We live in an era where technology goes hand in hand with business. It impacts the pace at which businesses grow and it remains interesting to see trends that will emerge from some of these technologies. A good example is the emergence of chatbots that help in the instant messaging of customers/clients.
We asked entrepreneurs and business owners about the technologies that will have the biggest impact on technology and here are the responses.
#1 – The Ethics of Digital Privacy
Users are becoming increasingly worried about how and where their data is utilized. Digital privacy has become a hot topic, especially since the new GDPR regulations went into effect. Organizations that fail to handle digital privacy concerns will inevitably suffer blowback from their users. As a result, internet entrepreneurs should prioritize privacy above everything else.
Thanks to Adam Fard, Adam Fard!
#2 – Wearable Tech
Wearable technology, in my opinion, will continue to be one of the most fascinating businesses to work in for entrepreneurs. The way we wear and engage with technology is going to evolve, whether it's through smartwatches, smart glasses, or even smart clothes, as new technologies are being developed.
Thanks to Darshan Somashekar, Spider-Solitaire-Challenge!
#3 – 5G Networks
Telecommunications companies started rolling out 5G networks this year. 5G technology provides faster connectivity with decreased latency and battery usage. This means that mobile broadband is faster than most wired broadband in the world. I believe it will encourage growth in areas such as the internet of things, smart homes, virtual reality, augmented reality, health care, media, cloud services, and other areas, resulting in huge business prospects in a variety of industries.
Thanks to Tommy Gallagher, Top Mobile Banks!
#4 – Independence
Technologies that empower independence will have a measurable, lasting impact on the future of entrepreneurship. Tools that support connections will be important as globalization continues and diverse communities look to communicate with ease. They need many ways to connect, and for some video conferencing with captioning or language interpretation is good. Those kinds of technologies that connect diverse communities in a seamless way will enable entrepreneurs to reach new audiences.
Thanks to Georganne Hassell, Sorenson Communications!
#5- Remote Working
Technologies that promote remote working and make the experience more productive for both businesses and employees will have the biggest impact on entrepreneurship. Remote working is here to stay, and entrepreneurs will continue adapting their business models to this new reality. Technologies that make it easier for teams to collaborate, communicate and coordinate, and manage remote staff effectively will change the way entrepreneurs run their businesses forever.
Thanks to Joe Flanagan, Velvet Jobs!
Entrepreneurs are often wearing ALL the hats in the business while they're bootstrapping through growth. So, technologies that can organize and automate work are the most impactful for entrepreneurship. Because of limited budgets, business owners cobble together multiple systems like email marketing, spreadsheets, sticky notes, whiteboards, task management, etc. This creates serious chaos in the business and in their minds. Once the data is organized, then you can get busy automating various tasks.
Thanks to Tyler Garns, Box Out Marketing!
#7- 5G Networks
5G technology provides quicker communication with decreased latency and battery usage. This means that mobile broadband is faster than most wired broadband in the United States. I believe it will drive innovation in areas such as the internet of things, smart homes, augmented reality, virtual reality, health care, media, cloud services, and other areas, resulting in huge business prospects in a variety of industries.
Thanks to Micheal Robinson, Security Expert!
#8- ADAPT OR VANISH
Communication technologies will have the biggest impact on entrepreneurship in the coming years. This year we started using a predictive dialer, and it has saved us time and money while increasing our productivity, efficiency, and profitability. Using a predictive dialer improves our outbound call volume, lessens agent downtime, and increasing our agents' productivity and profitability. It has allowed us to scale our call center by supporting mobile, SMS, and email campaigns while reducing labor and operational costs.
Thanks to Randy Vander Vaate, Funeral Funds of America!
#9- Adaptability Training
I think adaptability training will have the biggest impact on entrepreneurs going forward. It's a necessary tool to have in your arsenal, and those who accept it as a crucial part of their training will have a leg up from the creation of the business to pivoting should the need arise.
Thanks to JeremyYamaguchi, Lawn Love!
#10- Artificial Intelligence
AI has evolved at a considerable pace, so considerable that it has finally started to engulf every known field of work and services. While its maturation and development are indeed getting faster, the adoption rate is still not up to par. However, this will soon change in the next four to five years, and AI will be the dominant force for every business. In my business, we have already known that AI-based tools and utilities are in place: AI-assisted writer, AI-assisted data generator/definer, and several other things.
Thanks to Julian Goldie, Goldie Agency!
#11- AI-led Video Content Development
AI-led video content development will have the biggest impact on entrepreneurship. Social media channels are heavily pushing video content. This makes video production one of the most sought-after marketing and outreach techniques that entrepreneurs of all stages will need to use to connect with their prospects and customers. Technologies like deep learning, machine learning, and natural language processing are integral to
this transformational new wave of video production, development, and broadcasting.
Thanks to Deepika Pillai, Kula Village!
#12- Artificial Intelligence
Companies that implement AI applications are going to become more diverse, as they will be powered with the ability to analyze data across multiple functionalities, fraud detection, and high-class customer relationship management.AI will play an enormous role when it comes to analyzing the market and your customers. Customer experience will go to the next level through customer insights. We have already embraced chatbots and virtual assistants but this is just the tip of the iceberg.
Thanks to Alain Sobol, Red Sea Diving College!
