EMERGING TECHNOLOGIES FOR SMALL BUSINESS

Emerging Technologies

Emerging Technologies for Small Business

Emerging Technologies represents are technological advancements to meet out the challenges in the changing electronic environment. Some areas of Emerging Technologies are:-

#1. Cloud Computing

(Cloud Computing — Software-as-Service (SaaS), Infrastructure-as-a-Servcie (IaaS), Platform-as-a-Service (PaaS) & MESH Apps)

Cloud Computing means the use of Computing Resources as a service through networks like the Internet. Cloud Computing is a combination of both software based and hardware based Computing Resources, provided through a network service.

For Example: Google App Engine , Apple iCloud is an example of cloud computing, which allows any user to access the application using a Web Browser.

Applications: Some of the applications are as follows:

·         Online File storage

·         Photo Editing software

·         Digital Video software

·         Word Processing application

·         Spreadsheets

·         Presentation software

·         E-commerce software

#2. Mobile Computing

(Mobile Technologies & Advancements — Infrastructure, 5G Networks, Fiber Services, Devices, Social Networks/Media, and Livestreams)

Mobile Computing refers to the technology that allows transmission of data through a computer, without the need for connecting to a fixed physical link. Mobile Computing is the use of portable devices (e.g. Laptops and Handheld Computers) in conjunction with mobile communications technologies to enable users to access the internet and data on their home or work computers from anywhere in the world.

For Example: Laptops, Smartphones, Tablets, Wearable computers, such as the Apple Watch.

Applications: Some of the applications are as follows:

·         Banking and Financial Institutions

·         Transporting Industry

·         Airline and Railway Industries

#3. Artificial Intelligence (AI)

(Artificial Intelligence- AI /Machine Learning / Deep Learning)

Intelligence, as defined “The ability to use memory, knowledge, experience, understanding, reasoning, imagination and judgement to solve problems and adapt to new situations”. The ability described above when exhibited by machines is called as Artificial intelligence (AI). It is intelligence exhibited by machines.

Machine Learning is a type of Artificial Intelligence (AI) that provides computers with the ability to learn without being explicitly programmed. Machine learning has been used for image, video, and text recognition, as well as serving as the power behind recommendation engines.

For Example: The Google Car, Apple SIRI

Applications: Some of the applications are as follows:

·         Autonomous Vehicles (such as drones and self-driving cars);

·         Online Assistants (such as Apple SIRI);

·         Medical Diagnosis, (in cancer research);

·         Search Engines (such as Google search);

·         Playing Games (such as Chess or Go);

·         Creating Art (such as poetry);

·         Proving Mathematical Theorems.

#4. Internet of Things (IoT)

(Internet of Things - IOT / IIOT & Sensors & Wearables)

The Internet of Things (IoT) is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction.

For Example: Washing machines with Wi-Fi networking capabilities can connect themselves to home Wi-Fi. Once these machines are so connected, they can be controlled through machine manufacturer mobile APP from anywhere in the world.

Applications: Some of the applications are as follows:

·         All Home Appliances to be connected and that shall create a virtual home.

·         Home owners can keep track of all activities in house through their hand-held devices.

·         Home security CCTV is also monitored through hand held devices. Office machines shall be connected through net.

·         Human Resource managers shall be able to see how many people have had a cup of coffee from vending machine and how many are present.

·         How many printouts are being generated through office printer?

·         Governments can keep track of resource utilizations / extra support needed.

#5. Virtualization

(Virtualization- Virtual Reality (VR) and Augmented Reality)

Virtualization means to create a virtual version of a device or resource, such as a server, storage device, network or even an operating system where the framework divides the resource into one or more execution environments.

Virtualization refers to technologies designed to provide a layer of abstraction between computer hardware systems and the software running on them. The core concept of Virtualization lies in Partitioning, which divides a single physical server into multiple logical servers. Once the physical server is divided, each logical server can run an operating system and applications independently.

Virtual Reality (VR) offers a digital recreation of a real life setting, while Augmented Reality (AR) delivers virtual elements as an overlay to the real world.

For Example: Partitioning of a hard drive is considered virtualization because one drive is partitioned in a way to create two separate hard drives. Devices, applications and human users are able to interact with the virtual resource as if it were a real single logical resource.

