Technology today is an integral part of people’s lives. Technology continues to change how people live, from smartphones to tablets, laptops to desktops, cars to drones. Businesses have to embrace technology in order to compete and stay ahead in the marketplace.
As a business owner or manager, you must be aware of new innovative trends in your industry in order to adapt to new and better ways of working and customer demands. This article will discuss some of the most popular tech innovations introduced in recent years and how they can benefit your business.
What is technological innovation
Technological innovation is any new product, service, process, or idea that improves existing products, services, techniques, or ideas.
It’s not limited to just one type of technology; for example, technological innovation can include anything from a new smartphone app to a new manufacturing technique.
How can you benefit from technological innovation
The benefits of technological innovation are endless. For instance, here are some ways in which technological innovation helps businesses.
Improves productivity
One of the significant advantages of technological innovation is that it allows companies to improve productivity. As a result, many experts believe technological innovation has been responsible for more than half of all economic growth over the past few decades.
An example of this is service software like Jobber which allows small businesses to automate their administrative and customer service processes. The software enables customers to submit requests online and automatically follow up with them via an app, eliminating the need for employees to spend time manually processing each request. For businesses that require a call line for customers, call center automation technology has streamlined the customer service process. Many call center softwares provide caller insights that help businesses understand where they can improve and increase revenue.
Increases efficiency
Another advantage of technological innovation is that companies can increase efficiency. For example, several of today’s software applications allow users to track inventory levels and monitor sales.
These apps eliminate manual data entry, saving time and money and increasing efficiency.
Reduces costs
Companies can also reduce costs through technological innovation. One example is the use of a mobile payment system and mobile estimate template. Many retailers offer discounts when consumers pay using their smartphones.
On the other hand, service providers can provide quick estimates to their clients using their phones and mobile apps. It reduces the number of cash transactions at checkout counters and the need for providers to drive to their customers’ locations to give job estimates, thus reducing costs.
Provides better customer service
Technological innovation can also provide better customer service. For example, ride-sharing apps like Uber allow drivers to accept rides from passengers without physically interacting with them.
It results in faster response times and improved customer satisfaction.
Enhances security
Security is another area where technological innovation plays a role. For example, companies can enhance security by implementing biometric authentication techniques.
Biometrics refers to unique physical characteristics that only specific individuals possess. Examples of biometric traits include fingerprints, iris scans, facial recognition, and voice identification.
Improves communication
Lastly, technological innovations can help companies communicate better with their customers. For example, social media platforms allow companies to create pages and post and share information about their business.
In addition, it provides a platform for customers to get updates about the company and even ask questions directly.
Tech innovations to consider for your business
Undoubtedly, technological innovations can bring many benefits to any business. Here are some of the most innovative technologies currently you can use in your operations:
Estimating software
For businesses in the service industry, estimating software is an essential tool. Whether you’re a plumber, electrician, landscaper, interior designer, carpenter, roofer, or another professional service provider, your customers can use apps to get accurate estimates.
Through free apps, homeowners can provide specific details about their projects. For example, they specify how big the job is, what materials they’ll need, and how long they expect the project to take. Additionally, the app provides detailed cost information, estimated completion time, and availability.
Chatbots
These are computer programs designed to simulate human conversation on messaging platforms. Businesses have used them for years, but they have recently become much more sophisticated.
Today’s chatbots can handle basic tasks, such as answering simple questions or providing general information. However, they can also perform more complex tasks like booking appointments, completing forms, or tracking orders.
Augmented reality (AR)
Augmented reality technology uses digital content to supplement real-world experiences. It has been around for decades but has gained popularity over the last few years. AR applications are being developed for many industries, including retail, construction, healthcare, education, and transportation.
If you’re in the industries mentioned above, augmented reality could be a great way to improve your business’s productivity. For example, suppose you work in an office building. You can develop an AR application that helps employees find tools, track inventory, and complete other administrative tasks.
Virtual reality (VR)
VR refers to a simulated environment where users can immerse themselves in another world. VR headsets allow people to experience VR without needing expensive equipment.
