A few years back, everyone predicted that latest technology trends would take over the business world in the coming decades. But what no one could predict was the Covid-19 pandemic.
Among all things it brought, fast-paced technological advancement is the most significant. Due to lockdowns, businesses were forced to adopt remote working models and integrate technologies into their routine operations.
During the pandemic, every sector depended on technology, which led to rapid developments in the realm of technology as we covered a decade’s worth of development in these three years.
Now, technology is a major part of every business operation. Business owners are increasing their budgets for technology adaptation.
With rapid developments in technology, there are now several tech tools that businesses utilize. As a business owner, you must know what tech trends are here to stay and will make your business profitable if you invest in them.
So here are four technology trends impacting businesses in 2022 and beyond.
4 Amazing Technology Trends That Will Impact Businesses
1. AI – Artificial Intelligence
Artificial intelligence seems to be taking over the world, but this is just the beginning. Businesses will incorporate AI in every possible operation in the future due to its benefits.
AI consists of big data and machine learning technology, which enables it to learn patterns from data to automate tasks. In simpler terms, with AI, monotonous manual tasks can be automatically performed without human intervention.
When businesses employ AI, the workers don’t have to waste time on repetitive manual tasks anymore; this increases their productivity and the business’s performance.
As a business owner, you must hire an IT expert that is good with programming languages and coding to develop AI solutions for your business.
Nowadays, many IT experts and software developers up their skills by joining a free coding camp to increase their knowledge and expertise. Hiring such a coding and programming expert means they will develop the AI programs best suited for your business.
By employing AI solutions, you will get benefits like chatbots on your site to answer customer queries quickly, recommendation systems, dynamic pricing, supply chain optimization, anomaly detection, etc.
2. Homomorphic Encryption
Homomorphic encryption means data analytics and computations can take place even on encrypted data; there is no need to decrypt data in the first place to analyze it. Secure data analytics practices are the need of the hour.
As companies are generating more data nowadays, the threat to that data is also increasing. There is a cyberattack on businesses every 11 seconds. And companies are becoming proactive to cyber threats as data privacy regulations are becoming strict.
Many companies are outsourcing data processing to experts as it helps comply with data privacy and data processing rules, but the catch is it can also be a risk to hand over clients’ data to a third party.
Businesses prefer providing third parties with encrypted data so external processors can’t read the data.
But that can get in the way of processing when external processors don’t know the data content. That’s why homomorphic encryption is the best solution.
It lets third parties perform data analysis while encrypting consumer data. The demand for data processing is always increasing, and so are the strict rules of data processing; that’s why homomorphic encryption is the technology trends that will be prevalent in the future.
Like Microsoft Azure SEAL‘s open source library allows performing certain arithmetic computations on encrypted data, analysts believe future SaaS offerings will leverage homomorphic encryption as a core technology.
3. Blockchain
Blockchain technology is not new, it’s one of the hottest and latest technology trends and the latest advancements in cryptocurrency have put it into the spotlight due to its benefits. Blockchain is a decentralized technology.
It’s like a public ledger that allows complete encryption in transactions and makes them easy to track. With blockchain, people’s privacy is not at risk as with other ways of online transactions.
And since every transaction can be tracked, it allows for transparency and prevents fraud. It’s a perfect secure ledger for data validation and identity protection.
Businesses are trying to use blockchain to enhance security of their transactions. Statista reports that businesses will increase spending on blockchain solutions in the future, as in the US, the spending on blockchain will reach up to $19 billion by 2024.
The thing is, blockchain will still be beneficial in the future as it’s now, even if crypto or NFTs are no longer relevant in the future. Businesses will still benefit from it if they can leverage its public applications.
4. Remote Onboarding and Working Tech
Before the pandemic, remote hiring and working was a dream, but as businesses had to adopt remote working models during the pandemic now, this is becoming the new normal with the help of latest technology trends. With the remote working, workers’ productivity is increased, and they become even more efficient.
A study by Stanford reported that workers’ productivity increased by 13% when working from home. A survey states that workers do more work when working from home in less time.
After the pandemic, the world is readjusting to its old ways, but companies will carry on with remote and hybrid work models. Many tech tools enhance the remote working experience, so working remotely is no longer a problem.
Similarly, remote onboarding processes will sustain well in the future because they benefit companies. Businesses can attract top talent from around the world with remote hiring processes.
Skilled workers who live far or overseas can get hired by businesses with remote hiring processes without worrying about traveling. When workers work flexible hours, some work early and others work late hours, which overall increases a business’s working hours.
Conclusion
The pandemic pushed the fast-forward button on technological development, and here we are with so many tech trends that impact businesses.
In this article, we guided business owners about four technology trends that are not only impacting businesses today but will continue to do so well beyond 2022.
Hope this helps you stay atop of latest developments and grow your company to compete in the cutthroat world of business.
