3 Technologies That Will Shape the Way We Will Do Business in the Next 10+ Years

The demand for technology risk advisory services is increasing as more businesses recognize the importance of preparing themselves for the digital transformations coming their way. To understand why these services are significant, read on for the three technologies that will shape the way we will do business in the next 10+ years.

1. The Internet of Things (IoT)

IoT is the term given to the increasing number of "smart" devices and objects connected to the internet. It already plays a significant role in the way that we work and play as these IoT devices are continuously collecting and transferring data which, in turn, is increasing the growth of Big Data and AI. For this reason, it is clear that IoT will continue to change the way we do business over the next decade. With the increasing amount of data connected as a result of IoT, organizations will have to reevaluate how they manage and analyze the data they are receiving. Furthermore, if they want to stay competitive and reap all the benefits of this increased data, then businesses will have to learn new ways to understand this information and the trends that go along with it. For this reason, you can also expect to see new or expanded positions for data analysts and strategists. Moreover, with the rise of the IoT, we will start seeing an increased number of "smart places" – such as homes, offices, and whole cities – that are connected (and smart).

2. Robotics and Automation

Undoubtedly, one of the most significant changes that the business world will encounter in the next 10 years is the increased presence of robots and automation processes. Across all industries, these technological innovations have the potential to change how business is conducted entirely. Already, firms around the globe have started to utilize robots for replacing labor as every organization has services or repetitive processes that can be performed through automation. For those running companies, automation is likely to change the focus of your operations as the technology optimizes your end-to-end supply chain. This means that companies will want to focus on getting products to their customers quicker than the competition, rather than competing over the best prices. Furthermore, automation can also assist you in providing better customer service as employees can spend their time focused on the customer experience rather than back-office functions. By utilizing robots, you can expect to benefit from enhanced operational efficiency and productivity, cost savings, and more effective customer personalization. In addition, your employees will be able to work in a safer environment without spending time on tedious work. In order to appropriately prepare, you want to ensure that you are spending time analyzing your current processes and workflows to discern what would be the most beneficial to automate.

3. Blockchains and Distributed Ledgers

Blockchains and distributed ledgers are already making an impact in the business and finance world, which will only continue to be the case. Not only are they revolutionary in the fact that they exchange value, but they are also an incredibly secure method of storing and verifying data. For these reasons, these technologies will likely revolutionize various aspects of business, particularly by facilitating more trusted transactions. By elevating the level of trust and reducing the friction between parties, blockchains and distributed ledgers are effective in streamlining processes and operations. For example, you can utilize smart contracts to administer business agreements automatically. Blockchain can simplify payroll – particularly if your employees work across countries or if you have an offshore company formation in the UAE – and will make it easier to verify credentials presented by potential candidates. You can use it in marketing, sales, human resources, legal, and (of course) operations. Furthermore, as cryptocurrencies are decentralized and the fees associated with transactions are modest, smaller businesses and start-ups can use it as a capital providing tool. This is set to have a notable impact on the business landscape as the quicker and easier it becomes to acquire capital, the more new projects and initiatives will be launched.

Final Thoughts

These technologies (plus several more) are set to completely change the way that the world operates, which is exciting and incredibly daunting. If your business will make the most of these digital transformations and stay ahead of the competition, you need to ensure that you are preparing yourself appropriately. One of the best ways to do this is by working with a firm offering technology advisory services such as digital transformation strategy, data analysis advisory services, and information security audits. At MBG, we offer all of these services plus a lot more. If you are ready to position yourself to benefit from the ever-evolving digital landscape while also reducing the challenges associated with digital transformations, reach out to our team of digital experts today.