Paper Example. Technology and Its Impact on Business and Companies

Published: 2023-03-07
Paper Example.  Technology and Its Impact on Business and Companies
Type of paper:  Essay
Categories:  Business Information technologies Artificial intelligence
Pages: 7
Wordcount: 1725 words
15 min read

Modern society has been revolutionized by digital technology with human beings adopting various forms of technology to perform individual and business operations (Callinana, np). The reality of the matter is that there are nations whose citizens do not have running water and other essential amenities, but they own smartphones. Companies today are getting a firm grasp on how to utilize digitalization to maximize their brand awareness and grow their businesses (Technology Engagement Centre, 3). Business operations have been transformed from the brick and mortar operations to more digitalized activities. Technology has made it possible for companies and businesses to run more effectively and efficiently with minimal power, thus reducing overhead costs. Some of the benefits that technology has brought to businesses and companies include close connections with suppliers and customers (Andre Cavalcante, 386). Executives are now relying on software programs to organize their information and ensure the continuous running of the business. Other features that have been useful for businesses and companies since the booming of technology include time tracking, management of finances, storage of documents, and access to complex databases. Therefore, technology has helped companies to create affordable, customer and business environment solutions (Technology Engagement Centre, 5). Nevertheless, technology is continuously developing and upgrading, and advancements have a great influence on business operations. Significant changes in technologies such as automation, Quantum Computing, loft, robotization, machine-to-machine learning, and digitalization are going to change the way businesses and companies run. Therefore, business operations, leadership, and management will be transformed by future trends in technology.

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Multiple companies and industries have been relying on technology to gain great insight and make better and informed business decisions. The technology has been identified as a top strategic initiative in 2019 by leading research firms such as Gartner and Forrester. Gartner sees artificial intelligence playing a key role in developing scientific hypotheses based on data and providing intelligence to the internet of things devices such as drones, autonomous vehicles, and robots. Forrester expects the critical focus to be pragmatic artificial intelligence as companies implement practical applications for the immediate business benefit. Although businesses have been relying heavily on machinery to perform business activities, human labor is still the backbone of every business. Artificial intelligence is expected to symbiotically aid in human resource management, such as identifying the period that a particular employee maintains a particular position, the cost of hiring employees, and which position are more marketable and can be quickly filled by employees. Companies will be able to understand how employees behave and come up with strategies to manage staff turnover.

Artificial intelligence, constituting neural networks, advanced robotics, and machine learning, will be made more autonomous, surprising people with their ability to make independent responses to circumstances and data (Apogaeis, np). Businesses and companies will be confronted by machines that can make decisions and think in ways that, at times, will exceed human understanding. Increased automation of artificial intelligence will increase its usability thus increasing the popularity of robots and drones among other applications. Given its significance in society, AI spending is expected to triple, and while only 15% of companies were using artificial intelligence by 2018, it is expected to triple in the next few years (Apogaeis, np). Artificial has been used as an assistant for human intelligence in businesses and companies in the first 20 years of this century; however, the ability of the artificial intelligence to make wide latitude of decisions compared to the traditional software, artificial intelligence will replace human intelligence. AI traits are very valuable for every activity in companies, and as companies continue to produce more of such machines, all business activities will be performed by the software.

Artificial intelligence has raised much panic as monger predictions indicate that robots will be taking over all human jobs in the future . However, artificial intelligence has numerous benefits for businesses and companies' operations. For instance, most companies are using or will be using artificial intelligence for their business' virtual assistance. Chatbots are being used to offer customer services if not similar to, better than that of human-driven services. For example, artificial intelligence applications are being used in airline queries to answer the customers' simple questions such as alternative flights, the status of flights, and the timings for the flights, among others. Virtual assistants can be essential in the way customers interact with technology. In ten years, virtual assistants will become a core part of companies and businesses thus;, more companies will be using artificial intelligence to enhance their customer services.

Furthermore, previously, businesses were generating fewer amounts of data that could easily be structured (Apogaeis, np). The data could easily be captured and stored in the database, and business leaders could derive insights from the information in the database to meet their business needs without any difficulties. However, the scenario has changed as more information is unstructured. For instance, 80% of information derived from online platforms is not structured, and the analysis of such unstructured information will be the most impactful for any business in the next decade (Apogaeis, np). Analysis of consumer conversations is also becoming more complex. There are very few companies already using AI to unlock their data in processes such as identifying the personality traits of consumers using customer conversations. However, in the near future, more companies and businesses are expected to adopt AI due to the increase in the volume of the unstructured data.

