The global pandemic forced many companies to reinvent their operations so that they could continue to provide their services remotely, and do more with less. As a result, tech minds went into overdrive mode, resulting in new and exciting technologies being developed.
Despite the pandemic being very much in our rearview window, the disruption of the last few years has brought new opportunities for change and efficiency. As such, huge advances have been made in the world of artificial intelligence, customer experience and cyber security to name but a few.
Let’s take a closer look at some of the top technologies to get excited about as we approach 2024:
Continuing to transform industries, AI technology, from chatbots to AI-automated processes, is being used by an increasing number of companies; in fact, 300% more than just 5 years ago. AI is helping companies to increase the speed of their operations and deliver decisions that are both specific and driven by data.
With increased processing capacity, real-time accurate performance monitoring, deep reasoning and the use of generative AI as the main method of searching, AI has become increasingly popular among HR and Payroll service providers, extending beyond the realms of recruitment, and into personalized employee training, template generation and Applicant Tracking Software (ATS). When hiring, companies that receive a large volume of resumes use ATS, powered by AI, to scan and sort through CVs, simplifying the process for managers.
For payroll companies, identifying patterns of activities that may be fraudulent, such as pattern recognition, unauthorized changes, and payroll data security breaches, AI can help prevent payroll fraud, and enhance data security significantly.
Never has an innovation spread quite as quickly as artificial intelligence, and with no signs of slowing down. Today, AI technology is become something of the norm instead of a mere futuristic concept.
Robotic Process Automation, or RPA, can benefit a range of businesses, from finance and accounting to customer service and human resources, and is arguably one of the most significant technological advances. Using digital workers or software bots to speed up and simplify processes that would otherwise be repetitive and rule-based, can help boost accuracy, reduce operational costs, enhance customer satisfaction, and bolster compliance within a business. A great business case for service bureaus to leverage RPA is the automation of data input. For operators entering data as part of the onboarding process, for example, RPA helps them achieve high levels of accuracy, particularly in error-prone areas such as re-keying. When implemented with careful planning, RPA can make a significant impact on a business’ efficiency.
With automated sensor networks replacing tricky and time-consuming procedures for monitoring assets, The Internet of Things has enabled businesses to sync up with mainframes and connect to the internet, to better track vital assets in real-time. And, with customized support and features that are truly cutting-edge, customer satisfaction can be significantly improved upon, too. From industrial automation and smart factories, to voice searches in retail and livestock monitoring in agriculture, the IoT allows businesses to be ultra-efficient, improve upon their workplace safety and better understand the needs of their customers. In fact, many industries are successfully using IoT today, such as healthcare, security, smart supply chain management, smart time tracking systems and many more. The range of sensors available, from image and level, to infrared, can be used to detect almost any element including temperature, humidity, motion and others. With some industries reportedly spending all of their money on this new technology, it’s predicted that the IoT will soon be implemented, to some degree, in every industry.
Customer Experience (CX)
While making the customer’s experience a priority is nothing new for businesses, recent shifts in consumer behaviour, continually evolving expectations, and the fast pace of new technologies, have forced businesses to adopt a proactive approach in order to satisfy customer needs and gain a competitive edge. Emerging technologies from virtual and augmented reality to cloud technology and chatbots, give companies so many new ways to connect with customers and offer them a personalized experience, that they are impossible to ignore. Automation and data collection helps to streamline customer touchpoints, and some of these digital solutions can even track KPIs and activity logs, so that companies can fine tune their performances.
With the entire landscape of the customer experience set to undergo significant change, businesses must harness the latest technologies (such as hyper-personalization and voice-interaction) and develop an even more profound understanding of consumer’s needs in order to not just satisfy them, but exceed them.
Working on a subatomic level and using complex technologies so exotic many of us have never even heard of, quantum computing is progressing at a rate that will soon make the supercomputers of today, look basic. Ultimately, quantum computing is capable of solving problems that are too complicated for classic computers, and businesses can take advantage of such technology as cryptography, data analytics, forecasting and pattern matching. Industries such as pharmaceutical, automotive and finance are some of the early adopters of quantum computing. In the finance industry, for example, quantum computing can help with portfolio and risk management. Efficiently quantum-optimized loan portfolios that focus on collateral could allow lenders to improve their offerings, possibly lowering interest rates and freeing up capital.
So many applications of this technology are completely unknown, but the next milestone in quantum computing is set to be something known as The Quantum Advantage: when a quantum computer becomes quicker, cheaper or more efficient than classical computers when solving problems. Watching this technology evolve as we approach 2024 is nothing short of riveting.
Cyber security resiliency
Studies show that around 1 in 10 businesses have fallen prey to cyber-attacks that were successful in the last 3 years alone, with the estimated cost of such attacks amount to billions of dollars. In a report published by Statista, over 1,800 data breaches are recorded in 2022 alone, breaking all previous records and having increased by as much as 68% compared to 2020[GV1] , and affecting a range of sectors from finance and retail, to healthcare. As such, modern day cybersecurity is about so much more than merely preventing breaches; potential threats must be foreseen, technological advancements must be adapted to and businesses must adopt a security-first approach that extends to the entire workforce.
Effective cyber resiliency now encompasses a variety of measures that when taken, can help businesses recover from a cyber-attack and maintain normal operations when their defenses are breached. It has now become crucial for businesses to protect themselves from cyber-attacks, and become more resilient; many utilizing AI and machine learning as an automated means of defense. Platforms driven by AI have the capability to analyze huge swathes of data swiftly and accurately, making investing in AI-driven security tools, something of a necessity in order to fortify a company’s defenses.
Technology may be moving at a pace some of us are neither comfortable with, nor are able to comprehend, but if businesses are to succeed where others have failed, adopting new technologies can prove to be a real game-changer.
But how do you know what technologies are right for your business? The answer: find a technology partner with extensive experience who can guide you through these new technologies. When you’re ready, Asinpa is here to help. Contact us today and let us show you how these technologies can make a positive impact on your service levels and bottom line in 2024 and beyond.