Emerging technologies are driving the creation of new businesses, business models, and innovations every day. Keeping up with the alphabet soup of AI, AR, VR, ML, and other techy abbreviations can be dizzying.
For entrepreneurs, opportunities abound. But so do questions. For instance, how can these new technologies help your company? What are the advantages and disadvantages of using certain technologies? What is a particular company’s technology strategy? When is the right time to think about selling or buying?
This post will help you understand how emerging trends like AI are shaping the future of tech-based businesses.
The Top 13 Emerging Technologies
According to CIO Southeast Asia, the following are the top 13 emerging technologies impacting businesses:
- Artificial Intelligence (AI)
- Machine Learning (ML)
- Big Data Analysis
- Internet of Things (IoT)
- Robotic Process Automation (RPA)
- Cloud Computing
- Augmented Reality (AR) and Virtual Reality (VR)
- Quantum Computing
- Digital Twins
- Autonomous Vehicles
These and other technologies will undoubtedly play an integral role in the business world, especially tech-related companies, in the coming years.
New Technologies Offer a Mixed Bag
Technologies like those listed above are not only changing businesses but also helping create new ones. That said, it’s not all good news.
The advantages and disadvantages of early AI adoption offer a significant clue. The potential to save costs, increase productivity, and innovate is good for businesses, but the changes might mean a loss of work and a decrease in employee job skills.
AI-powered technology is driving digital transformation because it can help streamline processes, save time, and eliminate human error. But technology can also be costly to implement and erase existing jobs, resulting in a net loss of organic creativity and know-how.
Using Tech to Upgrade Your Operations
For companies that hope to retain an edge in their respective fields, digital transformation will mean a near-complete change in business. Rather than simply using new technology to do the old work, business leaders are leveraging them to automate processes, reframe employees’ responsibilities, and secure new outcomes.
Technology-based companies that undergo such a transformation will still have a need for skilled workers and must therefore evaluate how to use those employees in a new and unfamiliar context.
Technology and the High-Performing Startup
Beyond established businesses, these emerging technologies give entrepreneurs with bright ideas the ability to launch high-performing startups with few employees. To do so, they must prioritize hiring the right people, creating a strong company culture, setting clear expectations, providing the right resources, and recognizing achievements.
The Future of Tech-Based Businesses
Emerging trends like AI will play an increasingly large role in business in the near future. To drive innovation and tackle large issues with the aid of solutions like artificial intelligence, machine learning, and augmented reality, businesses must build entirely new processes around the technology, which will take some time.
Selling Your Business in the Age of AI
The ripple effects of the current digital transformation might present you with any number of reasons to consider selling your business. If that’s the case, it’s important to seek out a qualified brokerage like Sunbelt Business Brokers, which works with small and medium-sized businesses.
Not only do our brokers specialize in the buying and selling of technology companies, but they also employ the latest technology to protect your information and get your business sold faster. Our customer relationship management system automatically notifies the involved parties at various stages of the deal, getting you to contract faster.
Take the Next Step in Your Business Journey
Our team of technology business brokers knows how to find buyers for tech-based businesses and can handle every aspect of the transaction, from valuation to closing. If you’re thinking about selling your business, contact us today or use our free business valuation calculator to get an idea of what your business is worth.