Innovation in the tech industry is all about creating more efficient and effective processes, products, and ideas. Technology has been one of the major drivers of innovation in business for years. The current tech innovation landscape looks promising and full of potential.
The development of the internet and the growth of e-commerce have rapidly accelerated the evolution of technological innovations. Flooding of tech creations and upgrades to previous systems has created a need for regular updates to keep up with modern trends.
Businesses have greatly benefited from this digital revolution driven by information technology towards industry-wide innovations. Recent times have seen technology and innovation being used by enterprises in keeping production records, financial planning, research, marketing, procurement, and business analysis. Technological innovations are also being adopted in business funding, and financing, which has helped Matthew Ocko and other venture capitalists identify, analyze and fund startups and various business ventures.
Here are some useful tech innovations that businesses should adopt.
Data Management Systems
Data management systems are software applications designed to define, manipulate, retrieve, and manage data and information in a database. For data management systems to function properly, they require additional services like a management information system (MIS) and edge computing. An MIS is an information system used for decision-making, coordination, control, analysis, and presenting information in an organization.
Edge computing, on the other hand, is the practice of processing data near the edge of your computer network where the data is being generated, as opposed to a centralized warehouse used in cloud computing. Edge computing is considerably faster and brings the cloud closer to the business.
Cybersecurity has been around for a while and continues evolving to keep up with newer emerging threats. Most cybersecurity service providers employ ethical hackers, security engineers, and security officers to ensure integrity, confidentiality, availability, and credibility of information systems. Businesses have a corporate responsibility towards data privacy and protection in securing sensitive resources against data breaches.
Cybersecurity measures include;
- Endpoint protection
- Software and patch management
- Data backup and disaster recovery
- End-user applications and devices security
- Information and network security
Blockchain technology is widely used in digital currencies, but once perfected, it will have lasting effects in communication, online transaction, and internet security. Blockchain is data that is described as added to a block; it offers protection since the previous blocks of data added cannot be removed or changed. Another reason that makes blockchain technology secure for communication and other processes is that there is no need for third parties to oversee operations.
Artificial Intelligence (AI)
Artificial intelligence refers to computer systems built to mimic human intelligence in performing tasks such as visual perception, speech recognition, decision making, and translating languages. AI technology offers the advantage of performing these tasks faster than humans and more reliably than other machines. AI is now being incorporated into different electronic devices like smartphones, navigation apps, and streaming technology.
Some of the applications of artificial intelligence technology in business include fraud prevention, autonomous targeting, and data collection, virtual communication, content automation, and security verification. One significant way businesses are utilizing artificial intelligence is through the use of predictive analytics that is used to run multiple simulations on consumer needs and preferences and in decision-making.
Machine learning is a component of artificial intelligence, where computers are programmed to learn to perform tasks they are not explicitly programmed to function. This is achieved through sophisticated algorithms that “learn” through repetition and pattern recognition. Machine learning can be used in data analytics, data mining, and big data.
In businesses, machine learning can also be used in customer service support. Machine learning applies human insight into customer support in ways that optimize the customer experience. According to Gartner, 15% of customer service interactions are going to be handled entirely by AI through machine learning by the year 2021, a 400% increase from 2017. Machine learning is also used in automated self-service support systems, particularly in virtual assistants and Chatbots.
The adoption of technology and innovation in businesses results in improved efficiency and effectiveness of services, cost-saving, and faster connectivity. Some of these tech innovations also put companies at a commercial advantage of progressing their operations to a global scale. For these reasons, businesses are also automating their payment and transaction systems to suit the needs of their technologically advanced customers.
Modern technological advancements continue to evolve and change the scope of business operations with elements such as artificial intelligence, Internet of Things, edge computing and faster wireless and broadband connections playing a major part. The use of technology and innovations is also raising questions about data protection, consumer rights, and the ethical use of data and its applications.
Information technology has given businesses tools to solve complex problems through the combined effort of improved hardware and the right applications and software. The tools are especially useful in research when collecting data, analyzing it, and scaling them for field application.