Technology forms the very core of our existence today. Technology in education, medicine, IT and the technology in almost all other sectors have evolved to an extent surprising to a layman. But what is technology really, and can there be too much of a good thing?
So far, it appears the answer is a resounding “no”. Companies need to keep up with their customers’ demands, and technology that allows companies to streamline processes and automate the front and back ends of their business have revolutionized customer service.
What is technology?
When you hear the word “technology”, what comes to mind? Do you think of the latest iPhone? Or computer games, computers, spaceships, military equipment? Technological advances and progress are of paramount importance to the retail and other industries. While some scholars maintain that technology does more harm than good, businesspersons will tend to disagree. This was a major controversy particularly at the peak of AI development and design some decades ago. The 2010s have witnessed a return to AI in the form of virtual reality and augmented reality.
Artificial Intelligence (AI) innovations will continue to herald scientific breakthroughs, in part due to the huge amounts of data that new technologies have made available. AI and machine learning will be embedded in business platforms, enabling smart business operations this year. Experts believe China is likely to outperform the US in the Artificial Intelligence space, emerging as a leader in AI developments and applications.
Advances in machine learning technology and algorithm training will result in new and more advanced AI. Robotics and self-propelled vehicles are the two sectors that will see the fastest developments during 2019 According to POSQuote.Com
Back in the 70s, people believed AI designers should make their machines “friendly” right from the outset, but should also remain aware that their designs may somehow prove faulty as the robot evolves and develops over time.
The main challenge was in the mechanisms of AI themselves, not in moral considerations according to them. It was necessary to select an inbuilt mechanism to be utilized in the development of AI systems that would give them specific automatic functions, thus ensuring they would remain friendly as they grew and evolved. The ultimate goal should have been to guarantee that AI systems would help rather than harm human beings. Support for this notion is at an all-time high and growing. And scientists and corporations are acting accordingly, always aiming to improve their products.
Banking is one industry, which technology has helped streamline a great deal. In the past, everyone would head to the bank to cash their paychecks. It has become automated now, and the entire industry has changed as a result of banking mobile apps dramatically. These allow users to move money around, cash checks from a mobile device, and view accounts.
These programs can track a customer’s life cycle, which is also important when it’s time for company audits. Banks are even using their websites to enable customers to apply for loans. Self-service experiences have grown exponentially since the banking industry has invested in omni-channel applications.
The adoption of this technology has saved lots of money as the need for big teams and physical locations at each site are slowly dwindling. Technology like RPA or robotic process automation helps bankers simplify the onboarding process and streamline the copious amounts of data entry that goes along with the financial industry. Clients appreciate the convenience and love the fact that their accounts are now available 24/7.
The insurance industry can be very confusing and complex. Technology helps simplify and streamline various industry-related processes. Many of the business processes in this industry involve multiple steps and a set of requirements. Technology helps automate internal systems and claims management.
It also greatly impacts the ability to provide excellent customer service using omni-channels. These channels allow customer service staff to have uninterrupted conversations with customers across any series of channels in any order. Omni-channels provide a seamless experience whether the customer is shopping in store, through an automated phone system, or through a mobile app.
Customer service is much more effective and efficient because the same set of rules and strategies can be placed in a library and reused as needed at any time. Technology enables businesses to provide better customer service to increase consistency and customer satisfaction.
Technology also streamlines the healthcare industry. This area has experienced an immense impact. Technological breakthroughs change the way we provide healthcare. People can’t visit a single physician for all their problems. Quick access to a variety of specialists is important both for patients and their providers.
This is one reason efforts are being made to automate the healthcare industry. Adopting electronic medical records saves time and promotes improved coordination and data management. Healthcare providers need to ensure their network infrastructure is optimized for security and speed.
As healthcare organizations make efforts to improve financial and administrative portions of their business, they are turning to technology to reduce costs, automate their files, and increase efficiency. The positive changes technology has made in healthcare will become augmented in the future, from breakthroughs in treatment and research to new ways of practicing medicine.
This is the not-so-new technology to watch out for this year. Without it, none of the developments we’re currently witnessing would be possible. I’m talking about things like drones, supercomputers, autonomous vehicles, and the Internet of Things. None of these could happen without 5G networks. Quantum computing is a popular new trend as well. It is streamlining a variety of industries, including retail.
Quantum Computing, also known as supercomputing, is one of the most interesting things governments, researchers, and organizations in general have been working on in this century. The race is on to build the first fully-functional quantum computer. It will be similar to a cloud service with its impressive power. Companies like IBM have already launched cloud-based quantum computing services.
POS systems are a modern technology that is streamlining every industry imaginable – not only the ones mentioned in this article, but also retail, restaurants and hospitality, bars, breweries, and many more.