In the ever-evolving digital landscape, technology has contributed greatly to the success of Australian businesses across varied operating size and in diverse industries. Alongside the critical work staff perform, technology remains important to increasing growth, efficiency and operations. Managing a business presents many challenges, and one key factor for success is staying informed about emerging technologies and their potential. By keeping updated about new innovations, businesses can gain a competitive edge and secure their future. We explore how digital transformation can benefit business and share 6 other technology trends that have emerged in business.
There are various areas of a business that can benefit from digitising, and one in particular that’s become more achievable is document management. With digital document management, your documents can be automatically filed, stored and sent for approval without delay, helping staff maximise their time and resources. Every document that passed through your business is important, which is why transitioning from manual processes and hardcopy document management to a digital document solution is a worthy investment.
While ChatGPT has become a popular AI tool used by 100+ million users, the potential for AI extends beyond language response. Through AI, businesses can automate repetitive tasks, analyse data and help the decision-making process, all of which have historically been manual. Some common examples include customer service chatbots, personalising marketing campaigns, data analysis and even automate processes.
The ‘Internet of Things’ refers to the network of physical objects (devices, appliances, cars and other ‘things’) that are embedded with sensors, software and other technologies that allow for internet connection and data exchange, such as smart devices like a Ring Video Doorbell or an Apple Watch. In business, ‘industrial’ IoT provides a range of technology to help improve efficiency and operations. For instance, production-line sensors to detect failures and maintenance.
VR and AR are immersive technologies that create realistic experiences for the observer. In simple terms, VR technology creates a simulated environment (such as in a video game via headset) whereas, AR overlays digital content onto real-life objects. In business, the key benefit of these technologies is that they allow customers to see or try products before they commit to purchase – helping make more informed and optimistic purchases.
While Internet connectivity is typically not hard to establish, wireless connectivity like 5G promotes faster network speeds and increased capacity. When applied to businesses, it can strengthen access to information in remote areas, enable real-time data analytics (such as through IoT devices) and make remote work possible. Several business types can benefit from 5G technology, including manufacturing, healthcare, transportation and logistics, among more.
Network expansion: Further rollout will increase mobile connectivity with new technologies and services, particularly IoT devices and AI. Through this expansion, businesses will be able to improve efficiencies and streamline their operations.
Some use cases where 5G can have impact include:
Edge computing is the practice of processing and analysing data closer to where it originates from, allowing for increased speed and capacity. It helps businesses by reducing latency (delay or lag), improving real-time information access and enhancing data privacy and security.
According to IBM, a blockchain is a ‘shared, immutable ledger’ that records transactions and tracks assets in a business network. Through blockchain, both tangible and intangible (E.g. patents or branding) assets can be tracked and traded, which can reduce risks and costs for business. A common example of a blockchain is cryptocurrency.
Technology has become a vital component in the success of Australian businesses, despite it constantly changing. Staying informed about trending technology and its potential for your business is one way to remain competitive and pave the way for its future. What’s next for your business?