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Business Technology: Trends to Look for in 2024

The business landscape is growing at a rapid pace. Every industry has been taken over by innovation and the ever-expanding catalogue of technologies. 

Business technologies are the tools and systems that enable businesses to operate more efficiently, effectively, and competitively. They can help businesses improve their products and services, optimize their processes, enhance their customer experience, and reduce their costs and risks. In this blog post, we will explore some of the most innovative and impactful business technologies that can transform your business in 2024 and beyond. 


1. Business Friendly AR 

Business Friendly AR

Augmented Reality (AR) is a technology that overlays digital information onto the physical world, creating a mixed reality experience. One of the most promising applications of the Augmented Reality technology is in the manufacturing sector, where it can help create a digital twin of big manufacturing plants using AR and sensor-based technology. 


A digital twin is a virtual replica of a physical asset, process, or system that can be used to monitor, analyze, and optimize its performance.

Creating a digital twin, often requires, 3D software development, IoT, data analytics and cloud computing.  


By using AR and sensor-based technology, manufacturers can create a digital twin of their plants that can provide real-time data and feedback, as well as enable remote control and virtual machining. 


This can help manufacturers to manage their units, find loopholes in machine works, improve quality and productivity, reduce downtime and maintenance costs, and enhance safety and sustainability.  


It is a perfect example of Industry 4.0. Manufacturers can now also recreate past models using digital twinning to predict future, avoid mistakes and take on trends. 

Creating a digital twin, often requires, 3D software development, IoT, data analytics and cloud computing.  

 

2. Computer Vision 

Computer vision is a field of artificial intelligence (AI) that enables computers and systems to derive meaningful information from digital images, videos, and other visual inputs, and take actions or make recommendations based on that information. Computer vision can be used for various tasks, such as face recognition, object detection, scene understanding, and image enhancement. However, one of the most beneficial applications of computer vision is in the warehousing and logistics sector, where it can help improve safety and monitor the fulfilment of Standard Operating Procedures (SOP) in warehouses, logistics plants, and even QSRs and restaurants. 


Computer vision can help warehouses and logistics plants to automate and optimize their operations, such as inventory management, order picking, packing, loading, and delivery. It can also help to detect and prevent accidents, theft, and damage, as well as ensure compliance with health and safety regulations.  


Another interesting application of Computer Vision in logistics is Movement Analysis and Equipment Detection. It can help increase the compliance with safety protocols as it can detect whether employees are wearing their safety kits or not without any human intervention. With Movement Analysis, people can control certain warehouse activities with hand gestures instead of manual commands which saves time and improves efficiency. 

For example, computer vision can help to identify and alert workers of potential hazards, such as spills, leaks, or fires, as well as monitor their adherence to SOPs, such as wearing protective gear, following traffic rules, and maintaining social distancing. According to a report by Grand View Research, the global computer vision market size is indeed expected to reach USD 19.1 billion by 2027, expanding at a CAGR of 7.6% from 2020 to 2027 

 

3. AI-enabled Business Process Management (BPM) Systems 

Business processes are the lifeblood of any organization, but managing them can be a cumbersome task. Traditional BPM systems are often limited by their reliance on predefined rules and workflows, which can be rigid, complex, and inefficient. Enter AI-powered BPM systems, intelligent software capable of creating, automating, and continuously optimizing workflows. 

AI-enabled BPM systems can help businesses to improve their agility, flexibility, and scalability, as well as reduce their costs and errors. They can also help businesses to enhance their customer satisfaction, loyalty, and retention, as well as generate new insights and opportunities.  

AI can simplify many processes in the BPM. One such example would that be of Process Mining. It can take data from various sources such as CRM softwares and can identify trends and flow 


For example, AI-enabled BPM systems can help to automate and optimize tasks, such as data entry, document processing, invoice generation, and customer service, as well as provide personalized and proactive recommendations, such as product suggestions, discounts, and feedback. 

 

4. Intelligent Chatbot Creators 

Think about the instances in your daily life when you had to interact with a chatbot, from raising a query on Zomato to interacting with business chatbots on Whatsapp, they are literally everywhere.  

Customer service teams often grapple with high volumes of inquiries and repetitive requests. This is where chabots come. 


Chatbots have taken the customer support service to next level. They are easy to use, create, and take the load off from human shoulders. 

These AI-driven bots can handle everyday customer interactions, freeing up human agents for complex and personalized support. Think chatbots answering product questions, resolving minor issues, or scheduling appointments – all while learning and adapting to improve their responses over time. 


These chatbots can help businesses to provide faster, cheaper, and more convenient customer service, as well as improve customer satisfaction and ultimately loyalty, with their timely and prompt responses They can also help businesses to reduce their workload, stress, and turnover, as well as increase their productivity, efficiency, and profitability.According to Gartner, by 2022, 70% of white-collar workers will interact with conversational platforms on a daily basis 

 

5. AI-based Compliance Management Software 

Navigating the intricate web of legal and regulatory compliance can be daunting for businesses of all sizes. But with AI-powered compliance management software, this burden becomes manageable. 


Traditional compliance management software is often manual, tedious, and error-prone, which can lead to non-compliance, fines, penalties, and reputational damage. 

Incorporation of AI can help businesses improve their compliance efficiency, effectiveness, and reliability, as well as reduce their compliance costs and risks.It can go through large amounts of data to identify potential risks for the company along with predicting risks in the future based on trends from the past. 


It can also make the tedious task of reporting a breath of fresh air by pulling out data and making customised reports as per the requirement. 

It helps businesses to gain a competitive edge, as well as ensure good governance, ethics, and social responsibility.  

 

Conclusion 

The technologies we've discussed are just a glimpse into the vast potential of modern business tools. By embracing these innovations, companies can unlock unprecedented levels of operational efficiency, customer engagement, and risk mitigation. 


In this blog post, we have discussed some of the most innovative and impactful technologies that can transform your business in 2024 and beyond, such as business friendly AR, computer vision, AI-enabled BPM systems, intelligent chatbot creators, and AI-based compliance management software. These technologies also point towards an incoming Industry 4.0. 

By adopting and implementing these technologies, you can boost your performance and productivity, as well as gain a competitive advantage in your industry.  

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