The word “innovation” comes from the Latin noun innovatio, derived from the verb innovare, to introduce [something] new. It can refer either to the act of introducing something new or to the thing itself that is introduced.
This could be in the form of a new product, strategy, service, or communication method. Whatever it is that you bring to the table, it should have the ability to provide value and fuel growth for your business.
In actual sense, business is christened at the birth of innovation that is creating new products, services markets or updating something known so it is exciting again.
It is important to note that the 21st century and beyond is a technological driven century, making technology companies triggering a paradigm shift by impacting industries.
For instance, Apple changes music and consumer electronics, Uber is changing the taxi business, while Airbnb and Amazon are changing the accommodation industry cum retailing.
Progressively, Software is a collection of programs and data that tell a computer how to perform specific tasks. Software often includes associated software documentation.
This is in contrast to hardware, from which the system is built and which actually performs the work. A perfect understanding of the interrelationship of the above therefore calls for attention.
We present below software trends business innovators need to know.
1. Blockchain Technology
Every serious business owner must make it a priority to understand how to successfully navigate Blockchain technology. Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. It stores data in blocks that are linked together in a chain.
The data is chronologically consistent because you cannot delete or modify the chain without consensus from the network.
As a result, you can use blockchain technology to create an unalterable or immutable ledger for tracking orders, payments, accounts, and other transactions.
The system has built-in mechanisms that prevent unauthorized transaction entries and create consistency in the shared view of these transactions. Blockchain technology is used in Energy, Finance, Media, entertainment.
2. Artificial Intelligence
AI has evolved from an esoteric research topic—with its origins six decades ago in corporate and academic computer science labs—into a collection of powerful technologies with mainstream business promise and applicability.
According to Deloitte’s global AI study, organizations adopting AI, more than eight in 10 leaders see AI as “very” or “critically” important to their business success in the next two years.1 AI adoption and spending are surging globally.
According to one report, 37 percent of organizations have now deployed AI—a 270 percent increase from four years ago. Analysts project global spending on AI to top US$35 billion in 2019 and more than double to US$79.2 billion by 2022. Business owner must therefore of necessity take this seriously.
Artificial intelligence is the simulation of human intelligence processes by machines, especially computer systems. Specific applications of AI include expert systems, natural language processing, speech recognition and machine vision.
The Grand View Research, the global artificial intelligence (AI) market was valued at U.S. $93.5 billion back in 2021.
From 2022 to 2030, the market is expected to grow at a compound annual growth rate (CAGR) of 38.1%. This growth can largely be attributed to the “continuous research and innovation directed by the tech giants who are driving the adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance and manufacturing.”
AI is a powerful tool for improving operational efficiency, enhancing customer experiences, and generating valuable insights. Companies that successfully leverage AI technology can gain a significant competitive advantage, streamlining their operations and driving growth.
In general, AI systems work by ingesting large amounts of labeled training data, analyzing the data for New, rapidly improving generative AI techniques can create realistic text, images, music and other media.
3. Internet of Things
The Internet of Things (IoT) describes the network of physical objects—things”—that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet.
These devices range from ordinary household objects to sophisticated industrial tools. With more than 7 billion connected IoT devices today, experts are expecting this number to grow to 10 billion by 2020 and 22 billion by 2025.
The importance of IOT, cannot be overemphasized, this includes but not limited to continuous customer interaction, Perception & Data Sharing, Accessibility, reliability, and efficiency, and Delivering of Insights in Real-Time
4. Cybersecurity
Cyber security refers to every aspect of protecting an organization and its employees and assets against cyber threats. As cyberattacks become more common and sophisticated, corporate networks also grow more complex, a variety of cyber security solutions are required to mitigate corporate cyber risk.
Business owners must understand the workings of cyber security, which of courses is safeguarding individuals and organizations against cyberattacks and theft or loss of sensitive and confidential information.
Cybersecurity can also monitor systems to protect personal data, protect yourself against fraud and online assaults.
The truth remains, that more than ever, merchants are creating and/or improving their ecommerce businesses to meet customers where they are. While it may seem like everything in ecommerce is evolving, Business owners must pay attention to pro/con of cybersecurity.
5. Datafication
Datafication is a software trend turning many aspects of our life into data, which is subsequently transferred into information realized as a new form of value.
Kenneth Cukier and Viktor Mayer-Schonberger introduced the term datafication to the broader lexicon in 2013.
Up until this time; datafication had been associated with the analysis of representations of our lives captured through data, but not on the present scale. This change was primarily due to the impact of big data and the computational opportunities afforded to predictive analytics.
Businesses collect customer data from many different channels, including physical retail, e-commerce, and social media.
By using data analytics to create comprehensive customer profiles from this data, businesses can gain insights into customer behavior to provide a more personalized experience.
Enterprises can use data analytics to guide business decisions and minimize financial losses. Predictive analytics can suggest what could happen in response to changes to the business, and prescriptive analytics can indicate how the business should react to these changes.
Streamline operations and mitigate risk.
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