5 Areas of Business Technology That Are Rapidly Changing
5 Areas of Business Technology That Are Rapidly Changing – Danita Doleman
As the field of business technology continues to expand, it can be daunting to know which technologies to invest in. According to Danita Doleman, there are many types of technology that can make your job easier, and these can range from Business Intelligence (BI) to Inventory management to Sales tracking, and even Virtual reality (VR). Here are five areas that are rapidly changing business technology. Read on to find out which technologies are right for you. Once you’ve made the decision to use these technologies, you’ll be well on your way to improving your company’s efficiency.
Business Intelligence (BI)
Business Intelligence (BI) is the application of data science to generate actionable insights from massive datasets. This technology is used in a variety of fields to gain a deeper understanding of business operations. The implementation of BI technologies has proven to be highly beneficial for many organizations, ranging from the government to industry. In addition to improving performance and efficiency, BI can also reduce costs, resulting in competitive advantage.
Danita Doleman – Inventory management
Almost every company has at least some business technology for inventory management. Using such technology can help companies improve order fulfillment, reduce operational costs, and provide better data about their operations. As a result, they can provide the best possible customer experience. Listed below are some of the benefits of using business technology for inventory management. These include: (1) Greater visibility into inventory levels and processes
Sales tracking
While you may be focusing on the day-to-day client interactions, business technology for sales tracking can help you manage your pipeline and make critical decisions. Sales tracking tools help you measure every aspect of a salesperson’s performance and can give you important insights into future sales. Not only can sales tracking software help you boost your team’s performance, it can also boost your bottom line. Here are the main benefits of sales tracking software for your business.
Virtual reality (VR)
VR is a powerful tool for improving the speed of product development and prototype development. 3D simulations and 3D modelling can help reduce the costs of prototype development. VR is also useful for training and simulation experiences, from evaluating design and decision-making processes to high-risk maintenance. But before businesses begin exploring the potential of VR, they must consider whether they’re ready for the technology. The following are some of the advantages of VR for business.
AI
In business technology, AI can automate many tasks, including financial and administrative back-office tasks. It can automate processes such as reconciling a failure to charge a service or extract information from multiple document types. Companies are already seeing results in a variety of industries. One example is the Harley-Davidson motorcycle assembly line, which cut assembly time from 21 days to six hours with AI. Tech giants like Samsung are also planning to convert one of their factories to AI-powered production by 2023. AI-powered systems can also be used to maintain order in crowded areas. They can even recognize criminals and identify suspicious activity using motion sensors.
Blockchain – Danita Doleman
One of the greatest benefits of blockchain technology for business is the security it brings to transactions. Unlike traditional bank accounts and other methods of payment, blockchain transactions cannot be edited or changed. In addition to the security provided, blockchain transactions are end-to-end encrypted, making them nearly impossible to hack into. The speed at which they can be performed is a major benefit as well. Businesses can focus on more important parts of their business with the help of blockchain technology.
NFTs
For example, an NFT can be a promotional tool for a pizza parlor, allowing people to purchase the eponymous pizza for free and display it on social media. It can also be used as a lottery ticket, with the winning ticket earning the holder a year’s worth of free pizza. The idea has been embraced by celebrities. One example is Snoop Dogg, who made his Super Bowl halftime appearance by distributing NFTs. Other examples of NFTs include the NBA Top Shot marketplace, which features highlight clips of prominent players. Even virtual worlds like CryptoKitties, which allow users to collect digital cats, have embraced NFTs.
AI in business
One of the biggest challenges facing AI in business technology is determining the right model to scale. Traditionally, software companies have focused on building products that can scale. But AI businesses typically don’t look like that. They are made up of ongoing human support and material variable costs. They are also difficult to scale. And they feel more like a service business than a software company. Let’s examine the business model that most AI companies adopt.
