These are exciting times. New technologies are transforming the ways that companies do business and giving them the opportunity to engage their customers in more innovative ways.
There have been many recent breakthroughs in a range of technologies, from Internet of Things, Big Data, and virtual and augmented reality. But what are the tech trends that will continue to push business in new directions in 2019?
We have highlighted the three of the most important trends currently shaping the digital landscape so read on to find out more.
Artificial intelligence continues to be thrown into conversations about the direction of almost every industry. And with good reason. AI is everywhere, is advancing rapidly, and if it hasn’t disrupted at least part of a business sector it soon will.
One of the most visible areas where AI is being widely utilised is in chatbots. Customer interactions are increasingly taking place through automated messaging platforms powered by chatbots. These are a low-cost way for companies to engage with customers and it takes place over a text based medium that people are comfortable with.
Advances in AI are also enabling enterprises to generate revenue via Data as a Service offerings. These can be across a whole range of services, with real time financial or geographical data that customers can embed in their websites or apps being just two of the more successful offerings to date.
The transition to cloud hosting has greatly expanded the tech options available to enterprise. No longer do they need to invest large amounts of capital in tech infrastructure and cybersecurity. They can instead safely and securely host services with AWS or any of the other established cloud players. While cloud storage has been available for decades, the cost efficiency of storage and the speed at which data is sent and received from the cloud has improved dramatically. Cloud storage also expands the power of data synthesis as many cloud-based storage solutions offer integrated cloud analytics. This enables access to business and customer insights that are only a click away.
In the past, process automation was mainly limited to complex back-office processes such as financial processing in the banking sector or service provisioning in large telecommunications companies. But the cost reductions that have come with the rapid expansion of cloud computing mean that any number of smaller processes can now be cost-effectively automated.
Many are now leveraging automation to provide faster and cheaper customer service. Companies can generate automatic responses to customer needs and desires. Others are adopting intelligent automation to gain greater visibility into their sales channels and day to day operating models. In other roles it means reducing human input in tasks, which reduces errors and the reliance on humans to do repetitive or mundane tasks.
The spotlight on blockchain might have temporarily shifted last year when the price of Bitcoin dipped. But even as the cryptocurrency market has recently recovered it’s important to remember that cryptocurrencies are just one of a very wide range of beneficial uses of the technology.
2019 will see further moves away from pure cryptocurrency uses for the tech, as companies seek to take advantage of its new ways of managing and protecting identities and data. In the age of seemingly endless large scale hacks and personal data leaks and breaches, this will be game-changing.
Australian blockchain company, Horizon State has developed a blockchain-based voting technology that allows for secure digital ballot box systems for running elections as well as for firms to easily and securely conduct sentiment analysis. Another prominent Australian company in the industry is Power Ledger, which has developed a transparent platform for trading excess energy generated from residential or commercial solar panels.
What the above tech trends highlight is that the rapid evolutions seen in AI and the cloud are transforming businesses no matter whether they are from retail, manufacturing, banking, or digital services. With each new iteration of AI algorithms comes improved performance and services for customers and lower costs and greater opportunities for enterprise.
If you would like to find out more about where transformations are occurring and where you fit in, contact Finite to learn more.
Plus, find out what these trends mean for salaries with our 2019 Australian Technology & Digital Salary Survey.