Accomplishing business competencies is one of the many goals an organization strives for, and while every business operates in a different set of environments, there are some common objectives.
These shared objectives can be called as core competencies which can provide businesses with a competitive advantage and adds value to their venture in the marketplace. Businesses nowadays are thriving and progressing forward through technology.
Hence there is no doubt that many businesses today are heavily investing in information security and new technologies.
According to a recent study by Insight.com, small businesses around the world have been spending on technology ravishingly since 2010. This trend is further verified by a Gartner report where small to medium-sized businesses started with a spending of $534 billion per year in 2011 and grew to reach $686 billion per year in 2017.
In another survey conducted by Brother International Corporation, 62% of business owners of 500 SMBs were found to be using cloud-based services, while 41% had specific plans to introduce IoT and mobile payment systems.
In light of this information, let’s take a quick look at 10 Best Technologies To Improve Business Competencies.
1. AI and Machine Learning
Both artificial intelligence and machine learning are making huge waves in the corporate sector by offering information augmentation for organized data.
AI and ML offer businesses the ability to utilize insights from information-based platforms and deliver data quality improvement along with improvements to open ecosystems.
Ventures can build a data-driven application, deploy analytics, and improve operations continuously through smart and intelligent algorithms.
Some common applications include chatbots, RPA (robotic process automation), and VPA (virtual personal assistants). One fine example is that of Cisco Systems and IBM, which are using ML to create tens and thousands of propensity models for determining consumer preferences.
2. Blockchain
Blockchain as the technology was famously promulgated by Satoshi Nakamoto in 2008 who later implemented it as a core component of the bitcoin cryptocurrency.
By 2018 blockchain was favoured by many business owners for its decentralized and distributed digital ledger for recording transactions. Today we find blockchain being used in numerous capacities by a variety of businesses.
For instance, Wal-Mart currently uses blockchain to implement a food traceability system while Facebook at present is working to build its own cryptocurrency called Libra. Furthermore, we have private and publicly shared blockchains as well as the formation of blockchain consortiums.
BiTA (Blockchain in Transport Alliance) is an example of such a consortium which is also the largest commercial alliance in the world based on blockchain technology. It includes members like FedEx, The Home Depot, and UPS, to name few.
3. Cloud Computing
The on-demand data storage and computing power, cloud-computing is able to offer data centers and computer system resources to many users over the internet. Businesses these days use cloud computing technology to gain access to private and volatile information pertaining to their organizations through compatible devices at remote locations.
Through cloud computing, businesses are able to store the entirety of their information and valuable data on the internet instead of on a computer or server located in a physical office. Some well-known examples of companies making the most use of cloud computing include:
- Apple – adapting, expanding, and managing Siri
- Netflix – more than 1,569 TV shows and over 4,010 movies.
- Pinterest – over 200 billion pins and 300 million users.
4. Cybersecurity
Due to heavy reliance on technology, one basic and most pertinent problematic situation that businesses are facing is the threat of cybercriminal activity. With more than $600 billion worth of damage caused every year in recent years, there is no question regarding the fact that businesses are heavily investing in cybersecurity to keep themselves protected against those with malicious intent.
Some of the best cybersecurity service providers include Cisco, Fortinet, IBM, KnowBe4m, and McAfee, to name a few. Cybersecurity is generally applied by businesses to secure hardware, software, and protect networks as well as other internet-connected systems and devices. At present times they are further being augmented with the help of AI and ML.
5. Digital Workspaces
Another huge trend which has become fairly common for businesses, especially during the coronavirus pandemic is the application of digital workspaces. This allows for the integration of technological frameworks to access their programs and real-time control over their data from any location.
Many businesses utilize similar technologies to conduct and carry out their business operations through employees that have been requested to work from home.
Right now, many companies across the globe are still encouraging their workers to extend work from home culture due to COVID-19. These include the likes of Airbnb, American Express, Coinbase, Facebook, Microsoft, and PayPal, to name a few.
