A business that doesn’t innovate dies. It gets replaced with a company that has adapted, or one that has disrupted the entire industry. This doesn’t mean you need to update your storefront or change the history and heritage of your business. It means improving its processes.
When technology is used correctly, it is invisible. It is seamless. Customers use it intuitively, and it only enhances the experience rather than being the entire experience. There are exceptions, of course: companies can base their entire business model on being high tech and modern, but these are the businesses that are already keeping up with all the latest technologies.
It is the traditional industries that are falling behind, and while the need for them is still there, it is inexcusable not to innovate.
New technologies offer so many benefits, with these top three being the most prominent:
Hundreds of millions of users have had their information stolen due to a breach in a company’s security. The Equifax Breach in 2017 left 147.9 million Americans vulnerable, and that isn’t even considering the financial impact.
Between 2016 and 2017, there was a 22.7 percent increase, and that number is only going to increase in order to target businesses trying to update their systems for the 21st century. You need to invest in not just the standard technologies, but the upcoming tech that will further secure both yours and your customers’ data.
Blockchain is infamous for its role in cryptocurrencies, but that is not the only application. 2019 and beyond will see blockchain adopted more widely to provide advanced encryption and digital security in all areas of society, from making purchases to voting.
1. Endpoint Protection
Your endpoints (the computers, phones, and devices that are connected to your business’ network) are weak points. They are where a breach will most likely occur. By investing in endpoint protection, you can reduce the risk of a breach.
Speed is essential for a business, but it isn’t everything. Latency, which refers to the buffer between data being sent and the data arriving, are crucial to keep to a minimum for a modern business. With low latency, work can be conducted seamlessly across the world.
Improving and investing in your network’s infrastructure will open up a world of possibilities. At the very least, it improves your employees’ productivity. They no longer need to wait for data to download, but that isn’t where the potential lies.
With the move towards 5G networks and how fast internet speeds already are, you can expand your workforce into remote working. This can save you upwards of $20,000 per employee just by keeping your in-office staff low. You will also be able to hire the best, no matter where they live.
In exchange, employees can enjoy a more balanced working life, live outside of expensive downtown areas, and cut out their long commutes in traffic.
1. 5G Networks
5G networks are arriving and promising incredibly fast speeds and capabilities on the go. It will revolutionise the remote worker’s capabilities and make it easier than ever to stay in instant touch with customers, clients, and business partners around the world.
Improved Business Flows, Customer Service, and Management
The technology that will help you improve your business flow, customer service, and management of all departments within your company. This technology uses artificial intelligence and machine learning to automate processes.
These specialised programs will need to be decided carefully. There are plenty of options out there designed to suit different departments within a wide variety of industries. New software programs are introduced all the time, with the most exciting of 2019 being augmented analytics.
With augmented analytics, everyone can better extract and analyse data, rather than just data scientists. With your data visualised and understood, you could make better decisions about your company and its practices.
- Augmented Analytics
- Machine Learning
- Data Management Software
As a result, it won’t just be data scientists who can extract valuable data, but users whose main job is outside the field of statistics and analytics – which should make all businesses faster and smarter across the board.
Improved Product Development
Product development does not have to be expensive or disjointed. With top technologies of the day, you can better design both in virtual reality and in your office. With augmented reality and advanced processing power, new products can do more than just create the shape of a 3D object; you can run tests on its performance.
3D printing can be scaled up or down as necessary. You can have a small-scale 3D printer in your company that allows your R&D team to print on-site a small example of their new product. Or you can have a larger printing set up that allows the printing of pieces that can be assembled on-site.
This is not cost-effective on a large scale, but it would cut down on processing times during the research and development stage. No longer does your development team need to send off their specifications to an overseas factory and then need to wait for production to occur and the item in question to be sent over.
- 3D Printing
- Augmented Reality
Technology is always advancing. Some innovations are worthless to your company; others would change the game completely. Some still are nice to have but not necessary. It is your job as the business owner to see beyond the trend and investigate the technologies in question. Knowing what to invest in and implement is just as important as innovating.
So be sure to get in contact with us to talk all things IT to ensure that your business is making the most of the technology out there. Here at Rio IT, we know how important it is to not only protect your business but also grow. Our experienced and qualified experts can help improve your productivity and reduce costs at the same time. How do we do this is simple; we find the best strategy, software, or system for you and provide you with managed IT support so you can truly make the most of and keep up with technology.