Almost every development we see today is all because of the rapid advancement of technology.
No wonder, AI is already being employed by 37% of businesses right now in order to boost their operational efficiency (Source: Businessdasher.com, 2024).
This shows how much of an impact technology is now having on a business’s competitiveness and growth.
From automating tasks to making better decisions with data, the new advancements are creating new possibilities for entrepreneurs.
As we move ahead, in this blog, we will explore how these advances and technologies are significantly reshaping industries to help them continue growth in the future as well.
Data-Driven Decision Making
Every industry is based on trial and error, This can be compared to physical industries which have been shifting towards this system for years.
Where before you’d have to do an interview with thousands of customers to recognize similar patterns of behavior in an attempt to pinpoint your bestselling item or service, now new and modern platforms and AI tools do the same thing in a matter of seconds.
They harness the data from customer behavior for the sole purpose of tailoring products or services that soothe the customer’s needs and expectations.
Consequently, all this improves your customer’s experience, making them come back again and again.
All of these AI tools allow risk factors to be evaluated, eliminating the possibility of losses.
Along with logistics, all-powerful systems for the creation of the most effective delivery routes and other systems have been created, aimed exclusively at helping improve your business model.
Do You Know? The earliest business applications software named “UNIVAC Accounting Machine,” was developed in 1951 by J. Presper Eckert and John W. Mauchly.
Automation
A long debate has been going on since the emergence of AI tools and technology.
Most of us, for now, are scared, as it’s a leap into the unknown and we’re fearing being replaced.
Yet, looking back at the history of automation, the same thing could be said for many machines that made our lives easier, more convenient, and our lives safer.
And yes, it’s true horses have been replaced by cars but we cannot compare these two.
Technology that serves us can never replace us and if anything, it gives us a chance to spend more quality “human” time we’d otherwise lose doing manual and exhausting work.
For instance, consider the pumping and dredging equipment used in the mining industry and the other machinery in the field.
It’s safe to say that mining was one of the most dangerous jobs; miners had a lesser life expectancy than the general population.
But today, it is even more effortless to find industrial pumps as you can shop heavy-duty pumps online, making sure you’re getting the best deal, and at the same time making money by ensuring the safety of the lives of your employees.
This sentence alone exemplifies the wonders of the modern world, buying new and advanced technology while sitting at home and sipping on a cup of tea.
To gain further insights, take a look at the graph below, which illustrates the Information Technology Global Market Report for 2024.
The Rise of E-Commerce
It is interesting to consider how many businesses on the Internet live only at the expense of their e-commerce strategy – the very fact that they can reach out to millions of customers via their apps and websites.
Thanks to the evolution of e-commerce, many businesses that had long been struggling have been able to survive, while others have thrived thanks to its rise.
Not only e-commerce itself but also countless tools that were developed because of modern technology allowing one to more quickly and effectively address management of one’s business in order to grow it.
Technological Advancement and Sustainability
New technology allows for more sustainable options to be implemented into every aspect of the business.
New solutions to old problems of disposing of trash or the usage of energy make it easier for many industries to keep going despite maybe a lack of proper resources or the fear of losing these resources altogether.
For example, certain industries that rely heavily on oil-powered machinery can look forward to a world of lithium-powered batteries taking the place of the many oil barrels they would otherwise spend.
New technology allows for the proper disposing of toxic waste and filters, making sure the air is clean and the water is fresh.
Solar panels reduce electric bills, allowing businesses to redirect their income into more progress, higher salaries, and better healthcare coverage.
In the medical field, the possibilities technological advancements allow are almost endless.
All this just shows how profitability can align with ecological responsibility.
It only seems fair to point out how technology is a promise of a more utopian future yet again.
With human greed lurking behind every corner, we can never be sure how far that technology can go and whether or not it could be, at any given moment, the end of us.
Gaurav Rathore
