In today’s world, one of the best ways to increase your business’s profitability is to double down on your use of the latest technologies. Every year, there are new and exciting digital tools and services you can leverage to improve the day-to-day running of your business. That said, even if you try your best to keep your finger on the pulse, there’s always going to be stuff you miss, so in this article, you’ll learn about 10 of the latest up-and-coming tech you can explore today to stay ahead of the curve.
1. Artificial Intelligence and Machine Learning
First up is something you’ll most certainly have heard of even if you’re not using it – Artificial Intelligence (AI) and machine learning.
AI encompasses a very broad field; it isn’t a single entity and represents a collection of tools and technologies that can help with non-human decision-making. Deep learning is a subset of AI. It’s designed to simulate the human mind and teach computers to process information similarly to people. This specific subset has wide-reaching applications within data analysis and predictions, offering businesses the power to analyze their own data in a fraction of the time it would take a human team to do so and implement the insights gleaned to more effectively reach their customers and turn larger profits.
2. 5G Networking Capabilities
You likely use 5G on your cell phone every day, but you might not be aware of how up-and-coming tech continues to change the face of digital communication within the business world.
Compared to its predecessor (4G), 5G has far greater data transfer rates and much lower latency, making aspects of business like remote work and simultaneous interconnectivity (as is the case with the Internet of Things [IoT]) a breeze. Also, the faster customers can interface with your services, the better: with social media becoming an increasingly important part of business marketing, 5G provides the power to stream higher-fidelity content to a wider audience.
3. Blockchain and Cryptocurrencies
In the world of business, blockchain technology and cryptocurrencies are becoming more important every year. As digital communication becomes more complex, so does cybersecurity risk. Experts play a constant game of ‘cat and mouse’ to thwart clever attempts to hack major systems and breach data (especially when it comes to banking). Crypto platforms’ inherent increased security is very enticing for businesses.
Blockchain represents the core of crypto and is used to keep secure, transparent records of transactions. By using a block explorer to track transactions and verify them securely, businesses can use tools like smart contracts with their clients—special digital agreements that offer enhanced security and reduce the need for intermediaries.
4. Edge Computing
Not many will have heard of edge computing, but it’s definitely something you should pay attention to if you run a business. While cloud computing has made waves for its ability to seamlessly integrate data storage and streaming solutions across a company’s network, edge computing instead works to improve efficiency by processing data close to the source, which drastically reduces latency.
The term ‘edge’ refers to the fact that data is processed at the edge of the network from which it originates rather than having to be sent to another data center.
Time is money in business: this process can greatly improve the efficiency of a project from start to finish. Given that the data is kept close, there’s also enhanced security as a bonus.
5. Internet of Things (IoT)
The IoT was briefly touched on above, but it definitely deserves its own section.
The system allows for the real-time exchange of data between multiple interfaces and products. One of the most obvious examples of its use is with smartwatches: These types of wearable up-and-coming tech record data via various onboard sensors and share it with other devices like smartphones or computers.
In the business world, the same principle can be applied to tools like smart factory machines and automated robots, and in retail, for example, there are self-checkout kiosks. Each of these tools and more utilize the IoT to collect and analyze data more efficiently, present it intuitively to the end user, and help businesses discover new ways to improve and innovate.
6. Quantum Computing
While quantum computing (QC) has been around for a while, the technology is still very new. The technicalities of QC are far beyond the scope of this article, but the main thing to understand is that for some specific tasks, quantum computer architecture can process data and crunch numbers at vastly superior speeds than even the fastest traditional systems.
It’s particularly useful for financial industries and those that rely heavily on supply chain management, and while their widespread use may still be a way off, learning about how these systems work and how they could be advantageous for you could pay off in a major way in the future.
7. Extended Reality (XR) Platforms
XR is an umbrella term encompassing Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR) systems. This up-and-coming tech differ in a few key ways, but each represents a special tool for enhancing a person’s ability to interact with virtual and real worlds.
Each place the user in a headset or HMD (head-mounted display), where they experience varying degrees of simulation. VR positions the user in a fully simulated space, while AR modifies or augments reality. Mixed reality is somewhere in between, blending simulated environments with fully virtual ones.
There are many ways these tools can be used in business. One example is in the real estate and housing industry, where clients can be shown simulated walkthroughs via VR to view multiple properties at once within the office. Augmented reality is also helping engineers solve problems, enabling them to manipulate and create designs in a fully realized space. Industries are only just scratching the surface of what’s possible.
8. Sustainable Tech
As the whole world attempts to move towards a greener future to protect the planet, some amazing technology for businesses and industries has been developed.
All businesses are obligated to try to lower their carbon footprints as much as possible—whether through renewable energy solutions like smart airconditioning and LED lighting or restructuring the designs of the large networking centers that power businesses nationwide. The offices and factories that form the base of everyday operations are changing rapidly.
These innovations help the planet and can save your business huge amounts of money. For example, if you have a large facility without solar panels, you could be seriously missing out.
9. Biometric Authentication
Biometric authentication used to be found only in high-security facilities and the movies, but in the last few years, the technology has become widely available and vastly more affordable.
Whether it’s fingerprint scanning, voice control, or facial recognition, businesses are integrating the up-and-coming tech to increase security and make the process of authentication much easier for staff. For those dealing in finances, large amounts of digital data, healthcare, and other likewise private or sensitive information, biometric tech is a must, but no matter what sort of business you run, you’ll likely be able to find a use for it somewhere.
10. Advancements in Cybersecurity
Speaking of keeping data safe, the final entry on this list covers the advancements made in cybersecurity. Blockchain and cryptocurrency have already been discussed for their digital security benefits, but recently, AI-driven threat detection has taken center stage as the next major evolution of the field.
By using machine learning algorithms to rapidly analyze data from a myriad of different sources, cybersecurity software augmented with AI can detect threats faster than ever before and usually with much greater accuracy.
Then, there’s the zero trust security model, which is the name given to describe a novel approach to managing risk by prescribing a rule that no user or device should trusted by default. Every single attempt to access a given system should be met with a layered identity verification process. When access is granted, the user is only given the minimum necessary data to perform the task at hand.
The traditional approach would be to have certain users and devices ‘trusted’ by virtue of being within the local network, but the zero-trust security model represents a microcosm for changing times and a greater need for more robust systems.
Wrapping Up
There are more than 10 upcoming tech advancements, of course. Still, the above list should give you an idea of some areas in which you can improve your working efficiency by adopting new technology – or, at the very least, enlighten you as to how the world is changing so that you can stay up to date. Remember: adaptability is everything in business, and you should always be looking for new and innovative ways to improve.
Featured Photo by Alexandre Debiève; Unsplash
Internal Photos by Scott Webb & Andrea Piacquadio: Pexels
