Emerging technologies have always played a major role in how business is done. However, today’s emerging technologies are primed to shape the future of business in ways that, until now, were unimaginable, according to Scott Crockett of Everest Business Funding.
Some of these technologies, such as artificial intelligence, blockchain, and augmented reality, have transformative potential for entrepreneurs and businesses.
Below, Scott Crockett discusses how these emerging technologies are revolutionizing entire industries and how you can leverage them to stay competitive.
AI is perhaps the emerging technology that is talked about the most- in good and bad ways. While AI may spark fears of computers taking over the world, the technology is being used in many practical applications today.
AI is becoming omnipresent in business, from virtual assistants to chatbots and more. The reason is that the technology provides an outstanding way for businesses to reduce costs while actually increasing efficiency.
This is mainly done through automation. Powered in part by machine learning, AI can analyze complex data sets and make on-the-spot predictions in ways the human brain simply cannot.
You can integrate AI into your operations in many basic ways, no matter what industry you’re in. Start with some smart software systems so you can get comfortable with the technology and what it can do for you.
Blockchain is often associated with cryptocurrency, but it’s much more. Crypto uses blockchain technology to transfer value and store data online very securely.
It’s also decentralized, which means that no central authority controls access to the transactions or information. Instead, any user can access the information on it anytime they want.
When you look at it from this angle, it’s easy to see how blockchain technology could help to manage a supply chain that might require multiple entities to access information in real time so they can input data and make updates to new orders, inventory, payments, and shipments.
Businesses in all industries can use blockchain technology also to transact payments, share records, and manage contracts — all in an ultra-secure and transparent way.
Virtual reality gets a lot of attention in certain industries, but its cousin, augmented reality, could have even more potential for a wider set of businesses. While VR is a completely made-up world, AR is a mix between the real and the made-up.
According to Scott Crockett, one industry that has already utilized AR quite well is retail home goods. Big box home stores such as Ikea allow customers to find a product through an app and then see through their smart device how it might look in the room where it would be placed.
Using AR in this way helps Ikea and other stores like it boost their customer experience. It’s almost like they are able to take the products for a test drive in their home.
AR apps can be used to help increase CS to improve your brand awareness and showcase some of your products. You can also use the technology to improve your employee onboarding and your manufacturing processes and ensure safety around the workplace in creative ways.
About Scott Crockett
Scott Crockett is the founder and CEO of Everest Business Funding. He is a seasoned professional with 20 years of experience in the finance industry. Mr. Crockett’s track record includes raising more than $250 million in capital and creating thousands of jobs. Scott has founded, built, and managed several finance companies in the consumer and commercial finance sectors.