7 Innovative Technologies With a Potential Impact on Business

Illustration by Veronika via Dribbble

I‘m sure you’ll agree with me that no one misses the “good old days.” Those days when it took three days to travel between cities. When all cooking was open fire. When manufacturing was entirely by hand. When messages were sent by carrier pigeon.

Look at technological advancements in the last two decades. It paints a picture of how technology has changed us. From social media networking’s impact on worldwide connectivity. To smartphones changing the online experience.

We can all agree that advancement in technology is a massive relief to our daily lives. The way we carry out business processes continues to change with new technologies.

Yes, there are no flying cars on the skyline of major cities of the world yet. There is no disputing that we’ve come farther than many would have thought. But there’s still a lot of technological innovation ahead of us.

Innovative Technologies That Will Impact On Business Operations

Maybe you currently have a smart home system installed. Or maybe you’ve used Alexa to schedule your client or staff meetings. If you’ve done any of these, you’re already well positioned for these innovative technologies businesses will increasingly utilize.

The future of technology continues to look bright. And the present is already well set up for complete marketplace dominance. There’s no industry existent today that doesn’t have underlying technology frameworks that foster business operations.

In fact, many business operations have evolved for the better. By incorporating technology into their business’s workflow.

From manufacturing, agriculture, retail, fitness, medicine, and more. Technology is a cornerstone element of business, and its integration will only grow.

We’ve outlined a few technologies that are sure to drive innovation in this article. We’ll discuss their impact in business circles for the short and long term.

#1. 5G Network

5G Network
Illustration by emojoez via Dribbble

When 5G network is implemented around the world. It will provide faster broadband speeds. 5G network will also guarantee reliable wireless and mobile networks.

What business doesn’t want communications at the speed of light?

Every company wants to communicate more efficiently with customers through a more stable and efficient network. They want to get more juice where it concerns data storage and analysis from their utility poles, cell towers, and more.

The higher data transfer of the 5G network will ease self-driving cars’ implementation by providing real-time data of an entire city. 5G network will not only make your phone faster. Everything becomes faster!

The continuous growth of IoT is likely to see a massive boost in the coming years, with an expected 3.5 billion IoT connections by 2023. And then there’s also VR, augmented reality, self-driving cars, media, smart homes and smart cities, health care, media, and more to consider. 5G is going to play a massive role in this.

This fifth-generation cellular networking will take business communications, data handling, and service delivery several notches higher. One thing is for sure; no one will miss 4G LTE.

In other words, the 5G network aims to:

  • Amplify mobile communication’s broadband.
  • Increase connectivity through object-specific transformation.
  • Provide unlimited scope for IoT enhancement with the newest trends.
  • Increase more flexibility and support.

#2. Blockchain

Blockchain technology has long since shown that it can be more than just bitcoin’s chauffeur. As more organizations explore and install blockchain to secure and manage transactions across the internet.

The immutability of its ledger model has seen its use cases spread beyond cryptocurrency and traditional banking. Blockchain technology in business goes beyond trading Cryptocurrencies online. With the intention to rake in profits.

The ability of blockchain’s ledger to handle massive logistical demands in a non-compromisable way is key to its widespread adaptation. We can see blockchain’s benefits in real estate, trade and commerce, energy, healthcare, transportation, delivery, and more.

Blockchain can manage simple, complex, tangible, and intangible assets. And it can do so with a lot more security and streamlined processes. And then there’s also the proliferation and commercialization of dApps. Or decentralized apps, as you may know them.

The future will also see venture capitalists and investors everywhere invest in blockchain companies. This will result in billion-dollar valuations. These valuations will be a testament to the fact that blockchain technologies in business are just beginning.

Blockchain’s secure model will see more and more businesses integrate its technologies in business workflow.

#3. 3D Printing

3d Printing
Illustration by Oleg Levin via Dribbble

3D printing will potentially democratize the production of several goods, from food to medical supplies to coral reefs. 3D printing machines will make their way into homes, improve businesses and disaster sites in the future.

