Emerging Technology in Business

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A speaker introducing a new product line at a technology conference.
A speaker introducing a new product line at a technology conference. (Image: Stephen Lam/Getty Images News/Getty Images)

Information technology has transformed the social and business environment. Technology often deals with methods or tools used to gather, manipulate, store and communicate information. Many businesses have implemented technology designed for personal use to reduce business costs and improve the efficiency and effectiveness of production methods. Companies also use technology to open several domestic or international business locations. Emerging technology includes new or advanced hardware or software.

Facts

Emerging technology is a sector of information technology responsible for developing new products or devices that are expected to be widely used in the next 5 to 10 years. Businesses often look to emerging technologies for new services or devices that will help them create a competitive business advantage. Emerging technology might also include advancements of technologies the business already uses. These advancements often allow companies to enhance business operations at a cheaper cost.

Robotics and Artificial Intelligence

Two important emerging technology fields for businesses are robotics and artificial intelligence. Robotics is an engineering science and technology field that uses electronic or mechanical technology to replace human labor. Manufacturing and production firms currently use robots in their systems, and the robotics technology industry seeks to expand to other business industries. Artificial intelligence focuses on creating intelligent machines for businesses to use. Businesses use this technology by entering information into business machines that can develop the information and make accurate predictions and identify trends.

Research and Development

Emerging technology helps companies create more effective and less costly research and development processes. Photonic computing, quantum computing, biometrics and nanotechnology are a few technologies that allow companies to find new ways for researching and breaking down information and other business processes. These technologies are commonly used in the chemical, petroleum, medical and other industries. Increased research and development technologies can help companies develop products more efficiently and bring them to the consumer market faster than in previous years.

Increased Communication

Technology can improve how a business communicates, and several new communication methods are in the emerging technology pipeline. One emerging communication technology is virtual offices, where employees meet, discuss various situations and complete business functions. Voice over Internet Protocol is used for communicating via audio or video technology equipment. These technologies allow companies to work with employees or other companies around the world.

Misconceptions

Companies might not be able to use technology to replace or enhance every aspect of business operations. Certain business functions require the use of human labor or intelligence, including analyzing and assessing business situations or financial information. Consumers might find companies too impersonal when copious amounts of technology are implemented into a business’ operations. Consumers might not appreciate the technological advancements when they perceive that companies are unwilling to handle customer service situations in a personal manner.

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