Few decades ago, reaching the moon was beyond imagination. But not today, because technology has completely changed the world and made it possible. Technological inventions were revolutionized in the 18th and 19th century with the steam engine, the telegraph, fiber optics, typewriter, sewing machine, etc. Later, it changed the way we communicate on a real-time basis with telephone, radio, and internet.
Innovations in nanotechnology, biotechnology, and information technology are already helping to solve challenges that occur in these sectors. Through the breakthrough innovations in health services, technology has been able to improve the lives of poor people in developing countries.
Manufacturing field is increasingly being automated and technology driven. Advanced technology and systems such as automation, nanotechnology, cloud computing, the Internet of Things, and others are changing the face of manufacturing to improve business technologies. So, the adaption of technologies in work will revolutionize the way it was in the past in the field of manufacturing as well.
Let us see how trends in technology are changing businesses.
Internet of Things: IOT has begun to change the world around us. It allows the businesses to access their information virtually, creating a flexible and global way of accessing data, any place, and any time. It reduces the cost by maintaining IT system, rather than purchasing expensive systems and equipment. It also allows employees to be more flexible in work practices. Let us see some fields where IOT must be adapted.
Healthcare: Hospitals and other healthcare facilities are largely paper-based industry. The pen and paper approach is still followed largely around the world. Patient’s record sharing is still done in the traditional way which is time-consuming. Whereas, real-time monitoring via connected devices can save lives in an event of a medical emergency. IOT devices collect and transfer health data and are stores in the cloud. These data can be shared with a physician or a health firm, in order to allow them to look at it, regardless of their place, time or device. Therefore, in an event of an emergency, patients can contact a doctor who is many kilometers away with a simple smartphone.
Fleet Management: Fleet operators spend a large amount of time, money and resource in maintaining the safety standards and resource in maintaining the safety standards and operate at the desired performance levels. Through various sensors, fleet companies have access to a vast amount of data. This information can help the company to make real-time quick decisions for instant improvements. In fact, these insights can help in effectively managing the overall supply chain. Undoubtedly, IOT has set to become the backbone of the fleet management industry.
Public Transport Management: In today’s major cities at rush hour, getting to and from work is a nightmare. Imagine a world where not only the cars are smart, but also the street and traffic lights. Public transportation systems like trains and buses are connected to individual’s smartphones. This will help to know the exact time to leave the houses accordingly. In smart cities, passengers are already enjoying Wi-Fi and USB charging stations on public transportation. Overall, IOT already started affecting the aspects of our life.
Renewable Energy: Will you like earning money on reducing the use of electricity? Thanks to IOT energy-saving tools, you can significantly decrease the numbers in your bills. IOT energy solutions are sensor-based technology. It analyses weather and environment condition, helps automate the management of wind farms, optimizes maintenance and thus reduces the cost dramatically. People (both households and companies) get a better understanding of their usage habits and adjusts them accordingly. These system collects data on electricity consumption in real-time and helps generate important insights for environmentalists, researchers, and conservation strategists. Thus, installing IOT smart energy device can join the environmental initiative, cut down on energy consumption and lessen the greenhouse effect.
Agriculture: The global population is set to touch 9.6 billion by 2050. So, to feed this much population, the farming industry must embrace IOT. Smart farming based on IOT technology will reduce waste and enhance productivity. Ranging from the quantity of fertilizer utilized to the number of journeys the farm vehicles have made. In IOT based smart farming a system is built for monitoring the crop field with the help of sensors and automating the irrigation systems. It is highly efficient when compared with the conventional approach. Thus, with the population growing rapidly, the demand can be successfully met, if the farmers implement agricultural IOT solutions in a prosperous manner.
Blockchain Technology: Blockchain technology is changing the way we do our day to day businesses. Companies are starting to work with Blockchain technology because it gives you privacy along with it is transparent. Let’s see how blockchain can help to deal with business.
Smart Contracts: Contract is where consent of the parties is involved to agree and interact with each other. Blockchain technology helps to guarantee the validity of a transaction through a secure validation mechanism. Industries and institutions are heavily reliant on contracts, such as insurance, financial institutions, real estate, construction, entertainment and, law. A smart contract helps formalize the relationships between people, institutions and the assets they own. They eliminate the need for trusted third parties and are self-verifying, self-executing and Tamper resistant.
Blockchain will be an important part of our financial and technological digital future. It is one of the incredibly creative inventions that technology has ever seen. So how we use it is up to us, it could indeed transform the global scenario.
Technology and changing trends in businesses is not something which is going to happen in the future, it is happening right now. It has already started affecting a lot of businesses. So businesses have tremendous opportunity to benefit from such technological advancement. There is no doubt that technological innovations are largely followed all over the world and it will revolutionize the businesses.