AI and other digitalization are also transforming sales and marketing for the better. Sales teams are utilizing AI to understand their customers and offer them tailored solutions. E-commerce companies can now utilize artificial intelligence to ask their buyers questions about their preferences to allow businesses to customize and advertise those products that best fit each client's preference. As more businesses and companies continue to adopt artificial intelligence to communicate with their clients, AI will transform the sales and marketing process. Customers' solutions will not only be offered but also tailored, which will quicken conversion and customer insights.

In addition, unlike traditional marketing such as film, television, radio, and music, digital media is more interactive, which gives consumers the chance to choose what to consume, how, and who to share with their insights (Digital Marketing Institute, np). For example, websites allow people to choose the kind of information to view, which has facilitated the provision of feedback on the products. Similarly, social media acts as the wheel, which allows companies to interact with people in a public venue, providing a channel to promote products, services, and transparent messages. The level of customer interaction and engagement being experienced in 2019 is very high and could not be achieved without digitalization. Companies are expected to continue using digital marketing due to its positive outcome, which will transform the way businesses interact with their customers to understand their needs. Digital marketing has an incredible influence on people's purchasing behavior, interactions, and life habits.

Robots have been consistently used in industries to manage various repetitive tasks and heavy machinery. But new technologies are moving robots out of the warehouse and into the office; collaborative and service robots are already helping firms to prepare meals, engage in banking customers, assist retail shoppers, and support workers (House, np). Industries have been using robots for decades. They were once confined to safety cages in manufacturing facilities, programmed to perform only one task, over and over again. Initially, their purpose was to make high volume of goods more cheaply and quickly. But the advances in a number of technologies are springing robots from their cages, liberating them to work in new roles, in new industries, and with more benefits (House, np). Robots are changing their roles far more than manufacturing in industries to retail and financial services. Robots are also clambering onto the agendas of marketing, strategy, and customer experience, and product leaders. As robots' capabilities improve, the benefits are going beyond faster, better, and cheaper.

Quantum computing is a developing innovation that is vital in eliminating uncertainty among business people (Mohseni, 171). It has disrupted the way businesses operate and safeguard their data. The peculiar features of quantum computing, such as quantum encryption used to develop its encryption methods, are ultra-secure, and they require a key to decode a message. Therefore, quantum computing will secure the company's data preventing access by unauthorized personnel (Klint, np). Quantum computers will also simplify data analytics in businesses. According to the topological analysis, there are certain computations that conventional computers would not be able to handle. However, quantum computers will be able to break down complex problems in businesses, especially in the financial field, to simple calculations. In addition, the pharmaceutical industry is among the businesses that will be the most affected by quantum computing (Klint, np). The computers will relieve the chemists the burden of evaluating interactions between various drug molecules, chemicals and proteins to determine the medicines that will be most effective in curing certain infections. Further, several drugs have been canceled while still in their trial stage due to their ineffectiveness; however, quantum computing will enable medical researchers to sequence and analyze human genes more rapidly (Mohseni, 171).

Internet of Things (IoT) has ensured constant and seamless data collection, enabling leaders to make appropriate and informed decisions. They are making it possible to monitor resources and inventories more often (Angeles, np). The global network devices have the ability to respond and sense everything happening within the network without human intervention, thus minimizing errors and increasing response times. Therefore, customers will be able to receive faster and better services with IoT. The technology will also facilitate project management by increasing the speed of executing projects (Angeles, np). Companies that will invest in IoT will be able to complete their projects faster and with minimal errors. IoT will also enable remote leadership and management of businesses. Those businesses that do not have physical inventory will not need a physical structure to operate their businesses. Management of the companies will be done remotely while connecting with employees from any geographical location.

Furthermore, machine learning constitutes a combination of statistics, artificial intelligence, and mathematics (Frank, np). The impact of machine learning on business is enormous. For instance, machine learning can meticulously analyze consumer behavior, which can help businesses to strategize their marketing.

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