Technology has had a lot of positive influence on businesses globally, and Indian businesses are no different. There are many emerging technologies that are revolutionising the way businesses are conducted today. Businesses of all sizes, big and small, are using a vast range of tech to conduct day-to-day operations. This has led to improved operations on various levels of an organisation. Some of the best engineering colleges in Maharashtra help students become innovators to help drive technological change in business markets. Let’s take a look at emerging technologies and their influences on business markets in India.
Emerging Technologies & their Applications in Business Markets
- Artificial Intelligence
Artificial intelligence has been around for a while now, but it seems as though we have barely scratched the surface of the applications of AI today. AI replaces human intelligence and enables machines to perform tasks automatically. Today, AI has many applications in businesses such as:
- Hiring and Recruitment: AI is used by the human resource department of a business to shortlist talented professionals from a wide pool of applicants based on company specifications. AI helps businesses save time and manual efforts made by HR executives.
- Cyber Security: Cyber security is important for businesses that deal with sensitive information. The banking and finance sector is a stellar example of an industry that benefits from AI-based cyber security to safeguard their clients’ private information from hackers and online frauds.
- Customer Analysis: AI helps businesses analyse and predict the needs and wants of their customers based on their purchasing power. Gone are the days when businesses had to rely on customer feedback given to their sales team. Businesses now rely on data analytics to stay ahead of the competition in the market.
- Virtual Assistants: Employees from various businesses now depend on virtual assistants to schedule tasks, conduct online meetings, facilitate sales, and run 24×7 customer care services. AI-based techs like chatbots are programmed in advance to capture relevant responses from customers before human intervention.
- Social Media Marketing: Social media marketing is an important tool used by businesses to reach their customers. Today, social media platforms use data analysis and AI to understand customers and predict their interests. Businesses then conduct targeted marketing to specific customers based on these predictions.
- Cloud Computing
Cloud computing is another advanced technology that has changed the way businesses function today. Cloud technology helps users access computing services over the internet from around the world. Many cloud computing courses in Nashik can help you gain relevant knowledge and skills in the field. Cloud computing helps business in the following ways:
- Reduced Operational Costs: Cloud computing is a flexible technology that can be subscribed to, based on a user’s requirement. Businesses can customise their subscription based on their business needs, massively cutting down their operational cost as they do not have to maintain servers or data storage systems at their own expense.
- Ease of Data Migration: Cloud services help businesses migrate their data as per their convenience and requirement with ease. They do not have to own costly and complex business equipment to shift their data; it can be done through cloud technology.
- Access Anytime, Anywhere: As cloud technology is completely online, businesses can access their data anytime, anywhere with ease. Large businesses that have operations in multiple companies can easily access data stored at a central cloud server.
- Hybrid Storage Options: Businesses can split their operations between in-house IT systems and third party cloud storage. They can store more sensitive information in-house while relegating more general information to third-party options.
- Internet of Things
Internet of things (IoT) is a unique technology that can be used to interconnect various devices to provide the user with assimilated information. IoT is revolutionising businesses in these ways:
- Data Sharing: Data collection is an integral part of most businesses today. IoT can help businesses share and maintain important data on secure servers. This can help them streamline their operations and grow their enterprise.
- Developing New Products: IoT shortens the response time taken by businesses to respond to customer expectations. They can drive rapid innovation of their products in a short duration of time. This helps them stay ahead of the competition in the job market.
- Cost Efficiency: IoT makes devices “smart” by centralising information and sharing it with connected devices. For example, a Smart Space can have centralised heating and cooling devices, state-of-the-art security systems, and smart locks to secure a place of business.
- Better Consumer Experience: IoT helps businesses track feedback, provide information and help customers navigate their services in real time. This closes the gap between customer and a business by eliminating response time. Such services help businesses serve their customers better.
- Virtual Reality
Virtual reality is another technology widely used in different businesses. Many B.Tech colleges in Nashik provide virtual reality as a specialisation for their computer science programs. Virtual reality has revolutionised these businesses and their operations:
- Travel & Tourism: Tourism companies are using virtual reality to provide their customers with a dynamic experience. For example, historic sites use virtual reality to transform the location to accurately depict historic facts of the place. This helps tourists gain a unique and educational experience.
- Healthcare: Healthcare is another sector using virtual reality to diagnose diseases, conduct tests on patients, conduct groundbreaking research and provide realistic training to healthcare professionals.
- Architecture & Space Design: Architects are making use of virtual reality to provide customers with a realistic experience regarding the space being designed. They no longer have to rely on 2D or 3D drawings; they can now chart out the entire area via virtual reality tools for a more realistic experience.
- Education: Education is another arena where schools and universities use virtual reality to educate and train students. Advanced institutes use virtual reality in labs to help students conduct realistic experiments for better understanding of the subject at hand.
Computer science is integral to technological advances. Many businesses in India are using futuristic technologies thanks to computer engineers who work on and develop such tech. If you wish to join this stream and become a talented computer engineer, you can consider working in the above-mentioned fields. Good luck!