#13- Robotics and Automation
As technology changes and becomes more disruptive, entrepreneurs need to pay attention to new technologies and how they can utilize them. Providers are moving more and more towards robotics and automation. Robots don't get sick, and the new cobots are designed to work alongside and collaborate with their human colleagues. The healthcare industry is turning to reality tools such as Virtual and Augmented Reality and Extended Reality, which, as an example, allow for eye exams using hi-res cameras.
Thanks to Justin Rule, Sparrow Websites!
#14- Internet of Things
The technologies that will have the most significant impact on entrepreneurship are AI (artificial intelligence) and IoT (internet of things). With AI starting to progress more and more each day, it is already impacting entrepreneurship. But, with the developments, more changes will happen. Businesses are already beginning to rely heavily on AI. It can automate tasks and know the next move based on data that is fed to it. Entrepreneurship can benefit significantly from it. We can also rely on AI to help us improve our businesses.
Thanks to David Clelland, Infiniti Tracking!
#15- Artificial Intelligence
Forbes surveyed 29.5% of CEOs from small and medium-sized businesses. The business people answered that AI is the new technology that will have the most significant impact on their business in the future. Entrepreneurs should automate customer support through Al bots or call routing systems. There are also automated invoices and financial management software that HR can benefit from. In short, AI has the biggest possibility of providing services that may require manual labor but it can indeed be automated in the future.
Thanks to Avinash Chandra, Brandloom.com!
#16- Augmented Reality
I believe the new alliances between augmented reality, retail, and mobile phones are going to be unbelievable. As this technology proceeds to advance, it’s going to accommodate businesses with an incredible way to showcase their merchandise. It will only get better than images that will be represented with more realistic environmental lighting outcomes.
Thanks to Shiv Gupta, Incrementors Web Solution!
#19- Artificial Intelligence
Running a business is no easy feat. It requires a lot of hard work, data analytics, immersion in technology and innovation, and a lot of communication with people internally and externally. Entrepreneurship is now run by AI. Well technically, people still do the business, but AI is like the gas that powers it. The digital transformation is so fast-paced that if you don't innovate, you'll be left out.
Thanks to Ian – Sells, Rebatekey!
#18- Voice-first technologies
Voice-first technologies have been on an upward trend for years, with even more of a focus on this kind of touchless tech stemming from the Covid-19 pandemic. , voice-based technologies can be adopted into their workflows to make things safer and to improve the overall consumer experience. The world is going touchless, and entrepreneurs will have to keep up with touchless technology to stay in the game.
Thanks to Kelsey King, Voices!
eCommerce platforms are the future of retail. . There are several reasons why consumers
now prefer online stores versus brick-and-mortar shops. Firstly, the recent pandemic prevented consumers from going outside. Consumers faced with two shops selling the same products will always go for the one that provides better customer service. You can utilize the benefits of both business models by becoming a hybrid brand that accommodates online and in-person transactions.
Thanks to Nick Drew, Wethrift!
#20- Artificial Intelligence
Artificial Intelligence (AI), and in particular Mark Zuckerberg's vision of the ‘metaverse', has the potential to revolutionize the way business is conducted. Mr. Zuckerberg's intention is to present to us a world where our lives are dependent on being connected to virtual reality. The business will be conducted in a simulated office and the attendees will be avatars of people sitting safely at home behind a screen. There will be no need to jet off to Frankfurt for your meeting, simply send your avatar and log in.
Thanks to James Crawford, Dealdrop!
#21- Internet of things & Virtual and Augmented
One of the biggest technologies that will help drive entrepreneurship is the internet of things. This opens a huge array of things that can be used by entrepreneurs to create new products to make people’s lives easier. Another technology that opens a lot of potentials is virtual and augmented reality. VR and AR bring a whole new world to the gaming community. Games aren’t the only thing it’s good for, there are a lot of health, business, and social avenues with virtual and augmented reality.
Thanks to Chelsea Cohen, Sostocked.com!
Coding is a skill that some of the world's most successful people excel at. These are Mark Zuckerberg, Bill Gates, and Steve Jobs, to name a few. Whether learning the basics of CSS and HTML for displaying web pages or getting into Python and Java. Coding has had an enormous impact on entrepreneurship. Coding can help entrepreneurs and entrepreneurship alike.
Thanks to Erin Lackore, LaCkore Couture!
#23- Cloud isn't Inaccessible Anymore
Whether it is today or tomorrow, your date will end up in the cloud. The cloud has revolutionized the way computing works. A few things that the cloud has made easy: 1) It has reduced the expenses for enterprises. 2) It has improved accessibility for everyone. Now you can access your data from anywhere, not just the office. 3) You don't need piles of paperwork to collect records and data. Your rooms don't need to be filled with paperwork anymore.
Thanks to Zarina Bahadur, Babybox!
#24- Data Collection
Today, companies rely on all types of information they can gather about their customers. Big data includes collecting data about the likes and preferences of the customers and predicting their next move based on their previous purchases and website actions. It helps businesses and entrepreneurs to know their customers better and provides them a more personalized experience.
Thanks to Christian Velitchkov, Twiz LLC!
#25- Artificial Intelligence
AI takes care of many departments already, like collecting and analyzing data, and using predictive analysis to help market e-commerce sales, a major department it may take over is bookkeeping. While it will take some time before it can fully do all the critical thinking and strategizing of an accountant, it will definitely form a big part of bookkeeping in the future.
Thanks to Ben Wallington, Designerwear!