Technology has always played a vital role in the way we do business. From the invention of the wheel more than 5000 years ago to blockchain, 5G networks, and everything in between, technology’s influence in the business arena continues to expand.
At the dawn of 2021, five tech business trends are size and portability, cloud computing, remote collaboration, HR recruitment, and machine learning.
Size and Portability
When it comes to hardware technology, size and portability are perhaps the two most important factors businesses look at. It is especially true in today’s overpopulated metropolitan societies, cities in which space comes at a premium and convenience is paramount. Gone are the giant Nokia phones of years past or the massive data farms and server clusters of the nineties and early 2000s.
Instead, they have been replaced by sleek, state-of-the-art smartphones, mini computers, and other multi-tasking communication devices that carry a much stronger punch in a much smaller package. As a result, the excuse of “we need more space if you want a bigger processor” is no longer viable. Companies don’t have the resources to invest in machines that take up large amounts of space but provide little to no benefit to the organization.
Multi-functional Cloud Computing Solutions
The concept of cloud computing dates back to the sixties. Yet, what existed at that time and what exists now could not be more different. For one, there was no internet back then, and personal computers had not even been invented. Also, there was neither enough technology nor infrastructure to manage large amounts of data and process information.
Today, companies like Google, Microsoft, Amazon, and Alibaba provide retail and corporate customers with an extensive catalog of cloud computing solutions. Besides well-known, basic services like storage and data management, businesses have access to information analytics tools, archival cloud services, cloud network infrastructures, databases, and virtual machines.
It means that your enterprise can have its data gathered, analyzed, processed, and stored in real-time while you focus on other things such as marketing your products and sales.
Remote Collaboration Tools
Remote collaboration and virtual videoconferencing tools like Slack, Click Up, Google Meetings, and Zoom has made distances worldwide much smaller and teamwork much easier to handle. In the past, we only had options like Skype or Net Meetings to share information between teams and departments within an organization. Aside from this, large amounts of money were spent on business trips, both local and overseas.
Currently, these costs have become negligible. Of course, not everything can be done online, and face-to-face communication remains an integral part of business success. Multinational corporations cannot function effectively without having their employees travel back and forth between different branches and factories.
Still, 90% of the legwork can be done at the comfort of your own office or home. It includes giving presentations, having meetings, carrying-out negotiations, and assigning and tracking individual tasks. The result is faster decision-making, better implementation of new policies and procedures, and less room for error.
HR and Recruitment Technology
One of the biggest reasons for high turnover in some companies is the HR staff’s inability to recruit employees adequately. It is not the HR manager’s fault alone. Out-of-date, obsolete recruitment practices and decades-old personality assessment tests are also to blame.
Enter the Watson Personality Insights service from IBM, an AI-based technology that enables both businesses and individuals to make a wide variety of decisions based on personality traits. For example, it can measure the different potentialities found in one candidate during an interview process. While candidate A might be most suitable for a programming or engineering job, candidate B could have the qualities to become a great salesperson or public relations manager.
There are also many others. Some focus on identifying weaknesses, while others can accurately determine whether a candidate is lying or telling the truth.
Machine Learning and Automation
In the Terminator movie series, a machine becomes self-aware and decides to destroy humanity by first launching nuclear weapons against specific targets. Even though this hasn’t happened yet and human beings control most advanced military systems, the role of machine learning and automation in business cannot be undermined.
Computers can analyze thousands upon thousands of Excel spreadsheets filled with data in only a few seconds, and smart traffic systems can decide on traffic light intervals based on peak time congestion levels. Another example is ambulances and other emergency systems interconnected through artificial neural networks that allow for faster, more efficient patient care.
As we have seen, technology continues to be a major player in all areas of business. It includes manufacturing, health and medical, and transportation. The tools we have today make it easier for companies to shorten distances and make better decisions and work more efficiently. At the current speed of development, the future of businesses looks brighter than ever before.