5 Emerging technologies that will transform the future of business

5 Emerging Technologies That Will Transform the Future of Business

92% of workers say having the right technology to help them work efficiently directly impacts their job satisfaction. Therefore, it comes as no surprise that businesses are the first in line to adopt exciting new technologies. With the rise of the Fourth Industrial, the world has been exposed to innovations. We are going to unpack 5 emerging technologies and explore artificial intelligence, blockchain technology, virtual reality, augmented reality and 5G wireless networks. Many of these technologies are already being implemented in our 9 to 5, but how will they develop over time, and are our jobs at risk?

Whether you realise it or not, we are currently in the midst of a technological revolution. The Fourth Industrial Revolution, or 4IR for short, started taking ground in 2016 and is predicted to be the turning point for mankind as we know it. Simply put, 4IR is known as a technological change that merges our physical, biological, and technological worlds with the use of advanced technologies.

Let’s have a look at 5 emerging technologies that are taking the world by storm, as we speak. Artificial Intelligence (AI), Blockchains, Virtual Reality (VR), Augmented Reality (AR) and 5G Wireless Networks.

What is the Fourth Industrial Revolution:

1. Artificial Intelligence

We feel it’s only right to start this list of 5 emerging technologies with the latest and arguably the most widely discussed topic of 2023, Artificial Intelligence. With so many recent breakthroughs, this progressive technology uses computer systems and machines to perform tasks that are usually performed by human intelligence.

From sales and marketing to accounting, Artificial Intelligence is already being implemented in so many different business operations today. This is mainly done through automation. Things like AI-generated email campaigns can give thorough feedback by monitoring clicks, engagement, and customer markets. In the customer support space, AI can detect the tone and purpose of a message sent by a customer and send it to the right customer service teams. And lastly, AI can help out financially by performing repetitive tasks such as entering data, reconciling accounts, and tracking price changes. All these processes give companies a competitive edge, save time, and increase productivity.

While AI has mastered many business tasks, it still struggles to perform ‘commonsense’ tasks. These are cognitive tasks that we do every day without much thought but are difficult to programme into a machine. However, as time goes on Artificial Intelligence will only become more sophisticated and powerful. For example, the driverless car was seen as an impossible task five years ago. Their processors were too slow to make the automated experience possible. But with the use of graphic processing units (GPUs) they’ve transformed into the reality that they are now.

So how will Artificial Technology develop in the future? Only time will tell, but we might not have to wait that long. The field of medicine is extremely data-rich and can therefore utilize AI to help doctors determine diagnoses, monitor a patient’s health remotely, and give treatments that are personalized to their specific needs rather than going off of generic textbook answers. Another example is in the field of logistics. AI could predict the exact inventory requirements of vendors, therefore, knowing how much to stock and cutting down on overhead costs by using optimal routes.

2. Blockchain

Over the past few years, blockchain has gained popularity and become more user-friendly. With this in mind, it’s important to learn more about this technology to make sure you’re ready for what it brings in the future. Blockchain is an advanced database system that acts like a ledger. This records and tracks assets in a business network. These assets may be tangible like a house, money, or land or they can be intangible such as intellectual property or copyrights. This means that anything that can be tracked or traded can be a part of a blockchain network. Ultimately, this technology helps to reduce costs, deliver information at a faster rate, and limit risks.

To illustrate this idea, think of purchasing a car. Once you have bought the car, ownership gets transferred to you. After the purchase, you and the seller could individually document your monetary transactions. However, neither source of documentation could be trusted. The seller could claim that they haven’t received the money from you even though you have sent it and you could claim that you have sent the money even though you haven’t. For legal purposes, a third party needs to be involved. This can complicate the transaction and if the central database is ruined, disaster could ensue. To make this process a lot easier, blockchain technology creates a decentralized, risk-free system to record transactions. As data comes in it is saved as a block of data, this is then chained to the previous block of data and is stored in chronological order.

Currently, businesses use blockchain technology to send and receive payments, share records in a secure way, and for supply chain management. Looking to the future, it’s been predicted that blockchain technology could be used for cybersecurity. This could prevent data tampering, secure valuable data, and verify the authenticity of files. Unsurprisingly, we could see the rise of blockchain technology in financial industries. Cryptocurrency has risen in popularity over the last few years because of its ease and global appeal. In 2021, El Salvador became the first country in history to use bitcoin as a legal tender. It’s just a matter of time before other countries decide to join in on the craze.

3. Virtual Reality

Virtual Reality has been around for a lot longer than you may think. The term was coined in 1987 when Jaron Lanier created the ‘Eyephone head-mounted display’ and the ‘Data glove’. These days, virtual reality has been implemented into many facets of our everyday lives. Virtual reality is known as interacting with a simulated 3D environment that is represented in a way to create a new reality for its user. This environment is created by using computer hardware or software and often involves wearing helmets or goggles in order to interact with this new reality. The more immersive the environment is, the easier it is for the user to accept it as real.

