Guest post by Tiffany Rowe
Organization owners and managers around the world have seen just how much digital transformation has been reshaping so many aspects of business over recent years. Technology has, and continues to, change the way we create and sell products, run operations, recruit and manage teams, deliver customer service, and much more. These shifts aren’t stopping either, as the tech-driven world continues to evolve.
If you’re keen to find out ways that your business might be affected over the coming months and years, or ways in which you can get ahead of the competition and grow your venture, it’s important to stay on top of the latest happenings. Read on for some of the key digital trends in 2017 and beyond that you need to know about.
Although big data has been transforming the business world for quite a few years now, this year the importance of the technology is going to grow even more. Until now, few companies have been using data to its maximum effect, mainly because of a lack of knowledge and understanding. However, as it continues to gets easier, simpler, and cheaper for businesses to apply data and analytics, and more and more entrepreneurs see how it can be used effectively, the trend will rise quickly.
With such a dizzying amount of valuable data to access, analytics should start to drive businesses to look closely at what and how customers think and shop, what they’re searching for, and how brands are viewed by the market.
Processes can be analyzed and changed too, plus customer service metrics can be measured extensively to provide a better user experience. In pretty much every area of business, you will be able to use the application of data and analytics to make decisions, small and large.
Voice and Speech Recognition
Another area that is growing rapidly is voice and speech recognition. In fact, according to a report from BCC Research, the global market for voice-recognition technologies should rise from $104.4 billion last year to $184.9 billion in 2021, growing at a five-year compound annual growth rate (CAGR) of 12.1 percent. In addition, the market for speaker-variation segment in speech analytics looks set to have the highest CAGR over five years, tipped to be 17.6 percent from 2016 to 2021.
There are numerous overall factors driving the growth in these areas. For example, lower costs, greater processing power, productivity gains, and new (and easier) development in speech and machine learning have a lot to do with it.
In particular, it seems that the growth in the voice-recognition market is stemming from increased mobile-banking applications, where biometric security is being installed. More governments are making use of voice-recognition technology too. For example, the military is using voice-based tech to increase precision (e.g., in driving) and operational efficiency across many areas. As well, voice-activated mobile search is a hugely growing field, as is the use of voice activation when it comes to advertising services.
As far as speech recognition software goes, the widespread adoption of mobile- and cloud-based computer technology is fueling the growth in this area, especially as the adoption of automated and smart applications grows in the healthcare and consumer industries. Speech-recognition technology is being increasingly utilized by large tech firms such as Apple, Google, and Microsoft too.
Artificial Intelligence and Automation
Artificial intelligence and automation is also taking off in a big way as technologies evolve. Machines are becoming increasingly adept at learning about and adapting to their environments, and it looks likely that AI will become one of the most disruptive IT forces over the coming months.
While automation is already replacing many low-skilled jobs, in the future AIs will work more and more collaboratively with humans to solve complex problems in diverse fields. Also, artificial intelligence will be increasingly used in customer service, particularly online, through the use of chatbots that can understand context better and provide consumers with the means to have more natural conversations with brands digitally.
Smartphones and other internet-enabled devices will also benefit from AI. Gadgets will become increasingly automated as they learn the patterns and preferences of their users without needing to be told. As a result, they will be able to make better and more accurate recommendations and suggestions in a variety of areas.
The fast food industry could also be shaken up with artificial intelligence, as self-serve kiosks are being investigated as a way of removing the need for humans to spend time on food service. The sales process can also be streamlined with AI, with programs designed to remind sales people to get in touch with their customers, or to automatically input data, provide data-driven insights, or handle dynamic scheduling.
Artificial intelligence is also making administration a more painless job, with computers being able to search for answers to questions online; handle back-and-forth meeting requests; make predictions and suggestions based on data; and create reports and other documents.
Tiffany is a leader in marketing authority, she prides herself in her ability to create and provide high-quality content that audiences find valuable.