The evolution of game-changing technologies is leveling the playing field in many industries. The adoption of these technologies is on the rise, giving cognizance to forward-thinkers in various industries to reimagine what’s possible.
2019 will see an increase in technology-driven organizations, as more businesses embark on the digital transformation journey. With artificial intelligence (AI), machine learning (ML) and robotic process automation (RPA) poised to usher in a new way of doing business, traditional business processes will soon cease to exist.
Advancements in natural language processing and sentiment analysis will revolutionize the service industry as we know it. And it won’t be long before the Internet of Things (IoT) becomes a standard in every industry.
Commercient is ready for the Top 5 technology trends in business with our apps, like SYNC, the #1 data integration platform for sales, which connects your ERP and CRM, such as SYSPRO and Salesforce, and many others. Your sales team will have access to important ERP information such as customer data, sales history, invoicing, terms, serial numbers, inventory, and more. From CRM to ERP, you’ll be able to SYNC your new orders, new and updated customers, etc.
The Top 5 Technology Trends Predictions for Businesses in 2019 (and Beyond)
There are a number of emerging technologies that could impact businesses in the near future, but these 5 technology trends will demand increased attention going forward, and should be your main focus for years to come.
1. Artificial Intelligence (AI)
Artificial Intelligence is everywhere; from navigation apps to smart devices, people around the world use AI on a daily basis. There is a growing interest from every industry about the benefits to be gained from using AI. But what exactly is Artificial Intelligence, and how can it benefit your business?
Artificial Intelligence refers to the ability of machines to emulate human intelligence, and perform tasks much faster and more accurately than humanly possible. AI works by making use of algorithms and fast, repetitive processing to combine and analyze large amounts of data, allowing machines to learn automatically from patterns and features in the data. AI can solve many challenges faced by businesses today. Using AI solutions in your day-to-day business operations can help increase sales, improve customer experience and minimize labor-intensive operating expenses.
AI has unprecedented potential, and organizations will flourish or wither depending on whether or not they realize this potential.
2. Machine Learning (ML)
Machine Learning is a branch of Artificial Intelligence that provides machines with the ability to automatically learn and progressively improve their performance, without human intervention or programming.
The power of ML lies in self-teaching algorithms, which automatically study and analyze large amounts of data in order to identify patterns and make predictions or decisions. Systems can learn automatically from experience, and provide improved results as time goes on.
Machine Learning will have a major impact on an organization’s efficiency and profitability, and will enable businesses to predict customer behavior, make product recommendations, automate business processes, and detect fraud. With the real-time insights gained from using ML, businesses will have a better chance of identifying profitable opportunities and avoiding unknown risks, thus gaining an advantage over their competition.
The birth of chatbots and virtual assistants was made possible by Artificial Intelligence. Google’s Home, Microsoft’s Cortana, Amazon’s Alexa and Apple’s Siri all make use of AI-based algorithms.
A chatbot is a computer program designed to convincingly imitate human conversations. Chatbots can help improve customer service, streamline the shopping process, personalize communication, improve response rates and automate repetitive tasks.
The chatbots we interact with today are built to perform simple tasks, but with the help of machine learning technologies, chatbots will be capable of more contextually relevant interactions.
Gartner predicts that by 2020, 85% of customer relationships will be managed without human interaction.
4. Robotic Process Automation (RPA)
Like Artificial Intelligence and Machine Learning, Robotic Process Automation (RPA) is another technology that is automating jobs. Based on AI and ML, RPA uses software to automate human activities that are manual, rule-based and repetitive. RPA robots work by mimicking human actions and interacting with software applications to perform time consuming tasks, such as data entry, transaction processing or responding to simple customer queries.
RPA is part of the Fourth Industrial Revolution, and will gain popularity in the years to come. This will drive a new wave of productivity and will help improve accuracy, efficiency and reduce costs across industries.
Manufacturing firms have been using robots on their assembly lines for many years, but as their capabilities advance, technologies such as Machine Learning and Artificial Intelligence will give Robotic Process Automation the ability to provide many more benefits to industries across the globe.
5. The Internet of Things (IoT)
The Internet of Things (IoT) is a network of physical objects such as smart devices, vehicles, home appliances, machines and more, that are connected to the internet. Connecting these objects to the internet and to one another enables them to communicate, collect and share data, without human intervention.
IoT is the driver behind the Fourth Industrial Revolution, and businesses have much to gain now and in the near future from it. IoT can provide businesses with real-time control over business processes, predictive maintenance capabilities, improve customer service, increase employee productivity, and gain unprecedented levels of insight to make better business decisions.
The integration of IoT is already in place in various industries, and the possibilities of how IoT can transform and modernize business operations continue to grow.
No industry will go untouched by digital transformation. As these technologies continue to evolve, businesses should identify the opportunities they can provide, and capitalize on their potential in order to stay in the game.
Take part in the Fourth Industrial Revolution today, and contact Commericient to find out how we can help you.
About the Author
Anna Kinnear is a Sage Financials Consultant at Edgeware, and holds a Bachelor’s Degree in Accounting Science from the University of South Africa. She has always had a passion for reading and writing.