3 key digital developments businesses should be embracing today
Digital Transformation is a hot topic in business today. Our previous blog touched upon the need for businesses to work smarter and faster to avoid falling behind in the Digital Revolution that is now upon us.
Embracing technology is much simpler than you may think, and it can help you continue to adapt to the demands of your industry and keep ahead of your competitors.
There are three key developments in the digital economy that you should be aware of and start implementing into your business strategy to ensure you stay ahead of your competitors.
Artificial Intelligence (AI)
AI promises exciting developments in technology for both consumers and businesses, but with this, there is likely to be significant disruption to existing business models across all sectors.
We’re already very aware of AI in our personal lives. We have virtual assistants such as Siri, Alexa and Bixby available on our smart devices that can answer our questions and complete tasks for us.
For business, AI can process and analyse complex data far quicker than a person can, and it can deliver insights to help a business learn and adapt, saving time and resources.
In a report from PWC, it has been estimated that around 20% of jobs will be displaced by AI and related technologies over the next 20 years, and it will create as many due to productivity gains boosting economic growth.
At Aerial Direct, our custom-built CRM system analyses our customers mobile usage and allowances to calculate accurate bills. We also use AI to identify trends in usage, so we can suggest a business mobile plan more suitable, to help our customers save money.
Businesses can utilise AI to work faster and more efficiently. AI is available in many solutions to help you automate processes, gain important information and adapt to changes faster.
Internet of Things (IoT)
According to the ‘Internet of Things 2017‘ report published by Business Insider, it is predicted that there will be a total of 22.5 billion IoT devices in 2021 which is a huge increase from the 6.6 billion in 2016.
IoT is the network of devices, including cars and home appliances, which connect and exchange data. For example, our watches tell our phones how much exercise we’ve done that day and how well we slept last night, and we use our phones to switch the heating on or turn the lights off at home.
In business, we continue to expect our devices to connect to each other. Whether we’re working from home, on the train, or in a coffee shop; we can access our emails, files, tools and even make calls as if we’re in the office.
The amount of money companies are investing in IoT is increasing each year as business owners are recognising that they need to embrace digital developments to stay ahead.
At Aerial Direct’s headquarters, each meeting room has a tablet which is connected to our Outlook calendars, so we can see which meeting rooms are available. We also use smart devices which transmit live vehicle and driver information, so we can update our customers with accurate times, so they know when to expect their Engineer to arrive.
IoT enables us to access information faster, wherever we are, because our devices are all connected and working together.
We’re really excited about 5G. According to O2’s report on ‘The value of 5G for cities and communities’, 5G will deliver unprecedented benefits for people, businesses and cities.
We can expect 5G networks to have a latency as low as 1 millisecond which is drastically quicker than the 40-60 seconds currently delivered by 4G networks. This means that 5G will easily support services such as ultra HD video streaming, large file downloads and VR (Virtual Reality) applications.
There’s plenty to look forward to, although, we’ll have to be patient because it’ll be at least a year before we experience the benefits of 5G. Keep an eye on our blog, because we’ll be exploring more of 5G to find out what else we can expect it to improve for people and businesses.