According to Matt Davies Stockton, using the latest technology for your business isn’t just a nice-to-have initiative anymore. The latest tech trends can have a big impact on your business. Some of them need to be adapted as fast as possible so that you aren’t driven out of the market by your competitors. Let’s check out how business can be enhanced with the latest technology.
1. Artificial Intelligence – Artificial intelligence along with machine learning have been hot topics for over a decade. AI bots are always making big impacts on the stock market. According to one firm, AI trades comprise almost 80 percent of all trades in the US stock market. AI has also been controlling ticket prices for concerts and the travel industry for years and recently it is being widely adopted by the insurance industry for more accurate risk assessments and for improving insurer pain points.
However, that’s for big players. In the last few years, AI chatbots, artists, and graphic designers have become accessible to regular people and can help small businesses in a big way. For instance, you can create a stunning and professional logo for your brand with a few prompts to the MidJourney bot for a fraction of the amount you would have paid to a professional logo artist. Similarly, AI can also help train and design your own voice assistant for customer support and deliver personalized customer experience.
2. Employee monitoring software – With two years of pandemic-induced home working and news of new infections and super spreaders, a lot of employees are still hesitant to return to their regular office environments. That’s why HR tech has also evolved and has enhanced employee monitoring software. This tech can be used to insight into the productivity of your employees and allows you to have granular oversight of their work.
While picking employee monitoring software, make sure to look for features that allow you to spot ineffective working practices and allow for mobile device coverage as well. Employees will have mixed reactions to such software. Some may see it as being over intrusive while others may see such tech in a positive light since their hard work is more likely to get recognition. Either way, this technology is very effective and essential in this changing landscape.
3. Data visualization – Data sets may seem like an alien language if you aren’t a data scientist or a skilled mathematician. However, with modern data visualization tools, you don’t need to hire a data scientist and can have this technology even if you are a medium enterprise. These tools take tons of raw data and turn them into patterns and actionable insights that can be applied to your business.
Matt Davies Stockton suggests that you follow the latest tech trends and assess if they can be used by your business for increasing your revenue or for leverage over your competitors. If you can identify new technology that could disrupt the market, it’s best to adopt it as soon as possible.