John HeinrichsIntroduction to Emerging Trends in Business Technologies
We are at the beginning of a new, exciting era with the introduction of various business technologies, especially with the advances in artificial intelligence (AI). It is interesting to note that 63% of individuals recently surveyed did not realize they were already using AI technologies. So, AI and its perceived benefits are not new ideas; rather, AI technology has only recently emerged and is becoming widespread and integrated into many user applications. Additionally, for organizations to succeed in this new era of applied business technologies, they will require a workforce that is well-prepared, well-educated, and well-informed.
Key tech trends
According to recent estimations, by 2024, seventy percent of businesses will be utilizing hybrid or multi-cloud management technologies. At the same time, 5G networks will offer speeds that are up to ten times faster than current 4G speeds with the expectation of 100x faster speeds and 40x lower latency. Additionally, it is projected that more than half of all user interactions will be augmented by AI-driven speech or computer-vision algorithms within the next five years. Finally, global data creation is expected to reach an unprecedented 180 zettabytes (one zettabyte is equal to a trillion gigabytes) by 2025.
The technology trends we are seeing today are amplifying the defining characteristics of the digital era: granularity, speed, and scale. But it’s the sheer magnitude of these changes—in computing power, bandwidth, and analytical sophistication—that is opening up new possibilities for innovation, businesses, and business models.
A. Definition and Overview of Business Technology
1. What is business technology?
Business technology covers a wide range of tools and systems used by businesses for revenue growth and daily operations. This term can include software, customer relationship management platforms, internet security solutions - really anything that helps a business run its day-to-day activities. All of these things fall under the umbrella of current and emerging business technology.
2. Examples of business technologies
Examples of current business technologies include:
- Business software: such as word processing programs and accounting software
- Customer relationship management (CRM): such as systems designed to help businesses track customer interactions and preferences
- Internet security measures: such as firewalls and anti-virus software
- Marketing technologies: such as social media platforms and email marketing tools
B. The Impact of Business Technologies on the Workplace
Business technology applications have had a significant impact on the workplace, and this trend is only expected to continue in the future. There are several reasons for this. First, business technology applications allow businesses to operate more efficiently and effectively. For example, CRM systems can help businesses track customer interactions and preferences, which can lead to improved customer service. Second, business technology applications are constantly evolving and improving. This means that businesses can apply them to provide a competitive edge.
1. Artificial Intelligence and Machine Learning
Artificial intelligence (AI) and machine learning are two cutting-edge technologies that are rapidly gaining traction. AI is a process whereby computers learn how to do things that normally require human intelligence, such as recognizing objects or understanding natural language. The AI field includes deep learning, representation learning, and machine learning. Machine learning enables computers to improve their performance over time by "learning" from data sets.
Both of these technologies have the potential to significantly impact the workplace. AI could be used to create more efficient processes and improve decision-making. Machine learning could be used to personalize customer experiences or even predict customer behavior. Now, given the massive amounts of available data, we are seeing that AI is capable to recognize patterns, such as spam and fraud, draw inferences that are outside of the human ability to comprehend manually, contributing to the development of new materials, creating art and music, and create first drafts of various content and research articles. Both AI and machine learning have the potential to revolutionize the workplace in the years ahead.
2. Historical Evolution of Artificial Intelligence
To provide perspective, the field of artificial intelligence can be thought of as starting in the late 1950s. Yet, by the late 1980s, government funding was decreasing so the progression of the AI field slowed. Then, starting early in the 21st century, available, accessible data volume increased, and simultaneously computer power grew. Thus, statistical machine learning (ML) models and algorithms came to dominate the field. ML has proved highly successful and is helping to solve many challenging problems. By 2015, tools and frameworks had been established and by 2020, 'AI as a Service' began. Today (October 2022) firms such as OpenAI have a market capitalization of over $20 billion and are seeking additional funding from firms such as Microsoft; Cohere, Inc. is seeking funding from Alphabet Inc. for $200 million. These capital requests highlight that firms are seeing business-use cases and significant value in AI.
3. Quantum Computing
Quantum computing is another cutting-edge business technology. Quantum computing involves a different computing paradigm that uses quantum bits (qubits) instead of classical bits thus allowing quantum processing units (QPUs) to perform several calculations at once. While quantum computing has been around for some time, it is only recently that it has started to gain mainstream acceptance. This is due in part to the development of new quantum technologies, such as quantum sensors and quantum encryption. So what does this mean for the workplace? Well, quantum computing could be used to create more efficient processes, improve decision-making, and predict customer behavior.
4. Big Data and Analytics
Big data and analytics technologies are other areas that are rapidly gaining traction. Big data refers to the process of capturing, storing, managing, and analyzing large amounts of disparate data. This data acquisition can be done manually or with the help of specialized software tools. Analytics technologies are the processes and tools used to make sense of big data. This can be done by extracting insights and trends from the data, or by using machine learning algorithms to make predictions. Analytics technologies can be used in a variety of business applications, such as marketing, sales, human resources, and finance. The business impact of analytic tools and big data can be summarized as helping businesses 1) make better decisions by providing insights and trends from large data sets, 2) understand their customers better by capturing and analyzing customer data, 3) improve their operational efficiency by identifying inefficiencies in their processes, and 4) improve their financial performance by predicting future trends and helping with financial forecasting.
