Moving into 2018, the name of the game for success in business is gaining a technological edge. Technology is more prevalent than ever in day-to-day business, and the companies that can find a way to utilize that technology and create an edge for themselves will be the ones reaping the benefits in the new year. Take a look at these four ways that businesses can gain a tech edge in 2018:
1. Artificial Intelligence
Business behemoths like Google and Microsoft are already becoming major players in the artificial intelligence sector, and with good reason. The cost-saving possibilities of implementing AI technology are both lucrative and far-reaching. AI can help accelerate new product designs and offerings for companies, as well as complete repetitive and time-consuming tasks that would allow companies to cut down on payroll and automate many components of their production. This area has great potential for a competitive edge in the new year, as a recent survey of more than 3,000 business execs revealed that just under a quarter of businesses have implemented AI in their operations, while the large majority agree that the technology will have a large impact over the next five years.
2. Internet of Things (IoT)
The IoT is a communication system that allows businesses to track key data, including things such as how customers use products and equipment. It’s a link between the real world and the digital world, allowing physical devices to link together to communicate with similar devices, and its expansion is imminent in the coming year. Companies can use the IoT to revolutionize the way they do business. For instance, Smart Home technology relies on the IoT, with products such as the Amazon Echo allowing users to control it with their voices. The reach of IoT is impressive; companies like Powerblanket can create IoT connected devices to help monitor the curing of concrete. The applications of this technology are nearly limitless, which is what makes it enticing for businesses looking to create a tech edge.
3. Using Big Data
Data mining in business has gone from a nice way to increase your bottom line to an absolute essential for companies that want to be cutting-edge in 2018. Companies need to be employing a data scientist if they want to take advantage of the wide amount of information available on consumer trends and purchasing habits. Running big data analysis can help a company advertise more effectively, and predict consumer behavior better. A lot of businesses struggle with the 80/20 Principle, where 80 percent of its profits come from 20 percent of its clients. Employing data analysis can help focus in on those most profitable clients, and help court more like them.
4. Standalone Credit Card Machines
Mobility will be key in 2018, and that’s what makes the use of standalone credit card machines vital for any business looking to thrive in the new year. Being able to accept payment anywhere is an important component of new business models, and the advancement of credit card technology has made the cost barrier extremely feasible, with devices available for under $100, without expensive merchant accounts or long-term contracts.
The implications of technology in business are simply unavoidable at this point, and all types of companies need to analyze how they can implement and exploit different technologies to create a technological edge for themselves in 2018.