6 Technology Trends Business Owners Should Know

Our lives practically revolve around technology. Those working in the IT industry or business owners clock in long hours in pursuit of improving their knowledge on how technology can meet their business goals and advance their IT knowledge.

This is aggravated further with the onset of a global pandemic that changed the landscape of business operations. Major companies and small business owners were brought to their knees. Most, particularly brick-and-mortar businesses and traditional big corporations, are forced to reevaluate their business goals and change their business strategies utilizing agile marketing efforts.

As a result of lockdowns and a ban on large social gatherings, consumer habits changed. It is reflected in their digital activities, such as the prevalence of e-commerce and online payments, among others. To stay relevant, businesses must find ways to reach their customers in the digital, fragmented space.

For one thing, the pandemic leveled the playing field for everyone, but having the technical knowledge and ability to adapt and implement the latest tools are the dealbreakers. Start-ups and agencies who have a better understanding of how technologies work for their companies could mitigate the effects of the pandemic.

To thrive in the new normal, understanding cloud technology, having a futuristic and agile workflow, top-notch supply chain management, and preparing for the future of payment methods will make your business thrive.

It’s no wonder that these technology trends are absolute game-changers in business. Set your business for success and start investing in these smart digital technologies that go beyond post-pandemic.

1. 5G

Called the fifth generation, 5G is the latest cellular network technology that follows the 4G LTE connection. Designed to meet the demand for voluminous data and connectivity among devices, the newest generation is set to have the fastest latency or response time over wireless networks. This means uninterrupted download and upload speed as low as 1 millisecond!

Designed to transmit and connect with the Internet of Things (IoT) sensors, businesses can optimize workflow and mobilize operations in their immediate community.

Some of the major usages include a) machine-to-machine communications such as operating closed-circuit television cameras (CCTVs) and motion detector alarms, among others; b) reliable, low-latency communications such as vehicle-to-vehicle communications and safety system; and c) enhanced mobile broadband connectivity for people on the move such as outdoor broadcast applications.

However, not every country is equipped with 5G technology—yet. But investing in 5G-equipped smart tools can elevate your business sense.

2. Digital Payments

With the limits imposed by lockdowns and strict quarantine measures, the future of payment methods came soon. It is estimated that e-wallet transactions will grow to US$13,979 billion by 2022. Users rely heavily on e-wallets as their extended wallet in the digital world to pay bills in real-time or purchase items in e-commerce.

With the rise of transactions in online banking and mobile payments due to e-wallet technology, cybersecurity and identity theft are now a more pressing concern. To protect users and add an extra layer of protection during the transaction, some advancements in technologies are put in place, including biometric verification, contactless/NFC payments, and EMV technology.

3. Artificial Intelligence (AI)

Artificial Intelligence is on the rise, and we can see its uses and benefits in mundane tasks, like keeping customers informed through chatbots, reaching destinations through self-driving cars, or granting access through facial recognition.

Known as narrow AI among researchers, the AI we know today—no matter how accurate they are in function better than humans—can only perform limited tasks.

While there’s still room for research and plenty of doubts on whether it will surpass human cognition and take over jobs in the future, making AI responsible for its course of action should be carefully scrutinized by human intervention to prevent it from going superintelligent.

Some promising applications in AI and machine learning (ML) include hyper-automation, augmented analytics, IoT, iBPM (Intelligent Business Process Management), and RPA (Robotic Process Automation).

4. Machine Learning

With the help of an AI infrastructure in place, ML automates the process of data collection and helps Data Scientists and IT professionals fast-track their work.

There has been continuous improvement in Machine Learning Operations (MLOps) to help simplify processes, manage production learning cycles, and ultimately deploy and maintain operational enterprise ML activities.

Modeled on the existing Development Operations (DevOps) framework, the majority who utilize MLOps include notable tech firms and financial services. Top trends to watch out for include convergence of AI and DevSecOps (Development Security and Operations) in IT Operations.

5. Automation technology

Also known as marketing automation, it speeds up the process of digital marketing activity, whether it is tracking social engagements or following up with your lead generation—it practically makes marketers’ jobs easier. In a fast-paced digital environment where tasks are repetitive, you can do more work in less time.

Marketing automation can help agencies and businesses scale their programs, deliver targeted communications, and measure campaign effectiveness. It streamlines and automates your tasks with a predetermined set of instructions guaranteed to reach your customers in whatever customer journey they may be in your marketing funnel.

As one of the fastest-growing technologies until 2023, according to Forrester’s Marketing Automation Technology Forecast, having marketing automation is a must if you want to scale your business. It is expected to reach a 14% compounded annual growth rate (CAGR) over the next five years.

6. Cybersecurity

With the prevalence of remote work, employees and businesses rely on cloud technology to effectively keep track and manage data. Having a solid infrastructure that can defend your data, privacy, and system is critical, especially now that threats are becoming more innovative, ranging from phishing, ransomware, malware, and social engineering.

A well-executed cybersecurity approach includes having multiple layers of protection across computers, networks, programs, or data. To solidify the defense, both people and processes in an organization must create a unified threat management system.

Thrive in Technology’s New Normal

Technology is available for everyone, but those who thrive know what kind of technology to use and how to maximize it. To streamline business operations with minimal overhead cost and deliver sterling results with global impact is one of the key factors why other businesses manage to scale and grow.

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