C. Landscape of Business Technologies
1. Artificial Intelligence (AI) & Machine Learning (ML)
Artificial intelligence is when a computer does things that normally require human intelligence. Three main components of artificial intelligence:
- Machine learning: This is when a computer gets better at doing something over time, thanks to data sets that are provided to it. With machine learning, a computer can learn on its own by studying data.
- Natural language processing: This is when a computer can understand human speech and respond in a way that is natural for humans.
- Robotics: This is when a computer is given physical form and can be used to carry out tasks traditionally done by humans.
2. Blockchain Technology & Cryptocurrency
Blockchain technology is a way to keep track of things. This technology uses many different computers to keep track of things all at the same time. This helps make sure that things are accurate and can't be changed without being noticed.
3. Cloud Computing
Cloud computing is a way to use computers that are not near you. This way, you can use the computer's power to do things that are hard or impossible to do on your computer. The global cloud micro-services platform market is predicted to rake in $4.2 billion annually by 2028. For context, GitHub holds more than 200 million code repositories and anticipates 100 million software developers by 2025. Furthermore, nearly 90% of developers use APIs habitually. With this rapid growth rate, it's no wonder that the CAGR for software sourced from locations like cloud-service platforms, open repositories, and software as a service (SaaS) will be 27.5 percent from 2021 to 2028!
4. Internet of Things (IoT)
The Internet of Things (IoT) is a term used to describe the idea of basically everything being connected to the internet. This includes not just computers, phones, and tablets, but also appliances, cars, and even buildings. The goal of the IoT is to create a world where everything can be connected and controlled remotely. The pace of change is increasing rapidly due to advances in technology, including AI, machine learning, and robotics. It is estimated that by 2025, 50 billion devices will be connected to the Industrial Internet of Things (IIoT), while 70% of manufacturers are expected to be using digital twins regularly. Additionally, it is projected that 70% of new applications will use LC/NC technologies by 2025.
5. Big Data & Analytics Tools
Big data is a term used to describe the large and ever-growing volume of data that businesses are collecting. It is expected that the total amount of data created, captured, copied, and consumed globally will increase rapidly, such that by 2025, global data creation will grow to more than 180 zettabytes (one zettabyte is equal to a trillion gigabytes). In 2020, the amount of data created and replicated reached a new high. This data can be analyzed to help improve decision-making, understand customer behavior, and more. There are many different types of analytic tools that can be used with big data. Some of the most popular include data visualization tools, data mining tools, and machine learning algorithms.
D. Strategies to Remain Ahead of the Curve with Emerging Trends in Business Technologies
Emerging technologies are always changing and evolving, which can make it difficult for businesses to keep up. Here are a few strategies to help you stay ahead of the curve:
- Stay informed. Make sure you are up-to-date on the latest technology trends and developments. Subscribe to blogs, read industry reports, and attend technology conferences. Research the Latest Developments in Business Technology.
- Experiment. It's important to experiment with new technologies and see how they can benefit your business. Try using different types of software, platforms, or tools to see what works best for you. Utilize Social Media, Newsletters, and Trade Publications as a Resource
- Be agile. When something new comes along, be prepared to adapt quickly. The faster you can adopt new technologies, the more likely you are to stay ahead of the competition.
- Network. Professionals Who are Already Utilizing the Latest Technology Solutions to Gain Insight
Conclusion: Moving Forward with Emerging Trends in Business Technologies
A. Recap of Course Content
Business technologies are always changing and evolving, which can make it difficult for businesses to keep up. However, there are a few strategies that can help you stay ahead of the curve. Stay informed about the latest technology trends, experiment with new technologies, and be agile in your approach. Additionally, network with other professionals who are already utilizing these technologies. By doing so, you'll gain valuable insights and stay ahead of the curve with emerging trends in business technologies.
B. Key Takeaways
Key takeaways from the emerging trends in business technology include:
- Emergent technologies are always changing and evolving, making it difficult for businesses to keep up.
- Stay informed about the latest technology trends and developments.
- Experiment with new technologies to see how they can benefit your business.
- Utilize social media, newsletters, and trade publications as resources.
- Be agile in your approach when something new comes along.
- Network with professionals who are already utilizing
The key takeaways of the article include staying informed about the latest technology trends, experimenting with new technologies, and networking with professionals who are already utilizing these technologies. Each of these business technologies has the potential to impact businesses in a variety of ways, so it's important to stay informed about their latest developments. Additionally, it's important to experiment with new technologies and see how they can benefit your business.
References
1. Forbes: "Eight Emerging Tech Trends Helping Business Leaders Work Efficiently And Stay Connected";
https://www.forbes.com/sites/forbesbusinessdevelopmentcouncil/2022/11/17/eight-emerging-tech-trends-helping-business-leaders-work-efficiently-and-stay-connected/
2. Deloitte Insights: "Designing an Agile Technology Organization";
https://www2.deloitte.com/content/dam/Deloitte/us/Documents/human-capital/us-agile-tech-org-pov.pdf
3. 10 Small Business Tech Trends of 2022;
https://www.businessnewsdaily.com/10469-business-technology-trends.html
4. Tech at the edge: Trends reshaping the future of IT and business;
https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/tech-at-the-edge-trends-reshaping-the-future-of-it-and-business
5. The Top IT Trends Shaping Today’s Business;
https://sopa.tulane.edu/blog/top-it-trends-shaping-todays-business
6. Amount of data created, consumed, and stored 2010–2025, Statista Research Department;
https://www.statista.com/statistics/871513/worldwide-data-created/