Disrupting the Market: Tech Advancements That Impact Business

Thursday, November 2, 2017

Disrupting the Market: Tech Advancements That Impact Business

As the internet of things or IoT continues to permeate into work and life, there is a rapid movement across industries toward adopting new technologies and systems that facilitate its integration. IoT introduced new concepts of doing business, from virtual workplaces, connected apps, to cloud computing technology. In turn, tech advancements facilitated connectivity and data transmission between applications, smart devices, and gadgets through the internet.

A Cisco Systems study estimates that 73 percent of companies are now utilizing data derived from connected systems to improve aspects of their businesses, including decision-making, networking, and lowering business-related costs. Industry expert Gartner also forecasted that 2017 will be the year when 8.4 billion connected devices will be utilized all over the world.

With IoT gaining ground across industries, here are some tech advancements influenced by the system that could impact the market in the long run.

Technology for Businesses Operations

Established businesses and startups are in luck with the full suite of applications that are available in the market today. These online programs have produced results, including a reduction in overhead expenditures and other business-related costs by incorporating various essential procedures in one platform. GSuite, as an example, combines several essential processes in one platform. With this tool, users can access document libraries; create their own business emails; set up a networking system with customers and partners, and; share and collaborate project documents and spreadsheets automatically with other approved users.

Project management and networking platforms such as Slack provides multi-function capabilities for corporate and customer communications, as well as promotions and marketing on a mass-client basis. By utilizing this program, businesses can create project teams with their own communication channels for specific group-based emails and text messages, as well as provide an efficient way to organize group conference calls. The platform can be integrated into other business platforms such as GSuite so the business would have an integrated system instead of separate functions.

From Office-Based to Remote Professional Services

Technology has also paved the way for alternative forms of work and service delivery. It has helped create a smart workplace. This new setup has evolved from a space-based process to flexible work arrangements with the introduction of new applications and tools. Cloud computing technology and the expansion of bandwidth and data storage capacity has allowed companies to offer telecommuting work to qualified professionals on a freelance basis.

As an example of this trend, virtual bookkeeping has also enabled a shift from paper-based to computer-based financial recordation. Bookkeepers can now telecommute and perform essential services online while management saves money and energy resources with services performed outside the office space.

Project management and networking platforms such as Slack provides multi-function capabilities for corporate and customer communications

Adopting VR and AR Technology

Companies are now exploring ways to incorporate the use of Virtual Reality (VR) and Augmented Reality (AR) technology into the workplace. Both concepts focus on an alternative immersive experience, which some tech innovators have harnessed for various purposes.

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Digital dashboards have been created for AR and VR applications which allow users to easily utilize, transfer, and deliver data to other users. Some companies have utilized an AR or VR system to enhance customer experience, allowing them to fully experience a certain product or service before purchasing. Some companies have created their own digital versions of specific tech products or equipment where technicians would be able to fully isolate and combine specific parts while in virtual mode. Training for technical staff has also utilized AR and VR systems for a more immersive learning environment.

These tech advancements, while disrupting the old ways of doing things, also paved the way for transformative processes and technologies. These new innovations pushed businesses to adapt or fall behind in the ensuing change and also helped managers to think outside the box.

By  Lindsey Patterson Embed

Author Bio - Lindsey is a freelance writer specializing in business and consumer technology.


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