7 Trends in Technology That Will Benefit Product-Based Businesses

7 Trends in Technology That Will Benefit Product-Based Businesses

#1: 3D Printing

3D (three-dimensional) printing is a manufacturing technique in which a physical object is created and “printed” with thin layers of material. In addition to being widely used in the manufacturing industry, 3D printing is used in tool-making, medical devices, engineering, and the automotive industry. Some of the benefits of 3D printing include:

  • Time and cost-efficient
  • Reduced waste
  • Flexibility in design
  • Easy prototyping

What was once used as a way to quickly create a model has now evolved into making final versions as well. 

#2: Artificial Intelligence

Artificial intelligence (AI) is the duplication of human intelligence by computer systems and other machines. It’s a broad category that has many different subtypes. AI is widely used in everyday life, but it’s being revolutionized in supply chain management.

AI can analyze the ever-changing supply conditions through data monitoring and the detection of deviations. This ensures that products are available to consumers and that they’ve met all safety and sustainability standards— which is good news for businesses that have been affected by the recent and ongoing supply chain issues. 

#3: Augmented Reality

Augmented reality (AR) is something that was once used for entertainment purposes only, but it can be beneficial to various businesses as well. AR allows individuals to superimpose an image, text, and even sound into the real world around them. 

Businesses such as clothing and accessory stores can use AR to allow their customers to try on their products before they purchase them. This is already widely seen with companies that sell glasses. AR used in this way can help cut down on the number of returns— and also decrease the number of unsatisfied customers.

#4: Automation

Automation is most often seen through software, and it’s a set of computer programs that follows pre-programmed rules. As the name suggests, whatever is being automated is capable of automatically doing the tasks it was programmed to do without human interaction. This is why it’s useful for business owners to have software that automates billing and payroll, procurement, and inventory. Automation eliminates the need for humans to perform mundane, repetitive tasks and this save a lot of time and money when it comes to business.

As a business owner, you should automate your manual business tasks with a software service that will make your business more efficient. Learn more at getgsi.com.

#5: Machine Learning

Machine learning (ML) is a subcategory of AI that duplicates human intelligence, but it also “learns” more from identifying patterns in data. It’s similar to automation, except that automation doesn’t “learn” from the data it was programmed to analyze— it just analyzes and performs the tasks it was created to do. 

#6: The Internet of Things

The internet of things (IoT) is how devices (powered by an internet connection) connect and communicate with other devices powered in the same way. The majority of people are already using IoT in their daily lives— probably without even knowing it. The biggest example of IoT is the way smartphones can connect to other devices, such as smart home devices.

When it comes to business, IoT can be used in the same way that consumers use them. It can also be used to allow businesses to collect and analyze data about their products and customers. This gives business owners insight into how they can improve their products.

#7: Virtual Reality

Virtual reality (VR) is a computer simulation of an environment that allows people to interact with it. Like AR, VR was once primarily used for entertainment purposes, but now it has found its way into the business world. Virtual models of a business allow companies to test everything from product placement to customer service to help improve the customer experience. This is also known as a “digital twin”. 

Of course, the most current trend in VR is the “Metaverse”. Like VR, it’s a tool that can be used for both entertainment and business purposes.

As you can see, technology is constantly changing to allow for better experiences for individuals and growth for businesses. As a business owner, it’s important to stay on top of the latest trends to have a successful business.

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