When starting a new business or thinking strategically about your growth, it is important to take inventory of the technology trends that are emerging each year. We researched and put this guide together in an effort to put some important technologies on your radar for 2018.
With technology evolving rapidly, advances in business and retail are on the way. A few future technology trends that we focus on are:
- AI Product Design
- Cryptocurrencies and Blockchain Technologies
- Electric and Driverless Cars
- Mixed Realities
- Machine and Data Learning
Advances in Artificial Intelligence AI
The ability to use artificial intelligence (AI) for decision making will change future business models. Businesses and firms are already looking for ways to incorporate AI into their designs and anticipating how to use AI algorithms to refine consumer shopping experience. While over 60 percent of businesses are incorporating AI into their marketing and product design strategies, the remainder hasn’t started implementing AI solutions in their campaigns.
The utilization of AI can help startup consultants or a variety of other industries streamline business processes that rely heavily on data analytics and help with ad campaigns and effective keyword usage. Businesses looking to incorporate AI into their business models should focus on how to use AI technologies to simplify work concepts. For example, narrow AI utilizes solutions like machine-learning for specific tasks that can help marketing teams develop algorithms to optimize tasks, which can thereby help improve employee efficiency.
Mixed Realities Will Offer Immersive and Shared Experiences
A technology trend in the not-so-distant future is mixed realities (MR) which will rise from virtual realities (VR) and augmented realities (AR). This may offer up to $150 billion in revenue opportunities, based on Forbes data.
Technological advances are already improving VR headsets and as gaming increases, expect to see more platforms offering exploratory realms. Gartner believes MR may be utilized in online classrooms, with VR portfolios, online job fairs and even in online gaming and casinos. This will lead to enhancements in shared gaming experiences and alternate realities with peers. While gaming is a big area we are seeing MR currently, expect to see companies get creative with these new processes.
The Future of Blockchains and Cryptocurrencies
Blockchains and cryptocurrencies have received a lot of press recently given the rise and fall of Bitcoin. Blockchains use decentralized ledgers that are not tied to businesses or banks, making them less likely to be hacked into. They help parties exchange currencies through commercial transactions and because this breaks from traditional banking models, there are no banking fees, another reason for the rise in demand.
Blockchains, while reducing fraud risk, are still unproven, and data mining experts are working on making blockchains and cryptocurrencies available for retail transactions. This may eventually lead to less of a need for cash currencies and paper checks along with paper voting ballots. Compared to other technology trends discussed, blockchains are still trying to find their way in many industries. New use cases will continue to be discovered as more people understand the underlying fundamentals.
Look for increases in business mergers that combine payment solutions with online cryptocurrencies. ADP is including the digital payment firm, Global Cash Card, into its payroll options to offer instant payment solutions to workers that may be able to access same-day-pay or pay-per-shift.
Expansions in Electric and Driverless Vehicles
Highly anticipated, more ride-sharing programs will be introduced in the future. Look for more fuel-efficient electric vehicles and driverless vehicles that may include commercial vehicles for supply transportation. Experimental driverless vehicles are already being introduced in service sectors for public transportation vehicles like buses and shuttle buses.
Machine and Data Learning
Incorporating a series of highly complex algorithms, machine learning helps to quickly sort through large amounts of data to find patterns and create new analytical models. Because this is faster than with human intervention, more firms are incorporating machine and data learning into their marketing strategies. KPMG is among several firms that are looking into analytics that incorporate smart algorithms.
Implementing 2018 Technology Trends
As you plan your growth strategy throughout 2018, be sure to keep an eye on these developing technologies as they will likely have an impact on your business in one way or another. Regardless of your industry, thinking about how these technologies could be used by your business is another way to stay ahead of the curve. If you have any questions about these technology trends or would like assistance implementing them in your business strategy, we welcome you to schedule a complimentary consultation with The Pony Group.