Adapt or die, as they say. Technology is changing exponentially, whether you like it or not. Let’s take a look at where tech may impact your business.
Never before has there been such constant upheaval and reinvention of business methodologies. With modern business practices in constant evolution it’s imperative for business owners and managers to stay abreast of the massive revolutions changing the face of business if they want to stay in the game.
As air transport transformed the delivery of consumer goods creating the expectation of lower prices and fast delivery times so is drone technology.
Drone technology has advanced immensely in recent years. Amazon’s drone delivery service, Prime Air, is utilising new technologies to service the “last mile”. Combined with Amazon’s focus on expanding its warehouse numbers to service most major urban areas in the USA, drones now provide the online commerce behemoth with an opportunity to deliver products faster than ever before. With plans to expand to Australia, it’s time to prepare.
With a working delivery distance of 12kms, Prime Air can have products in a customer’s hands within 30 minutes. Of course, drone delivery faces many challenges. They can only deliver a single product at a time, and face potential complications with air space legislation. However, as the technology improves and consumer expectations continue to change, drone delivery will become commonplace in many cities and large towns.
Internet of Things (IoT)
The Internet of Things has been a long time coming. A novel concept, the Internet of Things is essentially an internet within the internet – a vast network of interconnected devices that can communicate with each other, offering an array of benefits.
From individual vehicle parts to household whitegoods and wearable technology (such as smart watches), the Internet of Things will completely revolutionise the way humans live their daily lives.
According to analyst firm Gartner, there will be over 26 billion devices connected to the internet by the year 2020. With the growing ubiquity of WiFi in urban centres, this trend will only continue to accelerate.
The benefits for business are immense. From optimising meeting room space (through sensors in the rooms) to monitoring individual parts of factory floor machines, the Internet of Things represents a revolution in efficiency and productivity.
The co-working revolution is already here. However, it is still very much in its infancy. Around the world, start-up hubs and co-working spaces are rapidly recognising the untapped power of a building filled with people from all walks of life.
Major firms are rapidly seizing on the opportunity to take advantage of the benefits of co-working spaces. Suncorp Bank, for example, has a rotating team that works out of River City Labs in the heart of Brisbane’s start-up precinct.
Other large international organisations are quickly following suit. The exposure to novel ideas, rapid pivots of business direction and a conglomeration of intelligence in a single office space provide businesses with an easy source of innovation.
Artificial Intelligence and Machine Learning
If you need any proof of the importance of artificial intelligence and machine learning to the future of business practices, consider the firms investing in it. Google, Microsoft and Apple, long pioneers of significant technological advances, are pouring resources into this frontier of business practices.
The technological singularity is no longer the realm of science fiction. Machine learning will enable major firms to automate their innovation processes. It’s an exponential curve of growth. Artificial intelligence will completely and irrevocably change the way that businesses operate, and the rapid expansion of investment in this area means that benefits are likely to filter down to small businesses sooner rather than later.
From payroll to micro-trading and financial planning, Fintech is rapidly asserting itself as an industry that cannot be ignored. The immense success of small start-ups in this space, such as Brisbane’s Tanda, is evidence of the importance of Fintech to the future of business practices.
Combined with other areas of innovation such as the Internet of Things and machine learning, Fintech stands a strong chance of launching humanity into a new economic era. Beyond the simple improvement of everyday processes, whole new ways of doing business are on the horizon thanks to the rapid increase of investment in Fintech.
The key to staying ahead is staying informed – take advantage of every innovation you can to ensure your business’ longevity.
First published on The CEO Magazine