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5 Tech Innovations That Will Shape The Future Of Business

In a few years time, the technology we think of as modern will already be out of date. The future of tech is evolving at breakneck speed, with us constantly trying to keep up. In fact, every 18 months computer processing speed doubles, and the global AI market is intended to reach almost $90 billion by 2025. There are many new technological advancements in use now that when applied to the business world will be extremely successful. Here are 5 new tech innovations that will shape the future of business.



Drones Will Speed Up Delivery Times Drones are already increasing in popularity for commercial and industrial use. Currently drones are mostly used for military and governmental processes, but the use of drones for retail deliveries is on the rise. Predictions suggest that shipments of drones for Amazon-style retail purposes will reach 122,000 by 2023.


They are currently used for military purposes like delivering time-sensitive packages to difficult-to-reach locations and military bases. The same function has made them increasingly useful in image or data-gathering tasks in difficult to reach mountainous or isolated regions. This could have significant applications for industrial drone use in future.


Drones offer the reduced risk of error, speedier delivery times (as the drone flies) and as the price of drones goes down, better cost efficiency. The DJI Mavic 3 even comes with noise suppressing technology, image sensors for evening or nighttime photo capture, and return-home smart technology.


Drones are currently held back by their flight times, with most remaining in the air for up to 20 minutes, and the longest flight time held at 2 hours. As the tech develops we can expect to see drones featuring in the business world more and more often.


Virtual Reality Will Make The Digital Office Possible

Virtual reality is already a mainstream success in the gaming world, from roller-coaster simulators to fully VR video games. But how will this translate into the business world? The gamification of learning has already allowed the tech to thrive in the education sector, as training videos have been transformed into hyper realistic learning experiences.


The fact the environment is so realistic lends itself well to developing specific skills, like public speaking. It also has a practical function in saving costs on prototype testing and development. While the tech is some way off, think of a driving or flight simulator, and how much more cost-effective it could be to simulate these tests with VR. You’d no longer need to build expensive prototypes, but test them in realistic environments before development.


The digital office is also possible with the evolution of VR. People will be able to meet ‘in-person’ without firing up Zoom, but still remaining at home. Clients could visit a digital meeting room or office without leaving their sofa. The possibilities are endless.



Internet Of Things Will Expand Into The Corporate Sector

IoT technology is on the rise, with smart homes now a term in wide use. Simply put, internet of things tech is a combination of devices that talk to each other - your home thermostat is controlled from your phone, for example. This could have a huge impact on the corporate sector, particularly for supply chain management. Think about how IoT technology could shape the supply chain. You could control the entirety of your chain from your smartphone.


IoT technology is already transforming the way we run our cities. Smart cities are becoming more popular, with warnings automatically fired to technicians if things like traffic lights are down. Cities like Singapore and New York have already made their mark as some of the ‘smartest cities’ in the world for IoT applications.


The applications of IoT in a normal office environment are numerous. From smart furniture to auto-occupancy checks, there are hundreds of ways to make being physically in the office more comfortable and appealing to staff. IoT can also be used successfully for remote working opportunities like smart lighting to prevent eye strain, or smart doorbells for when you’re in a meeting and a delivery arrives.


Artificial Intelligence Will Shape The Future Of Admin

Think of all the time you spend doing repetitive administrative tasks. Whether it’s filing your documents away into folders, or pulling that long-winded manual report every Monday, there’s always those tasks that are necessary but incredibly boring. Artificial Intelligence will allow you to automate these tasks and spend your time on more business-critical and creative items.


Artificial intelligence refers to any tech-related things that process those tasks instead of a machine. That report that pulls in the date for you, the macro that auto-files your documents daily. Artificial intelligence is even influencing factors like documentation preparation, allowing customer information to be pulled into papers for mortgages, marriages and phone contracts. AI is even flourishing in online notary services, reducing the time it takes a human to check sensitive legal documents.


Big Data Will Let Businesses Learn From Their Successes & Failures

Big data refers to the ability to pull analytics and reporting from complex and varied data streams. While the information may have been hidden behind a wall of numbers before, businesses of all shapes and sizes will be able to learn from their wins and losses like never before.


The biggest innovation of big data is that it will take less and less time to synthesize the information, allowing people to see the analytics quicker than ever before. Companies will also be able to save money on data - poor data costs the US economy over $3.1 trillion yearly. Poor data might be the failure to make links between campaigns and successes, or the lack of detail present in a report. But the better the quality of the data, the more likely the economy, and the organization, will benefit from the results it yields.


Conclusion

The tech innovations in development now will save humans time, money and energy in future. While some of this tech is slowly entering the business world, some still need greater development before we see them in our offices. The smarter tech becomes, the faster businesses can develop and grow, without relying on inefficient data, focusing on repetitive tasks or long-winded processes. It’s exciting to see which developments will be available to our businesses in future.





3 Comments


Elijah Koen
Elijah Koen
Aug 29, 2023

As I embark on the journey to register company in Hong Kong, the article feels like a glimpse into the horizon I'm stepping towards. It's like a sneak peek into the possibilities that await me in the world of entrepreneurship. As I navigate the intricacies of my company formation the insights into tech innovations resonate deeply. It's not just about setting up a business; it's about positioning it at the forefront of innovation. Thank you for this insightful glimpse into what's ahead. As I take my first steps into entrepreneurship, I'm carrying with me the excitement of being part of an era that's shaped by these tech innovations. Here's to embracing the future with curiosity and determination.

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Nathaniel Morrison
Nathaniel Morrison
Aug 17, 2022

Great post. I agree that all things in our age is becoming high tech which probably be useful in our daily lives like in business, in managing finances. Nowadays, bank account opening is very convenient because you can now open an account online via online portal which enabling you to avoid physically visiting the bank. By this, you can manage well the cash flow of your business and keep track of your expenses. I believe this can contribute to the success of your business.


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Adam Smith
Adam Smith
May 25, 2022

Thanks for the information. Nowadays, tech innovations has a greater part in the lives of every human. In the filed of business, we can say that tech innovations has many benefits and advantages. I never doubt why e-Commerce or online business is so very popular today. It is hard to deny the power of technology that gives to businesses. We can say that internet is a big market to sell a products, services, and more. But as I know even though this kind of business is over the internet, there is also a legal process to follow for anyone who want to start an ecommerce business but I believe at this age, it is not so difficult to start any…

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