Today, technology has revolutionized every field, as well as the business world.
And the technology is updated day by day.
Therefore, in order to stay at the top of the business field, you need to have a good understanding of the technologies used in the business.
This blog post is a must-read if you are studying technology used in business.
5 Modern technologies used in business:
Needless to say, robot technology is one of the most emerging technologies today.
So first we talk about the robot technology used in the business
Robots are widely used in manufacturing, assembly and packaging, transportation, business and industry research, and mass production of consumer and industrial goods.
The world’s leading businesses are already investing heavily in robotics.
The best example of this is Coca-Cola’s European partners investing in self-driving robots at Teleretail.
Another example is Tesla’s installation of more production robots at its Fremont plant to increase capacity under new construction licenses.
The equipment for the Tesla plant comes from MINO Automation, a company specializing in automated manufacturing systems.
Robotics is being used not only in big business but also in small scale shops nowadays.
I remembered a post on Indiatoday.in as a good example of this.
According to the website, the robot waiters at the Chennai restaurant serve customers and can also speak Tamil and English.
When talking about robotics for business, the impact of robots on jobs is also a topic that needs to be talked about.
Many people fear losing their jobs because of robotics.
But the robotics revolution is creating new, different jobs.
Robotics can also be used to do troublesome, challenging, or dangerous work for employees.
Doing such work with robotics reduces the risk to employees.
Robots are important in the industry because of their ability to perform continuous, high-precision, as well as dangerous, unsafe, and/or repetitive tasks easily and efficiently.
Artificial intelligence (AI) is the simulation of human intelligence processes by computer systems. These processes include self-correction through the use of information and reasoning to obtain information.
Artificial intelligence in business is simply the use of intelligent computer software with human-like capabilities to increase revenue, improve customer experience, increase productivity and efficiency, and motivate business growth and transformation.
Robotic process automation is usually used for highly repetitive tasks performed by humans.
Machine learning algorithms are integrated into customer relationship management platforms to uncover information on how to better serve customers.
Chatbot has been incorporated into business websites to provide instant service to customers.
Automation of job positions has become a topic of discussion among IT analysts.
AI tools present a new range of activities for businesses and the use of artificial intelligence raises ethical issues.
This is because the in-depth learning algorithm, which is subject to many advanced AI tools, is as intelligent as the data provided in training.
Since the data to be used to train an AI program is man-made, the potential for human bias is inherent and should be closely monitored.
Many businesses today collect strategically diverse data, from production and distribution to sales and customer feedback.
These data are processed by AI systems and used by them to make various business decisions.
Coca-Cola exemplifies the use of artificial intelligence in business:
As sales of sugary, flavored beverage products have declined in recent years, Coca-Cola has turned its attention to healthier alternatives products such as orange juice, which are marketed under a number of brands around the world.
In order to ensure optimal cultivation of oranges and maintain a stable taste, the company used a combination of data such as weather data, satellite imagery, crop yield information, pricing factors and acidity ratings.
They then sell the products according to the algorithms tailored to the tastes and preferences of local consumers in more than 200 countries around the world.
IoT can be simply defined as the networking of physical objects and devices over the Internet.
That is objects and devices that contain sensors, software, and other technologies connect and exchange data with other devices and systems over the Internet.
The Internet of Things devices in the business helps to monitor important processes, give new insights, increase efficiency, and record and exchange data to make more informed decisions.
Examples of IoT devices used in business include smart security systems, mobile card readers, shipping tracking, temperature, and climate monitors, and smart locks.
3D printing is used in the business field to create various product prototypes and construction prototypes.
That is, 3D printing is used by companies to test the concept before mass production on a large scale or to create a functional model of the final product that companies expect to present to prospective investors.
Cloud computing is the storage and access of data and programs over the Internet instead of your computer’s hard drive.
Businesses use cloud computing to get information anywhere with any compatible device. Instead of storing information on your computer or your office server, cloud computing stores data on the Internet.
Conclusion
In this blog post, we covered Technologies Used in Business.
Robotics, Artificial intelligence, the Internet of Things, 3D printing, Cloud computing can be considered as 5 Modern technologies used in business.
In a previous post, we talked about the role of technology in business.
So if you are interested in business and technology, read that post too.
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