6. ERPs, CRMs, and DBMS
Business software and their integration into specific and detailed business processes have been in use since the late 1970s.
Today we have service providers that offer Software as a Service (SaaS). Throughout the years, we have observed several iterations of business software being commonly introduced and adopted popularly into the mainstream. These include:
- BPM (Business Process Management)
- CRM (Customer Relationship Management)
- DM (Document Management)
- ERP (Enterprise Resource Planning)
- & various procurement and reporting software
Furthermore, we find even small businesses investing in software to boost their operations and productivity. These include Project Management Software like Trello and Asana as well as Team Management Software such as Scoro and Zoho Workplace.
In the SaaS category, we have notable mentions including Adobe, Google, HubSpot, Microsoft, and Slack, to name a few.
7. Employee Monitoring Software
With pandemic still raging on, many companies have shifted to adopt the work-from-home model through which business operations can be carried out while minting safety checks and social distancing.
However, one of the major concerns for businesses is productivity and making sure that business hours are being utilized properly by workers and employees. This is where Employee Tracking and Monitoring Software can do the job for us perfectly. Some of the best options include:
- ActivTrak
- Controlio
- InterGuard
- Hubstaff
- Teramind
- Time Doctor
- Work Examiner
Many of the software allows authorities to look directly into the time spent by their workers on-screen with a capacity to track and record over 1000 smart devices.
Some software can even identify keystrokes, clipboard activities, and provide screenshots directly to the management. Others can also provide additional information such as document activities, websites visited, online searches, and application usage time, to mention a few.
8. IoT Devices
The world is becoming interconnected increasingly through smart devices. We have now got Internet of Things for almost every type of workplace and home-base use possible.
From smart coffee makers, printers, locks, internal surveillance, to Bluetooth powered smart speakers and office assistants, and the IoT are flooding the personal and professional circles.
Moreover, studies reveal their popularity for common use to rise continuously in the future as well. The sharing of information and communication between devices has opened new doors of opportunities and businesses to explore. Some of the best IoT devices for business use include:
- E-Reception Book
- Lenovo ThinkSmart View Microsoft Teams Display
- TileRec Mini Voice-Activated Recorder
- TimeFlip2 Interactive Time Tracking Device
- Winston Online Privacy Device
9. Internal & External Communication Technology
Who can deny the fact businesses are fueled by crystal clear communication? Whether we are running a B2B, B2C, C2C, or any other business model, communication between internal and external customers takes top priority.
Businesses nowadays communicate with stakeholders and other members of their community through various means including teleconferencing tools, email, social media, proprietor website, smartphone applications, and much more. Some great examples include Zoom, Skype, WhatsApp, Facebook Messenger, GoToMeeting, to name a few.
10. RPA (Robotic Process Automation)
The use of industrial robots was observed since the 1960s when they started being utilized in American automotive factories.
Today business automation is being achieved through RPA where robots, along with suitable software as a platform can be interconnected to deliver business operations without rest. This is also referred to as software robotics.
Amazon has achieved a tremendous amount of warehousing automation through this process as well as Alibaba Group of China. Some of the best companies offering RPA include Automation Anywhere, Blueprism, Softomotive, and Uipath, to name a few.
Conclusion
We are currently living in an era where technology is rapidly being evolved. With the passage of time, emerging technologies like 5G, nanotech, and 3D bioprinting along with AI and ML are set to become more common in use and be refined further to reach new heights.
This will eventually provide businesses with the opportunity to search for a new mean of gaining competencies and reach an even higher level of self-efficacies. For more questions regarding the topic, please feel free to leave a mention of your query in the comment section below.
Author Bio
Amanda Jerelyn currently works as the Content Executive at Assignment Assistance. This is where higher education students can request professionals to do my coursework UK to acquire specialized assistance for their subjects and topics. During her free time, she likes to practice mindful yoga.