As this technology spreads, it will connect marginalized populations with essential products. 3D printing will potentially revolutionize societies and transform significant development sectors.

A simple search on Etsy will bring up a plethora of merchants selling 3D printed items and 3D files. The ease and flexibility of this printing method will inevitably make this a manufacturing norm. I can’t say how soon this will be, but the signs are there.

People are already making a considerable living printing 3D items like toys, gift items, logos, and more. Beyond these small use cases, though, 3D printing has enormous business potential.

With this innovative technology, businesses can save tons of money on producing a product prototype for testing. Even in the health sector, extensive research is ongoing to see how 3D printing can help—manufacturing vital body organs for real-life organ transplants is a top area.

#4. Augmented Reality

Pokémon GO, anyone? It would be interesting to see how retail businesses utilize the relationship between our ever-improving smartphone and augmented reality.

One of the goals of augmented reality is to highlight particular features of the physical world and expand our understanding of those features. It is providing innovative and accessible insights that users can apply to real-world applications.

The ability to do a product showing clients using augmented reality will be a widely used sales tool. With the advances in augmented reality and smartphone technology, businesses would be able to step up the realism of this process.

For example, a clothing store that has implemented Augmented reality in its business will enable its customer to see the piece of clothing in 3D format. The image rendered will be as close to the real thing as possible.

#5. Wearable tech

Wearable technology
Illustration by HoangPts via Dribbble

Since Steven Spielberg’s Minority Report—and likely even earlier—pop culture has held on tenaciously to the idea of wearable technology becoming a thing. It turns out it was right.

We wear VR headsets for a more immersive gaming experience. We strap on smart watches to monitor our fitness efforts against our fitness objectives. And then, Google announced the made-for-business iteration of the Google Glass in 2019.

According to a Telegraph article, using a smartwatch can add two years to the user’s life. Then there are smart glasses that can take pictures and share on Snapchat on the go.

The introduction of robotic suits (exoskeleton) by some manufacturers aims to help human workers perform better. Hyundai has tested a vest exoskeleton that reduces the pressure on worker’s necks and backs.

Hyundai believes the exoskeleton suit will reduce workplace injury and increase worker efficiency.

With the excitement surrounding wearable tech, it would be interesting to see how many everyday wearable items will be influenced by wearable tech.

#6. AI solutions for SMEs

AI solutions have long been a part of marketing, sales, customer service, and intelligent systems research. But since its inception, it has been chiefly a solution for large brands.

This decade, we’ll witness a massive growth in AI solutions for SMEs. More businesses will interact with their customers using chatbots and voice interfaces. It is a trend that will essentially change the customer experience.

In the marketing sphere, AI continues to grow in its adaptation to more complex situations. As AI’s application continues to deepen and broaden, it will be exciting to see how far it reaches.

And this increasingly more in-depth level of AI integration can only mean that SMEs will be able to stake as much claim to AI solutions as more prominent brands.

#7. Data security

Why Security Awareness Training Is Important For Your Business
Illustration by Dmitrii Kharchenko on Dribbble

About 7 million data records are compromised on a daily basis. This amounts to 56 records for every second. As a result, customers have become sensitive to how brands handle their personal information.

This statistic makes data security a top priority for many companies, especially in our tech-driven environment. The advancement in tech will cause innovation in the way businesses treat data, resulting in tighter and more intelligent data security.

Final Words

Our world is constantly changing. It doesn’t take extensive peering into the past to see how much we do business has changed.

The world will continue to seek more innovative and more efficient ways to enhance business operations. Every business and industry will continue to look toward technologies for the answer.

Innovative technologies in business are increasingly going to determine business models and strategies. There’s no running away from this one. The sooner you position your business for this coming wave, the better.

Besides, business tech, if appropriately used, can only be a good thing.

About the Author!

Melissa Mauro is a freelance writer who creates quality and original content. She is working for the companies TopWritingReviews and AllTopReviews writing services review. She believes that creativity and improvement are things, which distinguish a good writer.

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