5 Technologies Your Business Units Need to Know

Explore 5 of the top innovations and technologies your business units must be aware of! These enable you to stay ahead of the technology curve, develop new products & services, and improve customer satisfaction.

Innovation and technologies are dynamic — new ones emerge every moment, even while you are reading this blog. Keeping a tab on all these new developments is very important, so we are here to make the process a little easier for you.

Unfortunately, it’s not possible for us to update you on all emerging technologies and startups in a single blog (for that, take advantage of our scouting platform). But we have conducted data-driven research to give you 5 innovations and technologies your business units need to know. Explore how they increase your company’s efficiency and serve your customers better!

Technologies Your Business Units Need to Know

1. Artificial Intelligence (AI)

Artificial Intelligence is one of the umbrella technologies that is bringing something new to the plate every day! For example, drones powered by Machine Learning (ML) make it possible for utility companies to ensure effective asset maintenance. They also carry out tasks that are potentially dangerous for human workers such as inspecting gas pipelines or high voltage towers. AI has been enabling automation for quite some time, but now, advancements are taking AI a step further through Intelligent Process Automation that combines ML and Robotic Process Automation (RPA). RPA automates routine mundane tasks at a blazing speed and with time, learns to do them better, leading to improved accuracy. So, let your business units explore these opportunities today to drive more efficiency.

2. 5G Connectivity

Although 5G is best known for impacting the telecommunication industry, its resonance is being felt in many other industries. Because the Internet of Things (IoT) largely depends on cellular networks, faster connectivity improves its performance and expands its scope. This means that areas, where it was not used previously due to latency issues, can now be explored. As a result, 5G is bringing smart city and autonomous cars even closer by facilitating smart parking, providing the optimal route based on ETA, and enabling better vehicle-to-vehicle (V2V) communication, among other ways. 5G also solves some of the pressing challenges that hospitals face due to network issues. For instance, large imaging files take quite a long time to upload and reach the medical specialists for review, even failing at times. But 5G allows transmission of large imaging files much faster, which might save a lot of lives!

3. Immersive Technologies

Immersive technologies like Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR) are spreading like wildfire. Besides offering an enhanced gaming experience, these technologies find use in marketing as well. An interesting instance would be the AR advertisements in EURO 2020. The LED boards used Virtual Digital Replacement Technology that allowed simultaneous streaming of different advertisements at different locations utilizing the same space. On a more serious note, AR-guided surgeries are proving to be much faster and safer. Further, VR is being used for education and training purposes as it simulates actual working environments. For example, VR simulates the actual working environment for workers of the mining industry without the risks. Thus, considering its wide applications, immersive technologies are an emerging technology your business units need to act on, right away!

4. Blockchain

What comes to your head when you hear the word blockchain? Most probably Bitcoin, isn’t it? While cryptocurrency is one of the major applications of blockchain, that is not all. Owing to its immutability, the blockchain offers two very important benefits which are valuable for all industries — security and transparency. For example, blockchain enables insurance companies to streamline insurance claim processing, enhance cybersecurity protocols, and most importantly, speed up payment times. The technology also strengthens the trust between retail companies and their consumers by enabling supply chain traceability. This is just the tip of the iceberg, blockchain is capable of many other things. So, without further ado, ask your R&D team to take advantage of blockchain in case they are not doing it already!

5. Internet of Things

The Internet of Things is something that makes the connected world a reality. Owing to its wide array of applications, it is used in almost all industries. If you are working in the logistics sector, IoT can be your watchdog — you will be able to constantly monitor your drivers to ensure that they are following the traffic rules and taking the right path. Similarly, it is beneficial for the healthcare industry to make patient-doctor interactions not limited to physical visits or phone calls. By enabling remote patient monitoring, doctors are able to continuously keep a tab on their patients’ health and make suggestions accordingly. Therefore, no matter which industry you are working in, your business units can always take advantage of this technology to add value to your existing product portfolio or even create new ones.

Do you have more emerging technologies or innovations in mind which are not on the list? Get in touch & let us know!

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