TechnologyThe latest technology trends that will impact businesses

Mary ChapmanMarch 12, 20205 min

Technology is evolving faster than it ever has before. Some say we are in the middle of the 4th Industrial Revolution.

Organizations that don’t keep up with technology are at risk of becoming obsolete.

Here are a few of the latest tech trends that will impact how you do business.

1.      5G data networks

5G mobile data networks are the next generation of superfast internet. 5G launched in 2019 but it’s this year that we are likely to see it become more widespread. We expect to see more affordable data plans and better coverage which will drive the adoption of this technology forward.

How will 5G impact businesses you ask? Network-related tasks including sharing large files and online sales will become faster and more efficient even without being connected to Wi-Fi.

This means a big boost to your company’s productivity.

2.      Augmented reality

Most people are aware of how augmented reality has impacted the entertainment industry. Headsets and state-of-the-art videogames and smartphone features are everywhere.

In 2020 and beyond, more businesses will begin to use virtual and augmented reality for training and simulations and will even use it to interact with customers.

3.      Blockchain Technology

Blockchain records transactions in a digital ledger where they cannot be changed or altered But this isn’t just about cryptocurrencies.

In a blockchain, you also don’t need a third-party to validate your transactions. You can also use blockchain to create contracts, pay employees and improve your marketing campaigns.

4.      Automation

Automation (even if you apply it in just one aspect of your business) can boost accuracy, productivity and efficiency. It allows you to streamline your processes without sacrificing quality or accuracy.

In the Insurance sector, automation has already been embraced by many firms in terms of claims intake and data entry.

Yet, automation is not a one-size-fits-all solution. Each organization needs to consider which repetitive and mundane tasks can be automated. Incorporating this technology works best when you carefully consider the best places to incorporate it.

5.      UCaaS

The percentage of millennial workers is expected to reach 75% by the year 2021. One of the main things this generation of employees expects is that the office is accessible wherever they are – in a coffee shop, car or on public transit.

Unified Communications as a Service allows your business to integrate all the communication methods you use such as desktop apps, cloud, and video and audio into one sleek, centralized interface.

This technology makes it easier for all employees (even those who are remote) to communicate and be productive regardless of their geography.

There you have it! 5 latest tech trends that you should consider implementing for your business. Which one will you start with first? We’d love to hear about it. Let us know your thoughts in the comments.

 

 

Mary Chapman profile picture

Mary Chapman

Graduated from the University of Toronto with an Honors BA English Specialization and has completed several publishing courses at Ryerson University. She is a proofreader, editor, and content writer based in London, Ontario.

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