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We are living in an era where technology has been rapidly increasing year after year. It has gotten to the point where just about every aspect of our lives has been upgraded with technology in some way. Technology has even changed how we work. A report from the 2017 State of Telecommuting Report declared that 3.9 million U.S. employees worked from home at least half the time, which has greatly increased from the 1.8 million U.S. employees in 2005. Another common trend today is that most of us use internet banking to pay for everything from utilities to online loans.
Most businesses have kept up with the tech trends to be on board with the change to give them a greater outreach with their products and services. Many businesses have reached out to companies like Elinext developer in order to have their own mobile apps, augmented reality, SAAS to push them ahead of the competition. However, this only helps so much before you have to adopt newer technologies for your business.
Today, we will briefly look at the newest technologies that setting trends for the business industry, and how you can take advantage.
New Technologies for Businesses to Adapt To
Many people think of Bitcoin when referring to blockchain as it was the first cryptocurrency to come out. However, consumers and businesses alike are still tripping over the language of what blockchain technology really is and does. Breaking it down to the nuts and bolts, blockchain is similar to the World Wide Web, where its main protocol is used on the internet to build applications.
For businesses that want to get on board with blockchain technology, smart-contracts are becoming a game changer. Smart-contracts are self-executing contracts that avoid 3rd party interventions like that of lawyers allowing businesses to lower costs and gain accountability with security. Businesses can also use blockchain for payment solutions allowing easy transfers of large payments with high levels of security with little fees.
Promoting Influencers through Social Media Tipping
It’s been said that influencers have the highest leverage traffic source on the internet. The reason behind this is an influencer’s relationship with their high amount of fans is one of the strongest referrals you can get as a business.
Social media has been around for the last decade now and has been used as a major marketing tool for advertisers from Instagram, Twitter, and Facebook, among many others. However, over time everything tends to get stagnant and social media is getting to this point.
The great news is there has become a recent acceptable way to create advanced enjoyable content through that of social media tipping. One of the leaders in this development is Reddcoin, who encourages its users to contribute micro-payments to influencers/contributors, which opens doors for people to get involved more often with more motivation. There is a lot of room for businesses to participate in this social media tipping platform as it could open up a new avenue of advertising and marketing.
Machine Learning for Business Data Analytics
There are currently some businesses that are using machine learning when it comes to data analytics, but many businesses tend to be slow to adopt this new type of technology. However, many businesses are missing out on what machine learning can offer in terms of their business data. Currently, the traditional model of business data analytics is like a horse and carriage versus machine learning, which is like a fined tuned hotrod. Machine learning has a lot to offer businesses that include:
- Analyzing and taking care of tedious tasks like tech support, customer service with automated processes that study natural language processes
- Tracks business client data in real time
- Analyzes market trends using predictive analysis
- Intercepts risk and fraud potentials
- Creates dynamic pricing
Businesses are encouraged to take advantage of machine learning now to use the predictive analysis to get ahead of their competition. This could dramatically lower costs while increasing future profits.
The business world is continually changing with new technology coming out consistently. However, if you want to stay ahead of your competitors, it’s a good idea to stay with what’s trending. With great ideas come new prospects and getting in on a new trend early can help your business to prosper.
Ryan Yarbrough is a small business consultant, speaker, and the manager at Davis Financial Services, a small business consulting firm.