The Top Technologies to Gain a Competitive Advantage in 2019
By this point, you've probably heard about Blockchain, AI (Artificial Intelligence), Cloud Technology and IoT (Internet of Things). But you may be wondering, why are companies flocking to these technologies? How do you know exactly which ones to go with?
Not every company should be rushing to implement a blockchain practice or develop an IoT product, but this doesn't mean their potential should be overlooked either. When introduced correctly, these technologies prove to be very powerful tools for helping your business grow and adapt to an ever-changing market. In this post, we will be giving you a brief look at top technologies of 2019 you should keep an eye on.
Sure, we’ve heard all the bad stuff about cryptocurrencies. Like how you really don’t know how to value them. Or that they sometimes get hacked and millions of dollars’ worth of tokens are stolen.
Each "block" of data is secured and bound to each other using cryptographic principles. Blockchain by design is resistant to modification of the data within it. The appeal to companies are looking to build their own in-house blockchains is because of it's added level of security when dealing with transactional data between multiple parties. In the banking and finance industry, for example, Blockchain is being used to improve trade financing, verification of customers, and improving customer rewards programs.
Considering everything is going digital, it was only a matter of time before this innovation was given serious attention by major players looking to further secure the transfer of data.
AI (Artificial Intelligence)
Companies are using AI (artificial intelligence) to anticipate their customers’ needs instead of reacting to them. When it comes to retail, The Kroger Co. has implemented screens and cameras in their stores that display targeted ads based on a shopper’s age, race, sex, and other demographics. Another example is The Kettering Health Network using AI to reverse disability in patients with new stroke symptoms.
AI is an incredible innovation with the endless potential to improve the lives of people across the globe. The goal of AI is not to replace humans entirely (contrary to popular belief and mad-scientist horror stories) but to develop a system of technology that can learn, demonstrate, and provide the users with quick and accurate information.
For years companies have stored their data on physical servers. These servers take up a lot of room, are expensive to maintain, and do not always have the computing power needed to provide analytics in real time. Time is money, and the quicker businesses can access data on their customers, the more effective their decision making becomes.
Cloud Warehouse services offer you unlimited storage capacity without the clunky hardware and allow for almost instant access to your data. Unicorn companies like Snowflake are enabling businesses like Capital One and Overstock.com have quick access to their data, infinite scalability of their warehouse, and rapid analytics, all working to enable them to become better data companies. Storing your data in the cloud allows your business to become faster, smarter and more adaptable - all while helping you creating happier customers.
IoT (Internet of Things)
You're running out the door, coffee in one hand, briefcase in another trying to tie your shoes, turn off the lights, start your car and get on the road to make it to work on time. That's when it hits you -did you lock the front door on your way out?
Luckily, IoT inventions like August Smart Lock help prevent mishaps like this. This is just one (of many) examples of IoT products in our homes today aimed at improving our quality of life. Consumers are using IoT products in their lives and routines to help streamline efficiency, and businesses are doing the same. IncludeHealth, a startup healthcare company out of Cincinnati, Ohio provides an integrated digital health & wellness ecosystem through cloud software, health informatics sensors, and inclusive equipment. Their Access Strength Machine is an IoT device that collects information on the user such as the number of reps completed, range of motion, weight used, etc. and sends all that information back to a Physical Therapist who then can look at all the data collected by the machine, and determine which workout plan is best for each individual patient. This leads to a speedier recovery and better results for the patient, and the data collected by the machine can be used to make predictions on which physical therapy routines are best to treat future injuries.
Our world is in an age of innovation. New technologies emerge every single day, and in order to successfully stay competitive, businesses will have to keep their software and products up to date, free of technical debt and scalable. Sometimes businesses just don't resources or bandwidth in place to take their product to the next level. Need help with an existing product? Send us a message today!
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