Essay Sample on Emerging Technology in Business

Technology is one of the most dynamic phenomena in the world. Information technology (IT) is the use of computers and software to manage data. The role of technology in business is immense, as it improves communication, efficiency, and customer experience. IT also plays a role in business data storage, protection, and retrieval or sharing. In the contemporary world, there are a lot of emerging technologies that are influencing the business environment. This paper will be analyzing emerging technologies in business and their numerous impacts.

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Emerging Technologies Artificial Intelligence (AI), Machine Learning, 5G Networks, Biometrics, Virtual Reality (VR), the Internet of Things (IoT), and Robotic Processing Automation (RPA). (Duggal, 2020)

Role of Technology in Business Technology plays critical roles in the business organization, including data collecting, recording, analysis, and better reporting functions. Technology also enhances communication, research, and development, as well as customer experience. A business organization with robust technology has improved productivity, efficiency, and business mobility (Vitez, 2017).

Impact of the Technology on Business Operations AI will lead to the automation of business operations.

Machine learning is continually being deployed to industries with an expected value of $8.81 billion by the year 2022 (Vitez, 2017). It will impact data analytics, data mining, and pattern recognition, thus assisting in marketing and market segmentation.

RPA will integrate software to automate business processes such as responding to emails, dealing with data, and processing transactions (Vitez, 2017).

Impact on Employees Machine learning, and Robotics are subsets of AI.

AI can increase the productivity of employees by 40 percent (Carter, 2018). Through automated data collection and analysis, AI assists the management, marketing, accounting, and other data analysis departments in decision-making. Machine learning continually learns and adopts the working method of an employee, thus saving time, which has been shown to boost profits by 38 percent (Carter, 2018). It also impacts positively cybersecurity. The incorporation of 5G technology hastens file sharing and communication, thus saving time and improving efficiency.

Impact on Customer Experience With AI, data analysis is easier, and organizations can understand customer patterns better, making them understand their needs (Kolaski, 2018). At the same time, with RPA, the customer experience is boosted in that there is improved response time to queries, an improved buying experience, as well as customized marketing.

Technology and competitive advantage A change in technology changes how everything is done in an organization, thus giving the company a competitive advantage. It reshapes the products, improves efficiency, and time, and reduces the cost of production. Improved efficiency means more products can be produced hence meeting the market demand. The time saved is used by employees to be more productive or do further research on the market trends to determine what is needed (Kolaski, 2018). Reshaping the product acts the same as a disruptive technology, which revolutionizes the market. The costs saved are a profit to the company and can be used to improve the quality of the product or service delivery. All of these give the company a competitive advantage.

Technology and Efficiency Businesses incorporate technology to improve efficiency. Incorporating AI enables the company to improve data collection and data accuracy. It also hastens the data analysis meaning the management can use automatic infographics to make decisions quickly. Technology also ensures faster data retrieval as well as updating information (Kolaski, 2018).

Machine learning continually learns how the employees perform duties meaning with time, and they can execute a majority of those duties on their own, saving the employees time which can be used to perform other duties.

Conclusion

Technology plays a critical role in every sector of the modern world. It is one of the most dynamic areas meaning it is continually changing. There are several emerging technologies that business organizations could take advantage of in production, data analysis, and marketing. They include Machine Learning, Artificial Intelligence, Robotics, and Blockchain, among others. The business should, therefore, continually conduct research on these emerging technologies to determine the ones they can incorporate to improve productivity, efficiency and gain a competitive advantage.

References

Carter, S. (2018, May 15) How Artificial Intelligence Increases Business Productivity. (n.d.). Business 2 Community. Retrieved May 20, 2020, from https://www.business2community.com/tech-gadgets/how-artificial-intelligence-increases-business-productivity-02059942

Duggal, N. (2020, April 21). Eight Top Technology Trends for 2019 and the Jobs They’ll Create. Simplilearn.Com; Simplilearn. https://www.simplilearn.com/top-technology-trends-and-jobs-article

Vitez, O. (2017, September 26,) Emerging Technology in Business. (2010). https://bizfluent.com/about-6647421-emerging-technology-business.html

Kolaski, R. (2018, June 21). The Role and Importance of Technology in Business. Industry Today. https://industrytoday.com/the-role-and-importance-of-technology-in-business/‌