Believe it or not, the business and technology world have become so correlated that every time the development of technology enters the next phase, the business economy also experiences a significant impact. Whenever a new technology enters the list, the entrepreneurs and marketers begin to unveil its potential and related opportunities to revamp their existing business model and processes.
Three such new-edge technologies that entrepreneurs are seeing as the building blocks of the business world these days are the Internet of Things (IoT), Blockchain and Artificial Intelligence (AI).
These technologies, individually, have come a long way since they were introduced in the market. They have brought an unparalleled set of opportunities and added a myriad of benefits in the business world. And this way, they have transformed the complete landscape of the business economy and made it imperative for everyone to integrate these technologies into their business processes – one way or the other.
In the midst of this, if you are someone who is still unsure why you need to turn towards these three state-of-the-art technologies, you are at the right place.
Here, in this article, we will discuss how these technologies are helping businesses with mitigating the traditional challenges and revolutionizing their processes to get better profits.
But before that, let’s have a quick recap of what these terminologies exactly mean.
An Introduction to IoT, Blockchain, and AI
The answer to what is Internet of Things (IoT) is that it is a technology that creates an environment of connected devices which interact and share information with each other in real-time and without human intervention. Whereas, Artificial Intelligence (AI) is the technology that enables machines to understand and act without human intervention.
Likewise, Blockchain technology defines a decentralized ledger where all the records stored are immutable, publicly accessible, and secured.
With the basic concepts of the three cleared, let’s dive deeper into the business world and see how they are becoming the face of their processes and goals.
Ways AI, Blockchain and IoT are Changing the Business Processes
To understand the impact of these cutting-edge technologies on the business economy, let’s check for their potential and possibilities one-by-one:-
Artificial Intelligence (AI)
1. When talking about business processes, there are various internal tasks that are monotonous, repetitive and hazardous. AI-powered machines and tools, in this case, automate all those processes. They replace humans in these areas, making them free to focus on other productive tasks and add value to the business ROI.
2. Traditionally, a full team of business strategies are given the responsibility to gather and analyze user data to understand their needs, wants, and pain points and eventually, deliver personalized customer experience. Though they have been performing their job with full enthusiasm, they are lagging behind because of ample data adding to the market every single second.
AI, in this context, helps with gathering and analyzing a heap of data instantly, which accelerates the pace of the process and makes businesses deliver customizable experiences to end users in a more effective and effortless manner.
3. Also, AI-enables software keep a check on the user behavior in real-time and give notification to businesses whenever they sense any difference in their regular pattern, which helps with preventing all the hacking and related issues. Something that is helping the most in the financial sector.
1. Traditionally, various third-party intermediaries are involved in any process to make it happen. This makes the process cumbersome and costly. Blockchain technology, here, eliminates the need of these third-party intermediaries by introducing smart contracts into the process and making it quick and efficient.
2. Earlier, all the data were stored in centralized databases. Because of this, many times different companies struggle with gathering and sharing some information. Blockchain technology, in this scenario, decentralizes the database and makes the data accessible to everyone publicly, which later helps them employ the information for different causes without investing their time, effort, and funds multiple times.
3. Another major challenge faced by businesses is that the processes are so complicated and ambiguous that people can’t trust the brands and their services. Blockchain technology adds transparency and fairness to the processes and makes them transform completely.
4. Last but not least, blockchain-powered software and tools are also cutting down the costs associated with any process. This is further aiding startups and established businesses in gaining more profits with lower investment.
Internet of Things (IoT)
1. The first and foremost thing that is making businesses invest in the idea of IoT mobile app development is that the technology connects each and every device within the environment. This makes it easier for businesses to get real-time information about anything and everything happening in the business ecosystem.
2. The technology, with unparalleled connectivity service, also empowers businesses to be aware of any malfunctioning machine in real-time. This not solely prevents seamless functioning of the processes, but also gives an escape from heavy losses in terms of monetary funds, time, and efforts, which can affect the overall ROI.
3. By connecting different devices and equipment operating across different processes – be it manufacturing, supply chain, healthcare, aviation or agriculture – this technology is also aiding entrepreneurs to get a better and comprehensive understanding of their processes and targeted user base’s expectations. This is further helping them in improving their data streams and business models to ultimately relish better profits and competitive advantage.
4. IoT is again facilitating companies with offering exceptional training to employees and enhancing their efficiency levels, while preventing the skill mismatch which is quite common in the case of a traditional business model.
As we have seen in this article, the three latest technologies – AI, Blockchain and IoT are disrupting the business world. They are proving to have endless potential to mitigate the core business challenges and offer better opportunities in terms of enhancing the existing business models.
So, regardless of whether you are an Entrepreneur, investor or mobile app developer, look ahead to dive into their technological world and determine ways to introduce them into your traditional processes to ultimately reap better benefits.