From 3D printing to wearable tech, there have been incredible advances in technology over the last decade.
These innovations have transformed how businesses are run. Many companies who haven’t caught on to the tech age are falling away. For most of them, they attempt to catch on too late.
As the new decade beckons, you can’t afford to miss out on the innovations that are bound to change the arena of business.
Here are four innovations you should keep tabs on as 2020 approaches.
5G Technology
Across the tech world, they have been ravings about the impact of 5G technology. According to a study by Qualcomm Technology, 5G tech is expected to create 22 million jobs, and to add $12.3 Trillion of GDP by 2035.
5G is bound to replace fixed wifi and to make business function faster and more effectively. Whatever business niche you are in, you can begin to look at how 5G tech can help deliver better services to your clients.
The Access Economy
Uber. Airbnb. What do these tech behemoths have in common? They are companies using the concept of access/sharing economy. Such companies, taking advantage of peer-to-peer networks and online platforms, have upended the way businesses are traditionally conducted.
For innovative entrepreneurs, the access economy provides the perfect platform to run business in a cheaper and faster way. It also allows for new products and services without crippling overhead costs. Crowdsourcing, server/cloud sharing, office sharing, etc. are just a few ways businesses can take advantage of the access economy. Take a look at your company. How can you plug into the access economy?
Digital Faxing
Faxing is as crucial as ever. While there have been several file-sharing innovations, nothing can entirely replace faxing as of yet. For instance, if your business seeks to work globally with countries such as Japan and Israel, you are bound to use faxes.
Many top organizations, such as the CIA and many medical institutions, still employ faxing for sensitive file transfer. It is one of the most secure and hacker-proof systems available today. Many have ditched traditional fax machines because of problems like paper jams, busy signals, and wrong deliveries. Welcome, the digital fax.
Faxing online has made faxing easier, faster, and more convenient. The digital fax revolution is here to stay; join the gang.
Blockchain
Sure, there have been ups and downs with the introduction of cryptocurrency. However, Blockchain, the technology underpinning cryptocurrencies, remains robust and unfazed. Blockchain is a distributed database that is shared over an extensive computer network. Experts at McKinsey and Company believe Blockchain will change the world of business.
Blockchain has yet to clear the regulations hurdle in some countries. However, the technology is increasingly being adopted by several businesses across the world. The technology offers security, accountability and has benefits for administration and management, human resources and advertising and marketing.
In Conclusion
Too many businesses have been caught napping by the technology revolution. Your job is to make sure you are not the latest victim. That is why you should always be on the lookout for innovations that are likely to upend traditional business practices.
This article lists and expounds on four key tech trends that are likely to have an impact on business practices. From 5G networks, blockchain technology, access economy, and digital faxing, there are several technologies that you should keep tabs on.
