- The business world is in constant flux thanks to the exponential advancement of technology. If you're going to get an edge, you have to stay on top of the changes.
- Drones and the Internet of Things are two things that promise to satisfy the demand for immediate satisfaction in the world society.
- Co-working spaces, artificial intelligence and machine learning, and Fintech also just the latest examples of technology coming together to streamline all sorts of business processes.
The modern business environment is characterised by constant change. Rapid evolution, innovation, and adaptation are now core business activities for any business that strives to be an industry leader.
To remain competitive, it is absolutely essential for business leaders to not only be aware of impending revolutions but also be prepared to adapt to them.
5 Tech Trends that will Define the Future of Business
Since FedEx purchased their first aircraft in 1977, air transport has played a pivotal role in the rapid delivery of consumer goods. The rise of digital juggernauts such as Amazon has fundamentally changed consumer expectations. Today, consumers want low prices, immense choice, and short delivery times.
The rapid expansion of drone technology and availability has not gone unnoticed by Amazon and similar firms. Amazon’s flagship drone delivery service, Prime Air, has taken the world by storm. Designed to service the “last mile” of delivery, Prime Air promises delivery of consumer goods within 30 minutes of purchase.
Of course, it doesn’t work everywhere, but with a current delivery distance of 7.5 miles from the nearest warehouse, Amazon can certainly reach a large market who demand instant satisfaction when shopping online.
As Amazon continues to expand its global presence (they are currently hunting for warehouse space in Australia), Prime Air will no doubt continue to expand to service new regions and likely become a standard feature of Amazon’s offering.
2. Internet of Things (IoT)
The Internet of Things is best understood as an internet within the internet. Imagine a world where almost everything you own is connected to a network, communicating with everything else. Your front door opens, and your kitchen light turns on. Your mattress detects you sitting on it, so your bedroom light dims. Your fridge notices you’re out of eggs, and fires off an order for another dozen.
It goes beyond that. Individual parts of your car will be able to communicate, instantly identifying mechanical issues. By the year 2020, according to Gartner (an analyst firm), over 26 billion devices will have internet access. The Internet of Things is the efficiency and productivity revolution of the 21st century.
Co-working spaces speak for themselves. Imagine a building filled with people with a vast array of skill sets, all engaged in their own side hustle or working for very different companies in a range of industries.
Now imagine tapping into that skill set to build out your own capabilities. This is the power of co-working spaces. Cheap rent, immense resources, and an atmosphere of innovation and hard work can do wonders for the early growth of a business.
Larger firms are also recognising the immense opportunities offered by co-working spaces. When Uber first expanded to Brisbane, they operated from River City Labs, Steve Baxter’s own co-working space. Other international organisations are following suit, embracing flexibility and adaptability.
4. Artificial Intelligence and Machine Learning
World leaders in innovation and sheer profit-making are investing heavily in artificial intelligence and machine learning. Google, Microsoft and Apple are all engaged in a race to make the most discoveries and pioneer the most advances in AI and machine learning. If you needed any proof of the importance of these technologies to the future of business, there it is.
Machine learning will revolutionise the way we make technological advances. By using the power of data that we collect every day in ever greater amounts, artificial intelligence can see patterns, make connections, and learn lessons that would have been the realm of fiction only five years ago.
Fintech is leading the way with effective cost-cutting measures for businesses of all sizes. Fintech covers a range of business processes, from micro-trading to payroll management and financial planning.
Several small startups have seen immense success in the space, simply by providing an efficient way for businesses to manage their finances. Combined with other major advances such as machine learning and the Internet of Things, Fintech will change the way we do business forever.
Take Advantage of Innovation
The only way to succeed in the modern business environment is to stay informed and take full advantage of every innovation you can. To stay in the game, you have to play the game.
What kinds of innovation do you want to see revolutionise the world? Tell us in the comments, and share this article on social!