Technology is changing and businesses too. From 5G and the Internet of Things to the blockchain, new technology trends are creating a digital transformation for businesses worldwide.
Businesses and Technology: Top Technology Trends for 2022
Here are some of the latest trends in technology and businesses for 2022 and beyond.
1. 5G Network and the Internet of Things (IoT)
The 5G network is the next generation of mobile communication. 5G will take one millisecond to respond to commands, whereas 4G can take up to 200 milliseconds.
The 5G network will benefit businesses that rely on IoT (physical things connected to the internet). Self-driving vehicles, for example, rely heavily on IoT devices to navigate roadways and traffic.
Many businesses are now using IoT devices to build and maintain smarter buildings that utilize connected HVAC infrastructure and automated door locks, thermostats, smoke detectors, and more.
Green Benefits – Carbon Footprint
Investing in the 5G network and expanding the use of IoT in business will also help to reduce businesses’ carbon footprint.
The reputation of a business depends on how a business reduces the harm to the environment and the climate.
2. Artificial Intelligence
AI is already a part of our lives. We use everyday smartphones and their applications, including artificial intelligence software such as Apple’s Siri and Google Assistant.
With AI, your smartphone can be used to measure distances and to simulate the way that a piece of furniture will look in your living room. Voice and object recognition are two features of AI that are now common in tablets and smartphones.
Artificial Intelligence is also being adopted by businesses to cut costs, and to help automate processes. Industries that can expect to see an increasing amount of AI support include:
Marketing
AI is used to get data from online users or your target audience. By capturing a user’s online behavior, including search and browsing history, AI can determine which online ads will be most relevant for your target audience.
eCommerce
AI in the world of eCommerce and online shopping has many benefits, including online chatbots, intelligent product recommendations, and sophisticated inventory management.
Sales
AI helps sales teams to improve forecasting, predict market trends, and improve customer communications. Advanced CRM software can help you to identify customers that are most likely to convert.
Research and Development
How AI can collect and analyze data and information is beyond human capability. AI machines can use in research and development within the healthcare, automotive, web development, and financial industries.
Manufacturing
Manufacturing companies have welcomed artificial intelligence with open arms. AI can improve production through robotic process automation, AI is utilized to help improve efficiencies across all stages of a manufacturing cycle.
The role of artificial intelligence in business will continue to expand. A 2020 survey (by the Harvard Business Review) found that 86% of the 52 companies included in the study said that AI is becoming a “mainstream technology” at their company in 2021, 2022, and beyond.
3. Hybrid Workforces (The New Norm)
Because of the COVID-19 pandemic, many workers are working from home.
Working from home has its upside, as employees save time from their regular commutes and companies save money from the traditional office space.
Businesses quickly realized that a traditional office environment is already past. Work from home has many benefits that the workers and the businesses themselves realized during the pandemic.
But they are not all ready to transition to a fully remote workforce.
The desire for in-person communication, collaboration, and meetings is growing, but employees are not ready to give up remote work just yet: Almost one-third of remote workers (30%) say they would consider looking for other jobs if their companies took away the existing remote work policy.
That’s where hybrid working comes in. In 2022 and beyond we can expect to see companies allowing for more flexibility to work from home more often while incentivizing in-office time for more collaborative work.
Collaborative and Communication Applications
Applications such as Zoom and Microsoft Teams saw their daily usage increase drastically as businesses adopted work-from-home strategies, with the former seeing a 151% increase in use year over year.
These apps are being used to simulate collaborative office environments and to streamline collaboration for remote workers.
Employees who work from home are learning to use new technologies to improve their work efficiency.
Cybersecurity Risks
With remote workers spread across cities, states, and even other countries, IT professionals have had to adjust their services and technology to serve their customers.
The challenges that IT businesses face when managing remote work teams include the difficulties in ensuring devices are up-to-date, keeping devices secure, and resolving issues quickly.
The IT industry adopted VPN services, remote services, and real-time monitoring to troubleshooting equipment.
Productivity Software
One of the biggest deterrents that businesses have when allowing employees to work from home is the potential slow down in productivity. From household chores to television and video games, the distractions at home are plentiful.
And without clear supervision of the workforce, it is hard to determine which workers are effectively working from home.
Business owners now are using productivity and computer tracking software to identify employees who are abusing their work from home privileges.
Also, recognizing the workers that are going above and beyond. With this technology companies can determine those who are being productive and those who are not.
4. Blockchain Technology and Cryptocurrency
Cryptocurrencies and blockchain technology are the new trends in the world of business. Many have heard these terms, but few understand what they mean and the potential of these new technologies.
Blockchain technology can be understood as a decentralized ledger across a peer-to-peer network.
This new technology system can be used in the development of applications used for transferring funds, settling stock trades, voting, and many other issues.
But how blockchain and crypto technology will impact businesses involved in global supply chain systems and financial institutions?
90% of US and European banks have started exploring the new technology and the ways how it can benefit their operations and their customers’ experience.
The benefits that blockchain technology provides for banks and other financial institutions include instant settlements, reduced counterparty risks, and increased transparency, amongst others.
Cryptocurrency is a protocol built on a blockchain and is developed to take the form of a virtual currency secured by cryptography, making it nearly impossible to counterfeit.
Bitcoin is the world’s first cryptocurrency, and it’s the most valuable and most popular virtual currency in the world.
El Salvador became the first country to adopt cryptocurrency as legal tender when it began recognizing Bitcoin as an official currency in September of 2021.
Businesses in El Salvador are now required under law to accept Bitcoin as a payment type.
With Bitcoin, there are no third-party fees and the average cost per transaction is much lower than that of Western Union and its competitors.
Many businesses such as Overstock, PayPal, and even the Dallas Mavericks are now accepting Bitcoins as an acceptable payment type for their goods and services.
As the Dallas Mavericks are now accepting Bitcoin as a form of payment for tickets and team merchandise, the use of cryptocurrencies throughout the sports business will become more widespread in the years to come.
In September of 2021, the NFL announced an NFT (non-fungible token) deal with Dapper Labs to create exclusive digital video highlights that can be purchased with cryptocurrency.
Last Tip
Business owners are searching for innovative technologies that can help to improve efficiencies and maximize profits.
Depending on the industry in which your company operates, developing and adopting new technology is a critical step to grow your business and revenue.
The new year (2022) will bring new technology trends that can provide you with the solutions you need to optimize and improve your business.