Across the world, businesses are recognizing that next-gen tech holds the future to growth. Technologies such as artificial intelligence (AI) are transforming how organizations automate complex tasks, allocate labor and innovate every day. In fact, studies estimate that adopting AI could accelerate growth rates in labor productivity by over 40% by 2035.
Tech Is Everywhere, Improving Everything
In this age of technological advancements, where everything is either receiving continuous facelifts for improvement, or complete over-hauls, making way for something more better and advanced; business have realized that the new next-generation technologies, which have fuelled dramatic changes in customer expectations, must now be harnessed by them.
Transition from barely criticized conventional management techniques to ways that incorporate artificial intelligence and automation, businesses have come a long way from being just an economist’s playfield, to a tech savvy’s game board.
Every business is striving to get hold of what concerns their customers. They yearn to improve their ability to better understand their clients’ expanding and evolving needs while driving time and cost savings and boosting enterprise productivity.
Nowhere, is this more starkly evident than in the forays next-gen tech is currently making into such a traditional industry as farming. The world’s largest maker of agricultural equipment, John Deere, is embedding AI-enabled IoT sensors in its equipment to dramatically boost precision during sowing and reaping.
In addition, Walmart is credited with sustaining its growth figures for 11 consecutive quarters driven by a 63% year-on-year increase in online sales — likely due in large part to its embrace of new tech. The retail giant is reported to be using both AI and predictive analytics to help link it’s online and offline worlds to leverage the unique insights it gains from its point-of-sale systems to better foresee product demand patterns.
Having once emerged as the product of digitization, next-gen technologies now symbolize the change that every company will undergo — digital transformation. Because at the end of the day, every business in today’s age is truly a digital business.
For more articles visit LSB Blogs.