Tips For Business Owners – The Importance Of Staying Abreast Of Technology

Digital technology is transforming consumer habits. This in turn is forcing companies to quickly adapt their strategies to keep up with their competition. If your company hasn’t already started adapting, it may begin losing business within the next twelve months.

Digital transformation is the process of integrating digital technology into all aspects of your company’s operations. This transformation is used to improve your business operations and increase end-user value. It is therefore critical that you ensure that your IT department keeps up to date with evolving technology.

Recent research from IDC highlighted that two-thirds of the CEOs from Global 2,000 companies be focusing more on their current digital strategies to improve end-user experience before the end of 2021. The report also added that it expects 34% of companies to fully adopt digital transformation within the next 12 months. This is a major contributing factor towards the global increase in digital spending. The impact of a technology evolution can already be seen in daily life.

Sensors

Sensors allow the digital world to identify what is happening in the physical world. From park distance control sensors to sensors that can detect disease in a voice, sensor technology and design are rapidly becoming more sophisticated. Furthermore, the miniaturisation of sensors being built without compromising performance progresses in leaps and bounds. Deloitte points out that the global market for smart sensors is currently growing at a rate of 19% per year.

Artificial Intelligence

Computers have been designed to operate only according to a set of programmed rules. Artificial Intelligence (AI) is capable of working out its own rules based on given examples. This is what allows AI to solve previously insurmountable problems. AI is being used to streamline operations, develop new products, experiences, business strategies and enhance worker experience.

Augmented Reality

Mixed and Augmented Reality (AR) is another example of enhancing user experience through the use of evolving technology. AR allows people to interact with digital information by overlaying it with physical objects. Companies then use special glasses to boost their workers’ capabilities and increase their productivity through on-the-job virtual training experiences.

Blockchain Technology

Record-keeping of transactional activities is crucial for a business’s success. Blockchain technology allows the storage of transactional records in the form of a digital ledger, such as a spreadsheet, and shares this information among several computers within a network. It also removes the necessity of a third party, such as bankers, brokers and lawyers, which ultimately saves costs and time. Blockchain technology is highly secure, and the utilisation of a digital signature allows transactions to be conducted that are free from fraud and data corruption, resulting in safer transactions.

How companies operate and interact with their clients is rapidly changing through evolving technologies. This is resulting in the gap becoming smaller between the digital and physical worlds. Proactive business leaders who take this into consideration will be able to navigate their company through this evolution and effectively position their companies to thrive in the future.

If you need assistance with your company’s digital strategy, contact Westech for a professional assessment and quotation.