But how is this being used in business? VR has significantly enhanced the training and development space. Simulated realities train workers on how to act in specific situations. This brings these experiences to life rather than relying on the knowledge given in textbooks. For example, VR gives medical workers the freedom to train without endangering real-life patients. Tradesmen can work on practical skills without using live electrical wires. In addition, VR has also improved manufacturing. Engineers can use VR for the modeling stage of car manufacturing. This makes the process easier and faster to implement.

So where is this technology headed? It is predicted that virtual reality could greatly enhance the working-from-home model. More workers could work from the comfort of their homes while still being able to collaborate and communicate effectively with their coworkers ‘in the same room.’ Another possibility is the opening of virtual shops. Customers would be able to walk up and down the aisles and physically see what they are buying. Fancy a cycle through the streets of Amsterdam? With virtual reality, you can. Going to the gym could become a form of entertainment rather than a chore with the freedom to choose which environment you’d like to work out in.

4. Augmented Reality

Number 4 on our list of 5 emerging technologies which is considered a digital twin to virtual reality, is augmented reality and has also been making strides in the working world. Augmented reality differs from virtual reality as it uses real-life environments but adds layers of generated perceptive information on top of it. This involves sensory stimuli such as visuals, sounds, and more. The main goal is to add to the user’s current environment or give them further information about it.

Businesses have jumped on this trend for its various benefits. AR can educate customers, create engaging content, and help them make better purchasing decisions. Toyota and Hyundai use AR to showcase the key features and innovative technologies of their cars. Walgreens uses it to help customers navigate to the aisle of their choice. IKEA has used AR to give customers an idea of how their furniture would look assembled in their homes without having to take measurements.

The possibilities for this technology are endless. One such development that has gained momentum is the Metaverse. This new technology will resemble many of our current everyday activities. This will give people the freedom to travel to different countries, trade goods and services and socialize with other people all from the comfort of their homes. AR could develop in other ways too. AR could be used to enhance experiences with brands. It could be seen on packaging, street signs, and gaming apps. In the retail space, customers could start visiting ‘virtual shops’ and actually try on items of clothing before choosing to buy them. The shopping experience could become completely customisable by allowing customers to change the design of their shoes or get suggested items closely linked to their individual tastes.

5. 5G wireless networks

Out with the old, in with the new. 5G is the new and improved mobile network of the future. Before long 5G wireless networks will connect everything you can imagine, devices, machines, and objects. 5G differs from its predecessor 4G by using networks that are software-based and highly visual. It is predicted to be about 100 times faster than 4G and has faster connectivity, lower latency, and greater bandwidth. The main attraction however is that they utilize cloud-based technologies. This means that users aren’t restricted by using either mobile data or WIFI but can rather roam around fully connected all the time.

Perhaps the most beneficial trait of 5G is that it enables speed and responsivity between devices. This has paved the way for driverless cars to make better and safer decisions. This is also true for industrial robots found in shops and medical devices used for surgery and screening. Ford and Mercedes-Benz have already started harnessing 5G to make their facilities into smart factories. This is used for data linking or product tracking on their assembly lines among other things.

With 5G technology moving more and more into the mainstream it’s becoming possible for other technological advances to take over. 5G would allow more robots to take to the assembly lines of factories and drones to take to the skies for last-mile deliveries. Cars would be able to communicate with each other to detect and prevent accidents. Cities could become smarter and more automated, and VR and AR could reach their full potential.

Will these 5 emerging technologies and others take over our jobs?

These 5 emerging technologies along with many others have the primary goal of making our lives easier. But with so much automation infiltrating our lives, will this push many jobs out of existence? This has become a major point of contention for many people and the answer isn’t clear.

While this is an inevitable truth that certain jobs will become redundant, many argue that new technologies will make way for new job titles. Professionals have predicted that this could happen in the next five to ten years. But which jobs will be the first to go? Built In states that jobs such as insurance underwriting, manufacturing, research, data entry, and long-haul trucking are a few on the list. This has been labeled under ‘Any job that can be learned.’

In the creative space, AI technology has already shown huge advancements in writing copy and producing customisable artwork. While robots are unlikely to match the creativity of humans, AI is being used to benefit in certain areas. Open AI’s: Chat GPT and other similar chatbots are ideal for generating ideas and writing repetitive copy such as emails, social media captions and customer service. In some of these cases AI can be used to write the first draft that is later edited by humans. In this instance, AI can be seen as a tool instead of a threat.

Next Steps:

With so many technologies being at the forefront of the future it’s important to make sure you don’t miss out. That’s why getting involved in the Information Technology industry in 2023 has become more attractive than ever. Luckily, we offer a range of IT qualifications and courses to set you up for a long-lasting career in tech. Learn the basics with our Information Technology: End User Computing Qualification. This IT course focuses on perfecting the theoretical and practical elements needed within the End User Computing environment. Reach out to one of our representatives today to find out more about these exciting courses. Your future in tech awaits!

5 Emerging Technologies That Will Transform the Future of Business