The digital universe is constantly evolving. Vast advances in technology — be it artificial intelligence, virtual reality, or the internet of Things — are helping drive this evolution. From retail to hospitality, from manufacturing to marketing, and from finance to every other industry: digital transformation is changing the way businesses operate. The new digital world is forcing us to rethink processes and strategies that have been in place for decades. The result? Greater agility, lower costs, and a more engaged customer base. Here’s an overview of some of the most important altra tech innovations in business over 2018:
AI and Robotics in Business
AI has become a hot topic in business over the past few years, with many companies announcing plans to integrate this technology into their operations. AI has the potential to drastically improve many business processes, and the altra tech has already entered mainstream consumer applications. For example, AI can help power consumer services like voice assistants. This can include tasks like managing calendar appointments or making restaurant reservations. While AI is being used for consumer applications like this, it can also be used to improve business processes like sales and marketing. Businesses can use AI to route specific sales leads to the best salespeople, train employees on how to handle customer queries, and identify sales opportunities. Robotics has been a growing focus in the business world, too. Robotic Process Automation (RPA) is a type of AI that enables “robotic” interactions with business applications. Businesses can use RPA to automate tasks like approvals, invoices, and financial reporting. This can help reduce the staff needed to handle these activities, freeing up their time for other parts of the organization.
Blockchain Technology
The blockchain is now one of the most important technologies in the digital world. The blockchain is a decentralized digital ledger that records transactions across networks without the need for a central authority. This decentralized system has been described as a “trust machine” because it creates an environment where people can trust transactions. With the blockchain, it’s possible to create digital identities and create legally binding agreements that are recorded across many networks. This technology has been applied to a wide variety of fields, including finance, supply chain management, government, health care, and business. In the altra tech business world, blockchain technology can be used to track assets, track goods and people, automate contracts and agreements, and verify transactions. This can help eliminate issues like fraud and human error that are often associated with paper-based systems. The most common application of blockchain technology in business is probably supply chain management. The process of tracking and digitizing goods has been drastically improved by the application of blockchain technology. Companies can use the blockchain to track their goods from the source to the customer, reducing the chances of fraud and making the process more transparent for both parties.
Edge Computing
Edge computing is the process of delivering computing resources to the edge — or the edge of your network. It can be found at the edge of your data center, at the edge of your network, or at the edge of your cloud resources. By deploying resources at the edge of your network, you can reduce the load on your data center. This can improve your latency, since the time between sending an event and having an event resolved can be reduced. The edge of your network can also reduce the load on your main network by handling less-intensive tasks like image recognition and some types of analysis.
VR and AR for Business
Virtual reality (VR) and augmented reality (AR) are two of the most important technological innovations in business. VR can be used to create a “surrounding environment” for training, simulations, and a host of other business uses. AR, on the other hand, can be used to overlay information like navigation or maps on the real world. VR and AR are also useful for marketing and customer engagement. VR can create a “brand experience” to engage with your customers and help them understand your products and services better. AR can also be used for marketing and customer engagement, but it can also be used to transform business processes like human resource management (HRM). AR can help users find information faster, and it can also be used to track employee attendance and engagement. AR can also be used to transform business processes like legal discovery. AR can be used to create a virtual model of a room with all the relevant papers on a table. This can reduce paper use and improve legal discovery.
Smell-Oriented AI and Robot-enabled Marketing
Another important altra tech innovation for business is AI-based advertising. AI can be used to create more targeted advertising campaigns, so businesses don’t bombard customers with ads. This type of advertising can be combined with other technologies like smell-based marketing and AR/VR to create a truly futuristic experience for consumers. For example, you can have ads that play sounds based on your location — like a sound indicating that you are near a restaurant — so you don’t even see the ads. Robot-based marketing can help businesses engage with customers in a more personalized way. This can include automated emails, notifications, or messages that are relevant to the customer based on their actions or past purchases. Robot-based marketing can be combined with AI to create more effective campaigns. Businesses can also use this hybrid model to create more effective marketing campaigns. For example, a retailer can use AI to create a model of a customer’s preferences and then create targeted ads. The retailer can then use these ads to drive more revenue, since customers like the ads and purchase more often when they see these ads.
Bottom Line
The digital universe is constantly evolving. Vast advances in altra tech — be it artificial intelligence, virtual reality, or the internet of Things — are helping drive this evolution. From retail to hospitality, from manufacturing to marketing, and from finance to every other industry: digital transformation is changing the way businesses operate. The new digital world is forcing us to rethink processes and strategies that have been in place for decades. The result? Greater agility, lower costs, and a more engaged customer base. Here’s an overview of some of the most important technological innovations in business over 2018:
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