The release of new technology is much like a floodgate that cannot be shut. There is an unstoppable stream of technologies and advancements that are reshaping industries across the board. From groundbreaking shifts to more subtle alterations, if you aren’t aware of these changes, your business will fall behind the competition. There are three emerging technologies right now that are buzzwords in business, so not only should you introduce these technologies to your employees, you should provide training too.
Blockchain and Internet-of-Things (IoT)
While blockchain and the Internet-of-Things is getting a lot of circulation as a topic of discussion, very little is known about it right yet. That is not to say blockchain and IoT aren’t creating waves. Specialists in blockchain are in high demand. People want to use these technologies to their advantage. No doubt, you have people in your business who want to know more as well.
Blockchain is a list of “blocks” that are linked by cryptography. These blocks contain cryptographic hashes, a timestamp, and transaction data represented by a Merkle tree. This helps limit modification of data, making any transaction permanent and verifiable. In other words, it’s increased security in a world where digital ethics are a gigantic question mark.
You want to introduce blockchain technology to your employees because:
- There is increased record transparency. A blockchain ledger cannot be edited or tampered with.
- Provides a way to transfer digital assets with higher security.
- Maintains a record of transactions to aid in audits and with compliancy.
- Decentralizes the main system of record keeping
In turn, this helps with maintaining regulations and protocols within your business while managing your supply chain and intellectual property with more clarity and safety.
Robotic Process Automation (RPA)
One of the technologies that many industries are both excited and leery about would be robotic automation. Many employees fear the robotic revolution and the loss of their trades. Granted, we have yet to see whether robotic process automation (RPA) is going to reshape the business world or not, but there is no reason to resist the change. RPA uses tools that mimic natural paths taken by people and a user interface that limits boring and mundane repetitive tasks. In other words, HR administrative processes, like recruitment and payroll; financing and accounting services, such as invoice processing, bookkeeping, and so on; IT services; and even customer management, like order monitoring, data collection, customer service, and more are all at risk of being automated.
Having your employees train to use RPA to their advantage will not only lessen their concern about losing their jobs, but it can increase productivity. Rather than removing HR and accounting, you can train them to use the automation technology to limit errors in calculations, reduce the cost of mistakes, maximize operational efficiency, and build better customer satisfaction. Automation also helps these employees save time on mundane tasks, so they can do more important tasks.
AI & Machine Learning
Artificial intelligence and its subset, machine learning, are the latest advancement in technology that is rapidly spreading throughout various industries. From the internet into cars and smart speakers, AI and machine learning are revolutionizing the way humans interact with machines and how machines deal with the information we continuously feed into them. AI is presently working on facial recognition, language processing and translation, pattern recognition, and much more. Machine learning is often talked about in SEO, because it uses algorithms that enable decision making, reasoning, and prediction in machines.
Business that introduce the basics of AI and ML to their employees boosts understanding, bolsters morale, and makes it much easier to implement new programs and software that might utilize these two emerging technologies. AI and ML work like automation by creating more accurate predictions and hypotheses, processing analytics, delivering enhanced insight to customer behaviors, enhancing business growth and potential by limiting excessive spending or fixing inaccuracies, and so on.
In conclusion, these three emerging technologies are going to become the next big thing for professional development and education. By giving your employees and yourself even just a rudimentary understanding of AI and ML, RPA, and blockchain, you make yourself much more qualified to deal with the future of your industry. Training now is an investment in the future of your business and success.