Digital transformation has shown its ability to impact business performance in a big way. Such is its scope that these days, we have entered a ‘post-digital era’. The ultra-fast speed of modern technology-driven pace means that digital transformation is something nearly all companies have already undergone. Whether you learned about the AI vs humans competition or implemented advanced software, you are aware of the latest technologies.
The future lies in combining technologies such as the cloud and AI with distributed ledger, extended reality and quantum computing. If you have a business – small or large – how can these new technologies enhance your and your clients’ digital experience?
Distributed Ledger For Greater Transparency
One of the main ways that technologies enhance business is through distributed ledgers. Distributed ledgers are databases used in several locations or by several people/organizations. They allow companies to provide information and transactions to all users. Thus, they speed up information access and reduce office operational inefficiency. On a governmental level, they enable approved parties to access vital information. For instance, data on a registrar improves governmental processes.
However, their usefulness extends to financial institutions. Since businesses are starting to use new financial options like digital banking, this is crucial. This can provide dynamic data, such as all information on completed financial transactions to clients. As stated by Accenture, distributed ledgers will eliminate the need for trusted third parties. Some companies are already making major savings by using this technology. For instance, a consortium has reduced the need for data entry in the transport/freight industry by up to 80% and significantly simplified the need for cargo checks and customs compliance.
As pointed out by tech expert Joshua Baker, the digital experience exists not only to make processes quicker and more seamless, but also to enhance customer enjoyment. Extended reality (ER) is an example of a technology that can achieve this aim. Comprising virtual reality, augmented reality, and additional immersive technology such as mixed reality (MR), it enables clients to enter the commercial world (e.g. a store), interacting with digital objects in real time. Companies like Rolex are showing competitors how it’s done, allowing customers to ‘try on watches on their actual wrist’ within a digital universe.
The quantum computing industry is estimated to be worth $5 billion by 2020, indicating its potential usefulness to various industries in areas such as data analytics. Cloud computing companies are particularly thriving because of this. Computing technology can be used to analyze enormous amounts of data and even to research into more efficient processes for a plethora of industries, including aviation and space travel. It can also help companies predict future patterns and forecast trends and areas of future demand, thus enabling them to offer a more personalized customer experience.
Technologies such as quantum computing may be at the early stages of the game, but they are already being used for everything from testing traffic flow optimization to facilitating automatic payments. Some companies have already embraced the ability of digital technology to store information and improve processes. These businesses should be open to newer tech such as distributed ledger technology and AI. Not only will each of these technologies shine on their own, but they will also be used synergetically for enhanced B2B and B2C relationships and experiences.
Business owners need to use the latest technologies in order to survive during the post-digital revolution. Understand how to use distributed ledgers in your company. Familiarize yourself with extended reality as well. Finally, learn about quantum computing. Learn how to apply these advanced technologies to your business. More so, discover the best ways to combine them for an even more efficient workflow. Take this steps to prepare for the post-digital revolution in the business world.