Top five smart technologies to create a smarter business

By integrating smart technologies into their business processes, firms across the industrial domains can significantly boost their productivity and profitability while achieving higher levels of customer satisfaction.

The growing influence of technology in each and every domain of life is very much evident today. Especially on the business front, firms cutting across product domains and service categories are integrating smart technologies to improve their productivity, elevate efficiency, and deliver superior customer experiences. While businesses today can choose from a range of new innovations, here's a list of the top five smart technologies that are creating headlines owing to their capability to create a smarter business and boost its profitability like never before:

1. Artificial General Intelligence (AGI): You would be living in the woods if you haven't heard of the game-changing potential of Artificial Intelligence (AI). Taking the revolutionary potential of AI one step further is AGI which represents human cognitive abilities programmed in software to help companies perform complex tasks with more speed and accuracy. The technology works on smart algorithms and by converting input data into useful predictions and patterns, it can easily take the effectiveness of business processes to a different level altogether. In terms of application scope, AGI can be applied literally in each and every functional domain of the company. From sourcing raw materials to end consumer sales and new product development to customer relationship management, AGI can help businesses realize improved efficiency and better management of overall operations.

2. Edge Computing: Bringing the computational power and storage facilities near the source of data to speed up processing and decision-making are distinguishing capabilities of Edge computing. The benefits of these characteristics manifest in the form of reduced cost and real-time optimization capabilities. This technology also allows faster processing of data and achieving its integration with other systems and platforms is also a smooth affair. Another important benefit of keeping the data close to the network infrastructure is enhanced safety of the sensitive information which is crucial in the context of rising cyberattacks and online frauds.

3. Blockchain: The game-changing potential of blockchain technology is all but evident. The distributed ledger has literally transformed a range of industries including banking and finance, supply chain and logistics, and the healthcare sector among others. It is also playing a crucial role in strengthening cybersecurity, exchanging information between stakeholders, and securing sensitive information of customers across multiple business sectors. Further, the real utility of blockchain technology lies in its ability to create, communicate, and exchange data between participating stakeholders in a completely safe and secure manner. 

4. Automation: Specifically beneficial for menial and repetitive tasks, automation can help businesses to make more productive use of their human resources. The technology has applications in a wide variety of domains including data entry, transaction processing, invoice raising, and email automation among others. The technology can also be used in ensuring compliance, reducing errors, collecting data, and deriving insights on a range of operational dimensions and performance parameters. The advanced forms of automation including industrial and robotic automation can help manufacturers to produce with improved quality, speed, accuracy, and efficiency. Further, automation helps in bringing down costs by allowing standardization, reducing paperwork, and increasing both customer and employee retention.

5. Quantum computing: Quantum Computing can be easily touted as the next evolution of computer technology. It has the capability to solve even intractable problems and this could prove immensely beneficial for businesses cutting across industries. For example, the optimisation algorithms used in Quantum computing can be utilised to bring down the operational cost of businesses across product categories and service domains. From optimisation of supply chains of automotive firms to reducing the energy consumption of data centres to managing omnichannel delivery of online retailers, quantum computing can help firms to realize elevated levels of efficiency and deliver superior customer experiences.

Smart Technologies have the capability to redefine the future of the business world. These can significantly enhance both functional procedures and operational mechanisms which means firms can realize better productivity, enhanced profitability, and superior ROI. These technologies are also becoming crucial in the creation, communication, and delivery of superior value propositions among target consumers and by allowing real-time collaborations, these inventions can prove equally beneficial for suppliers and partners associated with particular businesses. In sum, smart technologies are creating a win-win situation for all stakeholders, a fact that is proving extremely helpful in ensuring the sustainability of business ecosystems across the globe.

The article has been written by Mitesh Bulsara, Co-Founder & Chief Technology Officer (CTO), CoffeeBeans