Technology presents exciting opportunities for businesses
For businesses, technology comes with both opportunities and risks. Early adopters of the latest tech can find themselves catapulted into positions of leadership and growth within their industries. At the same time, some technologies are so disruptive that they can quickly make entire business models obsolete.
That’s why today’s business leaders need to always keep an eye out for the latest innovations that could impact their companies. Let’s take a look at three tech trends you should be aware of that could lead to significant change in numerous industries.
Bitcoin’s dramatic rise and subsequent crash in 2017 and 2018 made blockchain a household word. However, while Bitcoin does run on blockchain, blockchain itself is much more significant than the cryptocurrency that made it famous. A blockchain is an open ledger where every transaction is recorded and time-stamped publicly. By its very nature, the blockchain can only be added to, with existing data in the block chain almost impossible to modify.
That resistance to modification is why companies see blockchain as having huge potential for combating fraud and making transactions more secure, especially in the worlds of finance, logistics, and e-commerce. WU Executive Academy offers an elective course in blockchain for students in the MBA program who specialize in Digital Transformation & Data Science. This course can help you stay ahead of the curve and learn what you need to know about this transformative technology.
The next generation of mobile internet connectivity - 5G - looks ready to debut on a large scale later in 2019. With 5G, mobile internet will become many times faster and average download speeds will reach approximately 1GB per second. However, 5G isn’t just about letting you browse the internet on your phone faster. It will also unleash the full potential of the Internet of Things (IoT). That’s because as more devices, from coffee makers to assembly line machines, become internet-connected, they will produce vast quantities of data. 5G will make processing that data practical in ways that current mobile internet systems cannot.
If you pursue a Digital Transformation & Data Science specialization at our MBA school, you’ll learn about how disruptive technologies can create opportunities for businesses. This is the case with 5G and the IoT, which could disrupt numerous industries. Autonomous trucks, for example, could provide opportunities for delivery and logistics companies, while manufacturing facilities that adopt industrial IoT devices early on could see increased productivity as different machines and sensors work together to unlock new efficiencies on the factory floor.
While most people know of augmented reality (AR) through the popular Pokémon Go game, it’s set to have a major impact on a range of businesses. The retail sector is already utilizing AR as both a marketing and customer service tool. IKEA, for example, offers an AR app that lets homeowners see what IKEA furniture and decor would look like in their homes.
A handful of manufacturers, meanwhile, have been using AR to help build complex products, since assembly workers can use AR to see in real time precisely how different pieces of a product are meant to fit together. This could potentially reduce manufacturing errors and allow work instructions for staff to be updated almost instantaneously.
Are you looking to take your career to the next level?
Contact WU Executive Academy to learn more about our MBA.