, regardless of where they are located. As a bonus for current employees, remote work allows them to avoid long commutes to the office and instead focus solely on their tasks.

While not all companies can execute the trends mentioned above, it is still vital to attempt one or two of them—and be aware of all of them. Staying abreast of technology trends can lead to new business opportunities and continued company growth. Which emerging technologies are you most excited to use in your business in the coming year?

 

Content written by guest author: Amelia Vega

CMOE guest authors are carefully selected industry experts, researchers, writers and editors with extensive experience and a deep passion for leadership development, human capital performance, and other specialty areas. Each guest author is uniquely selected for the topic or skills areas they are focused on. All posts are peer-reviewed by CMOE.

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