Given the past few years and the assorted challenges that businesses have experienced during these tumultuous times, it is little wonder that businesses are seeking to alter their operations. Fortunately, today’s technology offers these opportunities to businesses, for prices that are surprisingly attainable for organizations of all sizes. Let’s discuss three such examples you could implement in your own business.
Artificial Intelligence
The concept of artificial intelligence is nothing new, with examples arguably being found in ancient mythology. Today, we now have access to practical AI tools that help to automate business operations—and why wouldn’t we take advantage of something that makes it easier for us to pull in additional revenues? Not all that long ago, there were a lot of tasks that required human intervention each and every day that AI is now able to take over. This is hugely advantageous to businesses—particularly insofar as it can help cut costs.
AI is now used in a wide variety of business solutions, in a variety of industries. Manufacturers can use it for their quality control needs, using AI to scan and evaluate the products they’ve produced. As more flaws are identified, the software learns and improves its capabilities without huge expenses.
The supply chain is critical to various industries (as the recent supply chain issues made abundantly clear), and AI can make the inventory control and resource tracking of the supply chain far easier. Automating these time-consuming and resource-intensive processes frees your business to focus on your revenue generation.
Speaking of revenue generation, it’s not something that your necessary support is going to help very much. However, AI can be used in the form of chatbots to deliver the support that your customers seek without overtaxing your human resources.
Blockchain
Many might write off the blockchain as the platform behind cryptocurrency, too new and niche to have any real business applications. This is far from the case, as many companies are using applications fueled by the blockchain—including small businesses.
For instance, some businesses are using the blockchain for their digital contracts, as the blockchain works as a digital ledger. Every transaction made on the blockchain is saved as its own node, known as a block. The immutability of the blockchain provides the security that these smart contract systems need.
Internet of Things
The Internet of Things is the overarching term that describes any device that has had its usual base functions augmented by the capabilities that Internet connectivity can give. Smart watches, smart assistants, smart anythings, really… they’re all part of the IoT.
These devices have exploded in popularity, largely due to their convenience, with projections placing the economic value of the IoT somewhere between $4 and $11 trillion by 2025. This growth doesn’t have to exclude your business, either. The IoT can actually help your productivity.
For instance, manufacturers have embraced the IoT, using it to track various data points and improving their operations through this data. This is just one example of many ways that the IoT can help boost your productivity. The IoT can be used to identify when meetings are best scheduled to not interfere with productive times, with many other tasks able to be automated and removed from a team’s collective plate.
Technology is, and will continue to be, a critical consideration for businesses and those that make the decisions for them. When used properly, businesses that embrace the IoT can accomplish more, more intelligently. To learn more about embracing the IoT for your benefit, or anything to do with your business’ IT, give us a call at 978-798-6805.
