There isn’t any question that technology is constantly evolving. We are living in the digital/information age where new technologies debut every single day. In fact, we have access to more information today than previous centuries combined. With all this technology, it can be difficult for businesses to keep track. Yet, it’s important to take the lead because the right technologies can help your company to better serve your customers. Here are the top five technology trends you should know about right now.
1. The Internet of Things
So, we have the Internet, and we also have the Internet of Things? What does that mean, exactly? Better known by its abbreviation, IOT describes how all modern tech devices are connected to the Internet and to each other. For instance, you may have seen or have a refrigerator that tells you when you’re running low on milk or eggs. Now, imagine the possibilities from a business perspective.
How can the IOT help your company to put the needs of your customers first? With IOT, all modern devices can combine to create one ginormous information system. With this data, you can learn much more about your customers and prospects in order to optimize the customer journey and marketing strategies. As more data becomes available, look for companies that offer pay-per-use models to access all this valuable customer data.
2. Machine learning
Machine learning allows software to “learn” without being explicitly programmed. In essence, the software can learn through experience. Examples of devices that use machine learning could be self-driving cars and speech recognition software. This branch of artificial intelligence (AI), ensures that systems can identify patterns and make decisions without human input. Through the use of machine learning, you can better anticipate how your customers will respond to various campaigns, products, and services. According to Socialnomics magazine, machine learning will be driving new innovations for the next several decades.
3. Cognitive technology
Cognitive technology is another field of AI. Cognitive technology is being used to automate many redundant tasks in the fields of accounting and analytics. Cognitive technologies use natural language processing (NLP) to understand, along with machine learning. And, with an overwhelming amount of customer data to analyze, cognitive technologies can help your business discover new patterns and get to know your customers on a much deeper level. Based on this study from Deloitte, around 95 percent of enterprise software companies will adopt cognitive technologies by 2020.
4. Touch E-commerce
People are no longer shopping on their laptops and desktops–they’re shopping on their mobile phones with a tap and swipe. This is something straight out of a Jetsons’ cartoon. Incorporating touchscreen technology with touch commerce will bring businesses into the future. As a result, consumers are also less patient when it comes to purchasing the items they want. So, it’s important for your business to offer this technology.
5. Virtual Reality (VR)
It’s hard to believe VR has been around since the 50s. Now, we can use VR in our homes. Going beyond enjoyable video games, VR has moved into the business world. Imagine interacting with customers via VR. Not to mention, VR can be used effectively as an educational tool.
By staying on top of technology trends your company not only serves your customers better, but you can also maintain an edge over your competitors.