The beginning of the new decade of the 21st century has brought in many changes to how humanity was used to perceive and use technology. Over the last few years, the budding tech entrepreneurs’ transformational changes have shown the world the level of brilliance humankind can achieve through technology.
In the era of entrepreneurship, the new-age tech geeks have revolutionized the usage of cutting-edge technology and have positively impacted the world. The choice of enterprise technology also plays a vital role in the entrepreneurs’ success as it helps them to provide the services according to the needs and wants of the targeted consumers.
But 2020, as we all know, has been a strange and indifferent year in all aspects, and technology is no exception to it. The ongoing pandemic has changed the paradigms of technology and has made budding entrepreneurs search for new avenues to expand their market.
Changes in the tech realm due to the coronavirus pandemic
Since the world has been forced to stay indoors because of the pandemic, homes have become offices, and usage of audio and video conferencing tools have increased significantly. In addition to it, education is another sector that has gone through some unprecedented changes as classes have shifted from physical classrooms to the screen of a smartphone or laptop.
There has been a steep increase in bandwidth demand as the majority of the world has gone online. This demand has infused fuel in the development of 5G technology globally and has also opened gates for many enterprise-friendly technologies.
The above statistics is a clear indicator of the impact 5G technology will have on the world over the coming 15 years.
Modern-day entrepreneurs should understand that with strict social and physical distancing norms in place around the world, they should also look to develop such kinds of products that the users can access from the comfort of their households. The online alternatives of the physical conferences and meetings have played an essential role in curbing the damages of different industries that could have happened with the complete cancellation of events.
Selecting better technologies can expand your business
No matter how emphatic the technology is for the entrepreneurs if it is not timely adapted it would not yield the desired result for the budding organization. There will be one or two ‘break-through’ technologies that will grab everybody’s eyeballs in every era. In this rat race, there are high chances of falling apart of new and upcoming business as in the quest of keeping up with the trends, startups fail to realize the actual pain-points of their targeted audience. To save the budding entrepreneurs from this steep fall, we have come up with a list of new (upcoming and established) technologies that can add flair to your business.
Let us dive deep and understand the innovative technologies for young entrepreneurs.
Today, ‘data is the new oil’; data is produced in humongous amounts, and it plays a vital role in making or breaking a new business or a product. Data Science is the technology that will help aspiring entrepreneurs to understand the complexity of data, simplify it, and use it for their good.
The type of data can be anything ranging from customer profile information, sales to financial figures, and many more. Data Science has emerged as one of the leading technologies used by enterprises as it helps the data scientists restrict the large chunk of unstructured data so that the business can effectively use the information they have. The analyzed data sets will help the entrepreneurs to understand the market better and enable them to be a curve ahead of their peers.
In addition to this, the structured data will help upcoming businesses to understand their growth and identify the areas that need improvement. As the company’s performance and the product will get better, it will have a positive impact on the user retention rate and will give a boost to positive word of mouth publicity.
Data security in the modern world is of paramount importance; any fault in it would have a hazardous impact. Thus, Blockchain can act as a foundational technology helping budding entrepreneurs to keep their data safe and share the data with ease for business purposes.
Moreover, Blockchain can also help create vital records of data transition that cannot be altered for any malpractices. The storage of every new transition is done ‘block-wise,’ and the new block is linked to the previous block. When a new block of information is added, it cannot be deleted or taken back. Therefore, Blockchain technology is safe and secure for businesses to keep their data for a more extended period.
Blockchain can act as one of the best technologies for entrepreneurs as it helps them save costs as there is no involvement of a third-party. In addition to this, it becomes straightforward to track the transactions, and there is no need for centralized entities for security as the technology itself is decentralized.
Virtual Reality is all about creating an immersive environment for the users that seems astonishingly real. The meteoric rise of this technology has narrowed down the difference between the real and the virtual world over the years. The home décor and the entertainment industry are a few of the many industries which have benefited immensely due to Virtual Reality technology.
Human senses of touch, feel, and vision can be easily simulated into the virtual environment. Using the VR headsets, can give the users a life-size experience and take the user experience to a different pedestal.
Industry Unicorns such as Facebook, Sony, HTC, etc., have used Virtual Reality to its optimal impact and have seen tremendous improvement in their product quality. VR can be enterprise-friendly technology as it will enable businesses to create new and immersive content for users with quality design and data security assurance.
As we enter the post-Covid world, Virtual Reality can be ‘the technology of the future’ that will help businesses inhibit a more collaborative approach despite working from remote locations.
Internet of Things
IoT has simplified how devices interact with each other and share data. IoT technology’s impact can be realized from the fact that, by the year 2025, almost 41 billion devices around the world will be powered by IoT.
From gauging your business’s performance to knowing the due date of machine maintenance to preheat your oven to many more things, Internet of Things technology is here to make your life easy and smooth. There will be no overstatement in saying that IoT is the future technology for home appliances, connected devices, and many more.
The new-age entrepreneurs can gain so much from IoT technology. Be it speeding up medical care or enabling predictive maintenance, or enhancing consumer service level, the Internet of Things can do all this for your business. The synchronization of the wearable technology can also be done more prudently with IoT.
Edge computing has become a mainstream technology over the years with increased usage of data and proliferation of technology worldwide. Edge computing technology can be right for you as an entrepreneur. It will help you utilize the ever-increasing amount of data and store it in a synchronized and safe manner.
More so, by 2022, edge computing worldwide is expected to breach the mark of $6.72 billion. It takes care of the ultra-sensitive data that the entrepreneurs will deal with and helps it to process efficiently even from a remote location. The year 2020 has already seen increased edge computing usage as it can host larger AI models and deal efficiently with the new and trending applications.
The world of entrepreneurship has always been and will always be more authoritarian. Because to develop something for the first time requires vision and willingness to try something new. The top technologies mentioned above are some of the best technologies for entrepreneurs to help them in the long run and keep them thriving in today’s competitive scenario.
In entrepreneurship, falls and mistakes are inevitable. The correct usage and selection of technology, in some manner, will help the entrepreneurs to minimize the destructive impact.