Your guide to understanding what’s technology is new for Business Management and how to keep up
Business Management in 2018 can seem overwhelmed in tech jargon. Perhaps you feel as if you are struggling to keep up with the business of business management. The sheer amount of business administration knowledge required to be successful can often keep you from looking ahead and assessing what’s new and exciting. Until it’s too late.
Education and lifelong learning are more essential than ever. It is vital for business managers, business owners and senior administrators to understand which trends are hot and which are not.
Here’s a summary of what’s new in business technology in 2018 – and what it means for you.
FOUR SMARTEST TECHNOLOGY TRENDS IN 2018
1. The Rise and Rise of Augmented and Artificial Intelligence
Or to put it simply, Man plus Machine. Business News Daily reports that ‘2018 will see the end of the experimental phase’ of Artificial Intelligence. AI is being used to augment performance across business, perform repeatable redundant tasks and process large amounts of data.
Forbes writer Ian Altman says, ‘this is not to avoid human interaction, but to enrich it.’
In 2017, these brand names took AI to new levels:
- Pizza Hut replaced waiters with robots to take orders and process payments
- Walmart used automation to replace 7,000 accounting and invoicing employees
- iPhone maker Foxconn replaced 60,000 employees with robots
- Wendy’s replaced their lowest paid employees with robots
- Microsoft is using AI in half a billion devices running Windows 10
- Amazon’s AI friendly platform allows developers to work with AI specific frameworks and services
- Google Maps uses real-time customer data from our phones
2. Blockchain means Business
Blockchain seems to be the biggest business management buzz of 2018. It is the main technology behind Bitcoin and other crypto-currencies and championed by many thought leaders as being in the infancy stages of development and potential, much like dial-up modem technology was at the beginning of the Internet.
Workzone Software expert Andrew McDermott describes blockchain as ‘It’s a completely different way of processing information and Bitcoin is just the tip of the iceberg. In its essence, blockchain is a unique way to process transactions or records. Like a shared document that can be recorded and remembered several different ways. Blockchain is emerging in healthcare as well as financial tech. And no matter the fate of Bitcoin as a currency, blockchain will be here to stay.’
Some current examples of blockchain innovation are:
- Accenture and Deloitte are building blockchain practise areas and investing in key alliances
- IBM is in a blockchain collaboration with Nestle, Walmart, Costco, and others to improve global food supply chain safety
- Bitcoin is being used in high-end sales such as real estate transactions and accepted in many places across Europe for low-end retail sales
- UK Ministry of Defence is using blockchain technology to increase security measures
3. Get Savvy about Cyber-Attacks
There are changes in the way business is implementing IT and managing IT spending.
- Experts are seeing a shift away from large-scale IT solutions to Microservices, where smaller applications make it easier for businesses to scale and decrease risk while increasing efficiency
- With cyber-attacks and ransom-ware on the rise, the new business mentality is one of detection and response rather than prevention. No longer is it a matter of IF it will happen, but WHEN. A combination of on-premise and SaaS/Cloud solutions are being implemented in new Hybrid-Security models.
- The Internet of Things is a growing area of cyber-attacks. In 2017, Gartner reported that there are now 8 billion connected things with 20 billion expected by 2020. Leaving devices unprotected gives hackers ample opportunity to find a way into your data and systems. In 2018 you need to ensure your IT providers are enforcing security protocols across your business and organisation.
4. Rethinking Banking
Your mobile device is fast becoming your wallet. This trend is being driven by Millennials and Gen-Z consumers who want to bank when and where they want. Digital banking will grow to over 2 billion users by 2020 and a technology-first mindset will replace traditional banking even more. USA data shows that 80% of customers use online banking and 50% do so on mobile devices. Customers will demand that your business provide instant payment and banking solutions, or they will go elsewhere.
Be smart and upskill your knowledge for 2018 and beyond
A career in business management or business administration is enhanced by keeping up with what is new and trending in technology. CEOs, upper management, and business owners are looking to hire qualified diploma graduates who have relevant knowledge and expertise in these areas now.