Newer technologies have drastically disrupted business operations. And any business that intends to remain competitive and keep a good market share will have to embrace these new technologies.
Because many of these technologies are highly specialized, it is doubtful that most small and mid-sized companies have the budget to employ the in-house experts to provide the technology they need. And so most of the expertise is outsourced or out-staffed to individuals or tech consulting firms who can provide customized solutions.
Exactly what types of new technologies are companies embracing? Here are three of the most common and examples of their uses.
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Data Science and Analysis
One of the biggest disruptions to business and industry has been the new technology of data science, which allows the capture of data from all over the web, based upon some keywords and/or questions and mathematical algorithms. Developed by data scientists, these algorithms do not just gather huge amounts of data. They churn it into categories and analyze results based upon specific inquiries. Thus, a bank that wants to be very competitive in the loan products its offers will pull all sorts of data – what are the most popular personal loan products for a variety of demographics? What are the age, race, and socioeconomic characteristics of those who choose each type of loan product? What times of the year are specific loan products most popular? Based upon all of this information, a bank can then devise new loan products that will be most in demand and market those products to the right audiences at the right times.
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Artificial Intelligence and Machine Learning
This technology goes hand-in-hand with data analysis. When data is continually fed to the technology of artificial intelligence, learning occurs within the system itself. And based upon that learning, a “machine” can engage in far more accurate predictions, natural language processing, etc., and assist businesses with everything from decision-making to developing chatbots for customer service.
Artificial intelligence is now being used in all sorts of industries, including healthcare. For example, as machines churn information and “see” patterns, they can predict which treatment protocols will be best for which demographics; they can predict disease outbreaks based upon conditions within populations or geography/weather. AI is also being used to help international health groups, as they determine the composition of flu vaccines.
Businesses that use AI and machine learning to develop more valuable products or services or to provide faster, more streamlined customer service, will gain a higher market share of their customer bases.
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Augmented and Virtual Reality
The origins of AR and VR lie in gaming. And most believed for a long while that this technology would stay right there. But as with all tech innovations, nothing stays isolated. Ultimately, businesses have found some amazing and engaging uses for these two disruptions.
- Consumers can now virtually “try on” clothing, eyewear, and more, to see how they will look on them before making an online purchase
- Wine companies can house videos within their labels, so that consumers can experience the entire process of the production of that bottle
- Resorts can place consumers in their environments, in order to experience all of the offerings, as if they were really there
- Students can tour museums anywhere in the world, in real time. They can experience places they may never get to visit physically.
Businesses that develop augmented and virtual reality experiences for their site visitors will engage them more and provide opportunities for them to gain first-hand knowledge of their products and services, before they buy. This is a value-option that is truly powerful.
It’s All About A Competitive Edge
For as long as businesses have been competing with one another for customers or clients, new strategies for engaging and capturing those customers – better advertising, better sales and discounts, developing relationships, providing better customer service, etc. – have been evolving. Technology has added a new layer of competition over the past two decades. These three disruptions are just the latest – certainly there are more in the works. Consider, for example, the potential value of blockchain technology for all industries. Businesses have to stay on top of new disruptions if they are to remain competitive.