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How to Harness Technology for Your Business in 2020

By | Dawn

Some might say the American economy is in the midst of a 4th Industrial Revolution— one driven by rapid technological innovation. Various applications and algorithms have established themselves as essential staples to businesses. Companies who do not stay up-to-date with the newest technological breakthroughs simply fall behind. From the factories of the early 1900’s to the machine learning of today, innovation continues to push businesses to stay current and progressive or get left in the dust.

The Importance of Technology in 2020

It is essential for businesses to assess how innovation can be an agent of long term value. With 2020 predicted to see huge growth and advancement across all technological platforms, it is important for companies to educate themselves on the tools available to advance their goals.  Here are some of the best technological solutions for your company in 2020.

Artificial Intelligence

Artificial Intelligence (AI) is one of the most transformative technologies of the modern world. This ground-breaking technology has revolutionized the way companies are able to tailor their customer experiences. Suggestions on streaming services, live chats, and extremely accurate GPS predictions are just a few of the broad applications of AI.  If your company is not already using AI technology, you’re behind the curve. The technology is a powerful force for streamlining business operations and creating top-notch experiences. While currently the main providers of AI algorithms offer broad services, it is expected that in 2020 providers will start to offer more individualized applications and specializations.

4G LTE

Although strong and reliable WiFI is one of the biggest necessities to running a successful business, there are often many problems with securing a stable WiFi connection. Businesses are continually looking to 4G and LTE sim cards as resources for data connection. LTE offers users a distinct flexibility and compatibility over other traditional data sources. Additionally, it is very quick and easy to set up. Many engineering and construction companies value LTE for its ability to be used in remote locations or for field work. Large corporations and bigger businesses also value LTE for the ease and efficiency of setting up LTE networks. If you are a business, trying to set up a connection in multiple offices, a traditional wired system could take weeks — setting up an LTE system could be configured in a couple of hours.

Blockchain

Most people hear blockchain and immediately think cryptocurrency; however, the technology has some huge benefits for businesses and is considered one of the fastest growing technologies worldwide. Blockchain is a digital, decentralized ledger used to validate the security of a transaction. This technology allows traditional third party overseers to be eliminated from transactions that require trust. The blockchain industry is expected to see a rapid growth of 400% by 2021 and will most likely start to infiltrate E-commerce and all industries that require transactions.

Virtual and Extended Reality

Extended Reality refers to the emerging technologies being used to create three-dimensional, immersive experiences. Extended reality branches out into three forms: virtual, augmented, and mixed reality. The most prominent form of extended reality affecting modern businesses is virtual reality (VR).  Virtual reality uses computer simulations and special equipment—goggles or headsets— to provide intricate and real life virtual experiences. The biggest impact VR is having on business is amplifying the “try before you buy” experience. Companies can use VR to allow their customers to fully experience a product before purchasing.

The world in 2020 continues to advance rapidly. The world of technology is deep in an Industrialized Revolution, transforming the way customers use and experience products and elevating their expectations. For businesses to stay relevant in 2020, they must be savvy with the newest technologies on the market. Customers today want a seamless product experience from start to finish, and the technologies today— AI, VR, LTE, and Blockchain— enable a flawless user experience. Companies should be quick to implement innovative technologies into their business models and strategies.

 

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