How Businesses Are Using New Technologies

If businesses want to remain competitive, they’ll need to take advantage of some of the latest technologies to improve sales, operations, customer engagement, and more.

And this is an exciting time for businesses, because there are a lot of new technologies to take advantage of. Here are a few of the most popular:

Virtual Reality

Virtual reality is transforming how certain parts of a business function, and in the future, it’s going to completely alter businesses in every way. Right now, virtual reality is most beneficial when hiring and training employees. When used for hiring, VR can help to test and weed out candidates to see who would be the best fit for the job. Large corporations like Walmart are already utilizing this application of VR.
VR also offers a much more efficient way to train employees. Since employees will be trained virtually, there is no need for other employees to take time out of their busy schedule to train new recruits. VR can also help to train employees who are in more specialized, demanding, or dangerous fields such as construction or medicine in a safer manner.

Cryptocurrency

Cryptocurrency is the money of the future, and right now, Bitcoin is the world’s most popular — and most widely accepted — cryptocurrency. More and more businesses are accepting Bitcoin, from restaurants, to a wide variety of online businesses, to casinos. For example, businesses like casinos have seen their business improve with increased revenues thanks to cryptocurrency. Additionally, taking advantage of cryptocurrency has helped to improve customer engagement and satisfaction, and help businesses to remain competitive. It’s also convenient (especially for global business) and fast, has lower transaction fees, and has the ability to attract new customers.

Augmented Reality

You could say it all started with the Pokémon Go craze. Businesses finally started to see the potential of augmented reality. As a result, many businesses are now experimenting with augmented reality to improve customer satisfaction, engagement, and sales. Snapchat is one of the most cited examples since it is one of the most popular apps used by Generation Z. But retail businesses like Zara, IKEA, Sephora, Neiman Marcus, CoverGirl, and Macy’s are getting in on the action, too.
For example, makeup brands are embracing AR in their apps to allow customers to virtually try on makeup without having to go to the store and physically put it on or buy it. Even if a customer isn’t intending on buying something, this virtual process of trying out products might just convince her that she has to have a certain product. So not only does it increase engagement with a brand, but it’s likely to increase sales.

Social Media Networks

It might seem like social networks have been around for a while now. But in their present state, they’re really not all that old. There are businesses out there that are still not on social media, or still figuring out all of the benefits of making a Facebook page or Instagram account. But there’s a lot more to it than that! Businesses are now devoting a significant amount of time and money to developing social media strategies. And those that do are reaping the rewards: Increased engagement, visibility, customer satisfaction, and sales.
Unlike some of the other technologies on this list, this is the most accessible technology for businesses to take advantage of. It can also be one of the cheapest options (especially if businesses outsource social media management), depending on a brand’s specific social media strategy.

Facial Recognition

This technology has come a long way in recent years. It’s now being used to identify people in airports, stores, sports stadiums, and beyond. Social media networks like Facebook and Instagram use facial recognition to identify users, such as when tagging friends in photos. Many newer smartphone models (like the iPhone X) include facial recognition, which can be used to unlock a phone or authenticate payments.
But that’s not all — by a long shot. Other businesses that are experimenting with facial recognition technology include: car manufacturers, banks, healthcare companies, energy companies, fast food businesses, hotels, retailers, travel companies, and insurance companies. Generally, these companies are using facial recognition technology to either improve security or else improve customer experiences. Regardless, when it comes to taking advantage of facial recognition technology, it seems like few businesses are left out.