If you play a video game, you experience virtual reality through PC or console gaming. But there’s a new type of virtual reality called mixed reality. This new form of virtual reality merges the best features of both worlds. It lets users enjoy virtual reality immersion while having all their physical senses intact.
Artificial intelligence (AI)
Artificial intelligence (AI) refers to the science of creating intelligent machines. While you might not know it yet, AI already has some applications in your daily life. Some examples of AI include virtual assistants such as Siri, Alexa, and Cortana. They can answer questions, make recommendations, and schedule meetings.
In the future, people might see AI taking on roles previously held only by humans. For example, some experts predict that AI could replace jobs ranging from truck drivers to radiologists.
Blockchain technology
Many know blockchain as a decentralized database that allows users to store data securely online. The blockchain was invented in 2008, and its first significant use case came when Bitcoin was created in 2009. Since then, blockchain technology has grown exponentially and continues to grow today.
Individuals and businesses can apply blockchain across different applications, including finance, banking, insurance, healthcare, manufacturing, government, etc. In addition, thousands of newly founded startups have focused on using blockchain technology in the recent decade.
Cloud computing
Cloud computing is a tech innovation enabling as-needed or on-demand network access to shared computing resources. The service provider manages the infrastructure and presents this functionality to consumers, who must only concern themselves with the actual utilization and management of these services.
Users don’t manage the underlying cloud infrastructure, nor do they operate the networking routers, switches, or other devices providing connectivity to the internet. Instead, they purchase computer time on demand from these service providers.
Productivity apps
Productivity apps allow employees to complete specific tasks faster than before because they can utilize tools that were unavailable before. Common productivity apps include project management software, task management systems, and organizational tools.
Organizations commonly use productivity apps to improve efficiency, increase output, and reduce costs. For example, project management software helps companies plan projects by managing deadlines, assigning team members, monitoring progress, and producing reports.
Task management systems help employees stay organized by breaking big goals into smaller steps. Organizational tools keep teams connected by facilitating communication between teammates.
Internet of things (IoT)
This tech innovation refers to the interconnection of uniquely identifiable embedded computers within everyday physical objects, from cars to clothes to kitchen appliances. With IoT, these objects provide information about their activities, statuses, and surrounding environments.
Although IoT solutions aren’t new, the number of smart devices now available to consumers means that almost anything can be automated and interconnected to the internet. It includes home automation, industrial control, healthcare monitoring, retail inventory tracking, and more.
Choosing the best tech for your business
Choosing the right tech innovation for your business can seem overwhelming. With so many options, knowing where to start may feel impossible.
However, there are vital considerations when choosing tech for your company. Here are some you might want to take into account.
Type of technology needed
The answer to this question depends on what kind of business you run. For example, say you own a service-providing business such as home cleaning or accounting.
You’ll likely need to invest in hardware and software to track customer data, bill clients, and perform standard bookkeeping functions efficiently. On the other hand, if you sell goods online, you’ll probably want to focus on eCommerce platforms for customers to buy your products easily.
Type of solution needed
All-in-one solutions combine several different types of software into one package. They usually include everything needed to manage a specific industry, including CRM, ERP, and HR applications. While they save time and money, they can sometimes be challenging to customize.
On the other hand, multi-solution packages consist of separate pieces of software that work together to create a complete system. Each piece is designed to meet the unique requirements of a particular industry. Multi-solution systems are more accessible to customize than all-in-ones because each component has been built specifically for your business.
Your budget
It’s not necessary to spend a fortune on tech. Instead, most businesses can benefit from using free cloud computing services. These services offer unlimited storage space, access to all files stored on the web, and the ability to collaborate with colleagues across the globe.
However, if you decide to invest in tech, you’ll want to choose something that fits your budget. For example, free services allow users to store documents and share them with others without paying any fees. But if you’re looking for a more advanced solution, you can purchase premium versions of these services at affordable prices.
Final thoughts
Technology constantly evolves and innovates, and businesses must adapt to stay competitive. To do this, they must ensure they use the most up-to-date technology possible.
If you’re looking for ways to streamline operations, automate processes, and save money, consider incorporating any of these nine trending tech innovations into your workflow.