10 emerging technologies that will change the future of your business. (Part 1)
In this day and age, keeping up or better yet, staying ahead calls for more than gradual change, it demands that you reinvent your business and the direction it is headed in. The key to unlocking this potential does not lie in yesterday’s boardroom discussions but in the emerging technologies of tomorrow. In this blog, we explore 10 emerging technologies that are reshaping the business landscape. From last year’s buzzwords “blockchain” and “the metaverse” to the latest and most groundbreaking technologies of the present and the future: Artificial Intelligence (AI) and Nanotechnology. Are you ready to find out what will help your business grow and innovate consistently? Let’s unlock your potential!
Solving problems the tech-savvy way.
We are living in an exciting time where new technological advancements are constantly being made. Staying up to date and understanding these new discoveries is crucial if you want your business to stay relevant and ahead of the competition. Why is this so important? Many emerging technologies have the capability of transforming how we live, work, and interact, and as such they consistently influence industries, economies, and society itself. They are able to introduce new solutions to old problems, transforming the landscape of possibilities.
This goes for your business as well. By adopting these new technologies, you are able to significantly streamline your operations, while delivering more value to your customers. It is not only about productivity and efficiency, though. These new technologies can unlock the doors to entirely new opportunities for value creation, and enable you to tap into uncharted markets, reinvent products and services and redefine industry standards. Strategically embracing these technologies is key to creating a path of sustained success and market leadership in an ever-evolving (global) landscape.
Throughout this blog you will notice each technology being accompanied by an ‘Emerging Technology Card’. These cards are designed to make the technologies more digestible and include; a short description, 6 criteria to better understand where it can be beneficial or may lack, and a visual of the business model canvas showcasing which building blocks will most likely be affected, accompanied with some common ways the tech can add value for your business.
10 emerging technologies shaping your future business (Part 1):
1. Generative AI.
Generative AI (GenAI) has been the talk of the town due to its general-purpose capabilities across many industries. Gen AI is a subset of Artificial Intelligence powered by large language models (LLMs) and transformers, able to generate text, photorealistic images and even code, by learning from existing data. It is likely that you have used some form of GenAI, think about ChatGPT, a conversational AI created by OpenAI, or one of the many features created with the help of it, like Expedia’s travel planner or Duolingo’s learning assistant.
Generative AI revolutionizes how businesses approach creativity and problem-solving. By automating content creation, from text to imagery, it dramatically reduces the time and effort required, allowing teams to focus on innovation. Additionally, it enables personalized customer experiences at scale, enhancing engagement and satisfaction. This technology also opens new avenues for product and service development, making it a powerful tool for companies looking to be a leader in their industries. Due to this wide range of applications, many companies have already adopted the tech with a study by BCG showcasing a potential time reduction of 22 to 42% across a variety of tasks and industries.
2. Cloud computing.
Cloud computing is transforming the way businesses scale and deploy their services, offering unmatched flexibility and efficiency. It allows organizations to access vast computing resources and storage over the internet, eliminating the need for extensive on-premises infrastructure. This technology enables rapid scaling to meet demand, it fosters collaboration across global teams, and significantly reduces operational costs. With cloud computing, companies can innovate faster, delivering cutting-edge services and products to the market with agility and precision, positioning themselves as leaders in the digital era.
The statistics don’t lie:
- Cloud computing enables cost savings, with 14% of businesses experiencing a 10–20% reduction in IT spending after migrating to the cloud (Statista).
- 60% of C-Suite executives consider security to be the top benefit of cloud computing , before cost savings, scalability, ease of maintenance, and speed (Oracle).
- Cloud computing has helped 65% of respondents reduce their time to market, enabling faster product launches and innovation (IBM).
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3. Immersive technologies.
Immersive technologies, encompassing augmented reality (AR), virtual reality (VR), and mixed reality (MR), are exploring new ways to experience and interact with digital content. By blending the physical and digital worlds, these technologies enhance how we learn, work, and play, offering more engaging and interactive experiences. From training simulations and educational content to gaming and virtual meetings, immersive tech is setting the stage for a future where the boundaries between real and virtual increasingly blur, opening endless possibilities for innovation and engagement across various sectors.
Major tech players are entering the game with their hardware releases and immersive experiences. Check out the recently released Apple Vision Pro or LEGO’s Bricktales VR game.
Want to learn how you can create your own immersive experience using these technologies? Check it out here.
4. Blockchain.
Blockchain technology is revolutionizing the way we think about data security and transactions. It’s a decentralized ledger that ensures transparency, security, and immutability across various sectors. By enabling peer-to-peer transactions without the need for intermediaries, blockchain reduces costs and increases efficiency. It’s not just for cryptocurrencies; it’s being adopted in supply chain management, healthcare, and more. Blockchain is paving the way for trustless agreements and fostering a new era of digital trust and privacy.
Blockchain technology is being used by major companies across various industries. IBM, for example, has implemented blockchain to create transparency in the supply chain , ensuring the authenticity and ethical sourcing of their products. Similarly, Walmart uses blockchain to track produce from farm to store, greatly enhancing food safety protocols. In the financial sector, J.P. Morgan Chase has introduced its own blockchain network, JPM Coin, to facilitate secure and instant payment transfers between institutional clients.
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5. Internet of Things (IoT).
The Internet of Things (IoT) is integrating the physical world with the digital, connecting everyday devices to the internet to collect and share data. This network of interconnected devices enhances efficiency, automates tasks, and provides insights into user behavior. This enables smarter decision-making in industries such as healthcare, agriculture, and smart homes. IoT’s potential to revolutionize how we interact with our surroundings promises a future where seamless integration and communication between devices improve the quality of life and operational productivity.
IoT technology is being embraced by leading companies across various sectors. BMW Group and Ford Motor Company are making strides in the development of self-driving vehicles, while logistics giants leverage IoT for fleet management to optimize operations. Energy companies are deploying smart meters and grids for energy efficiency. These examples showcase IoT’s role in driving innovation and improving efficiency in diverse industries.
Are your curious to the other 5 technologies that will revolutionize your business? Discover it next week! Can’t wait? Read the full blog on our website — here.
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Originally published at https://www.businessmodelsinc.com.
