How to… prepare for the future in your business

The future’s a scary place. One day you’re living in a black and white, CRT-television kind of world, and the next your AI-driven ATM machine is spitting money at you while you make calls on the phone that’s implanted in the palm of your hand.

And in the world of business, the technology of the future can feel even more daunting. If you can’t keep pace with technological advancements, your SME will soon be trailing behind your competition like a race car with a flat tyre.

future businessWhether it’s contactless payments or robot servers in a restaurant, the general public expects companies to keep up with the latest technological innovations. Staying up to date might cost cash, but it’ll benefit your bottom line in the future.

With this point accepted, the next problem rears its complicated head – how do you know which investments will futureproof your firm?

To give you a helping hand, we’ve predicted that the following promising innovations will almost certainly boost your business in the future.

Data science

The field of data science has been growing exponentially as technology has become more sophisticated. But what exactly is it?

In its most basic form, data science is the use of scientific methods, processes, algorithms and systems to extract knowledge and insights from structured and unstructured data.

The benefits of data science in almost any business are manifold, but its most obvious are the audience insights it can provide for your company. With an in-depth knowledge of data science, you’ll be able to ascertain and satisfy your customer’s exact needs swiftly.

There are now MSc Data Science degrees available online, so check them out to learn more.

Machine learning

There are thousands of examples of machine learning online, although all are in their foundational stages. But what exactly is machine learning? In a nutshell, it’s a process whereby AI collects data to increase its knowledge of a subject, kind of like an internet that could enhance itself with every piece of data it was fed.

Your business could benefit majorly from machine learning, although not quite yet. At the moment, a self-learning AI isn’t evidently better than a human performing the same task. As soon as it is, this will be a must-have investment.

Augmented reality

Augmented reality has been the dream of sci-fi telly shows for decades, but only now has it become a tangible reality. Mobile games like Pokemon GO have utilised augmented reality to widespread success, adding digital images to real world locations with an impressive sense of immersion. And these amazing technological advancements are making their way into the world of business.

Workplaces are becoming interactive beacons for augmented reality, helping both consumers and staff members understand their environment all the more.

Arguably this tech is a luxury for companies that can afford it, but they’re an impressive coup for anyone with the money to implement them.