Technology has seeped into the smallest cog of most businesses, whereas before IT was limited to computers and Internet connections.

Introduction

Whether it’s attracting customers, optimizing user experience, or developing new business models, almost every business today has become an IT business.

It is precisely for this reason that technology has become constraining for many entrepreneurs. Everywhere around you, you hear about many innovations. But how to identify the added value for you?  

Whether it’s robotization, connected objects, blockchain or augmented and virtual reality, you need to know which aspects to focus on, and determine what is not key for your investments.

Here is an overview of technologies that may be relevant for entrepreneurs.

Robotization

More and more tasks originally performed by humans can now be performed by robots.

The first “visible” forms of robotization appeared in the automotive industry, where welding work was gradually entrusted to robots.

No man can match their speed, precision and consistency.

Today, robots have also entered, for example, in financial administration.

In all likelihood, the effect of robotization will have a major impact on the labor market.

It is not a question of whether robotisation will influence our work – it will anyway – but rather of knowing what its impact will be on employment.

Robotization will influence almost all sectors and companies. The relevance depends above all on the processes: robots can already take on simple and time-consuming tasks. For more complex tasks or creative functions, you will have to wait a little longer.

IoT Or Connected Objects

The Internet of Things (IoT) is also a technological phenomenon that strikes the imagination.

Simply put, IoT refers to the ever-increasing number of devices connected to the Internet .

In addition to smartwatches and mobile devices, there are also household appliances, production machinery and means of transport that are equipped with receivers.

The ultimate goal is to achieve more efficient processes. Logistics would also become better and cheaper, since objects can indicate where they are in the supply chain.

For preventive maintenance, devices will indicate in time that they need maintenance. For entrepreneurs, it really comes down to when it’s time to make your product “connected” and when to make a business case.

Virtual And Augmented Reality

You have two options if you want to create a virtual world accessible to your ecosystem.

• Either by building a representation superimposed on the real world , this is augmented reality. The main interest is to offer more interactions between the real and the virtual. The Pokemon Go game is an example known to the general public of an application integrating augmented reality. 
• Either by creating a totally new world , it’s virtual reality. The user is then propelled into a world created artificially by computer using a blackout helmet placed on his head. We think in particular of the Google Cardboard which allows you to climb Mont Blanc as if you were there. Here too, many suppliers are busy developing products and software. 

How relevant is all this for business? In general, it seems that for now, virtual reality and augmented reality are only interesting for companies that want to build an optimal and innovative customer experience.

Blockchain

Latest technology that has rapidly gained popularity in recent years: the blockchain.

One could describe blockchain as a system that automates trust.

The first known application using the blockchain infrastructure is bitcoin, the digital currency.

Everyone who owns or sells bitcoins is connected to a central database. When bitcoins are transferred between two parties, the transaction is recorded both in the systems of both parties and in the administration of everyone connected.

However, the possibilities offered by the blockchain go far beyond those offered by bitcoin. Born in 2009, the blockchain is a peer-to-peer (P2P) protocol for managing transparent digital data , and above all tamper-proof and secure.

This paved the way for an almost endless array of applications. We are entering the final stage of disintermediation with the possibility of carrying out transactions directly, without commission or intermediary. If you don’t want to miss this train, hop on board today.

All these technologies have one thing in common: they depend on the size of the market and its standardization (standards). These are the sine qua non conditions for all technological advances. So, for example, HD movies only became attractive to the general public when it was possible to produce them on a large scale and the industry came out with a standard (BluRay).

As an entrepreneur, it is better to remain cautious about investments in new technologies and avoid that your model is totally dependent on them. In any case, technology is a means, not an end in itself.

Also Read: What Is The Metaverse And How Will It Affect Brands?