Competition is a constant factor in the business world in all segments. Digital technologies and the internet have created new forms of interaction between consumers and companies. Before the internet, a marketplace for booking rooms, like Airbnb, would never have existed. Nowadays, the company is worth more than USD 82 million. Tech innovation makes business innovation possible, creating new solutions and products for consumers.
Technology, Efficiency, and Safety
When our mobile networks went from 2G to 3G, we went from MMS to live video streaming. The upgrade to 4G allowed online gaming and HD transmissions. Implementing 5G will transform the business landscape even further.
The new internet speed allows for the development and implementation of next generation technologies. They include IoT, AI, and data analysis on a large scale. Those technologies create new ways of interaction between businesses and consumers. The low latency and high speed delivered by 5G allow consumers to use AR and VR headsets for shopping.
The seamless mobile connectivity has also laid the groundwork for creating telemedicine solutions. Online businesses are improving their KYC meaning these processes have become faster and more reliable. Automated verifications include the use of AI tools, preventing fraud and money laundering.
Reasons to Adapt
The most competitive brands are quick to adapt to the newest tech innovations. Primary goals include providing a superior customer experience, optimising operations, and increasing profit. Such benefits are vital for gaining an edge over the competition. Moreover, they result in business growth and market expansion. Adapting fast to tech innovations can be the difference between success and oblivion.
Here are some solutions already driving growth across a wide range of segments.
Artificial Intelligence (AI) and the Internet of Things (IoT)
AI software solutions can improve customer services with chatbots and virtual assistants. Automated systems and services can cut costs while increasing productivity. There is also AI-based software for handling vast amounts of data. Those analyses often result in valuable market insights. IoT solutions bring with them the possibility to automate certain processes, remotely and in real-time to monitor equipment, as well as collect more data for better insights and future predictions.
Cloud computing creates scalable and affordable data storage options for companies. Cloud computing is also a critical component of remote work. It allows workers to collaborate from anywhere in the world, having access to the same data. Cloud-based solutions also cut costs with maintenance and upgrade of data storage infrastructure.
Blockchain became famous thanks to its loud tenant, Bitcoin. Yet, this technology does more than store cryptocurrency. It makes transparent and secure P2P transactions possible through a decentralised platform. Blockchain solutions are gaining popularity across all industries, from health to finance.
The increasing digitisation of everything also attracts an increasing level of threats. Investments in cybersecurity are essential to ensure the safety and privacy of customers. Otherwise, companies could be risking large, material losses. The global market size of this segment is expected to be above USD 87 billion in 2023.
Cyberattacks can be a hard blow to a company’s reputation, with long-lasting effects. Gaming companies suffered a 260% increase in cyberattacks between 2021 and 2022. Standard technologies in this field include encryption, threat detection, and authentication.