Applications: Some of the applications are as follows:

·         Application streaming

·         Remote Desktop Services

·         Desktop virtualization

·         Network virtualization

#6 Automation

(Automation- Informatics, Information, Task, Process, Machine, Decision & Action)

Adopting Automation tools will almost instantly help your business improvement since you will no longer waste as many resources on menial but necessary tasks. Automation software can be integrated with existing systems to speed everything up, create the updates you need, and even re-order the products your business depends on.

There are already some online platforms (e.g. Marketo, Salesforce) that you can use to automate many of your most common marketing, sales, and management tasks. These platforms are easy to set up and integrate seamlessly with the software you’re already using.

For Example: Self-Driving Vehicle, Home Appliances, & Phone Apps.

Applications: Some of the applications are as follows:

·         Industrial Robots

·         Process Control Units

·         Terminals

·         Industrial PCs

#7. Voice Assistants

(Voice Assistants- Interfaces, Messenger, Chatbots & Natural Language Processing)

A voice assistant is a digital assistant that uses voice recognition, natural language processing and speech synthesis to provide aid to users through phones and voice recognition applications.

Voice assistants are used in help and service phone lines, smartphones and other places to assist users with tasks, Voice assistants are built on artificial intelligence (AI), machine learning and voice recognition technology. Popular voice assistants currently include Apple's Siri, Amazon's Alexa, Google Now, Google Assistant and Microsoft's Cortana.

Chatbots is an assistant that communicates with us through text messages, a virtual companion that integrates into websites, applications or instant messengers and helps entrepreneurs to get closer to customers. Such a bot is an automated system of communication with users.

For Example: Facebook, WhatsApp, Skype, Facebook Messenger or various other chat apps.

Applications: Some of the applications are as follows:

·         Customer Support

·         News

·         Personal Finance Assistance

·         Send Money

·         Product Suggestions

·         Schedule a Meeting

#8. Blockchain

(Blockchains- Digital Currency, Cryptocurrencies, Distributed Ledger Systems, DAOs, DApps)

Blockchains are a type of electronic ledgers that are almost completely reliable in their record keeping. Their underlying technology is complicated, but their benefits are clear security, speed, and full control.

One of their best-known applications is cryptocurrency — a type of digital currency that’s stored on a huge network of buyers’ and sellers’ computers (e.g. Bitcoin). You simply set up a wallet and integrate it with your point of sale or online payments system.

We’re also starting to see many alternatives to Bitcoin being created today. These are all based on the same underlying technology though. One thing that’s important to remember here is that while the trends and currencies are changing over time, the underlying technology and implications are bound to eventually influence businesses of all sizes. One of the easiest ways to get started is by using digital currency payments like bitpay to accept cryptocurrency-related payments in exchange for your products or services.

For Example: Bitcoin (BTC), Litecoin (LTC), Dash, Monero (XMR)

Applications: Some of the applications are as follows:

·         Asset Management Trade Processing and Settlement

·         Insurance Claims processing

·         Cross-Border Payments

·         Unconventional money lenders/ hard money lending

·         Blockchain Internet-of-Things.

#9. 3D Printing

(3D Printing- Additive Manufacturing and Rapid Prototyping)

3D Printing process builds a three-dimensional object from a computer-aided design (CAD) model, usually by successively adding material layer by layer, which is why it is also called additive manufacturing, unlike conventional machining, casting and forging processes, where material is removed from a stock item (subtractive manufacturing) or poured into a mold and shaped by means of dies, presses and hammers.

3D-printing techniques were considered suitable only for the production of functional or aesthetic prototypes and a more appropriate term for it was rapid prototyping.

For Example: Puzzles and Toys, Fabric, & Buildings and Structures.

Applications: Some of the applications are as follows:

·         Cloud-Based Additive Manufacturing

·         Rapid Prototyping

·         Mass Customization

·         Research

·         Agile Tooling

#10. Bring Your Own Device

 Bring Your Own Device (BYOD) refers to business policy that allows employees to use their preferred computing devices, like smart phones and laptops for business purposes. It means employees are welcome to use personal devices (laptops, smart phones, tablets & USB drives etc.) to connect to the corporate network to access information and application.

The BYOD policy has rendered the workspaces flexible, empowering employees to be mobile and giving them the right to work beyond their required hours.

Though it has led to an increase in employees’ satisfaction but also reduced IT desktop costs for organizations as employees are willing to buy, maintain and update devices in return for a one-time investment cost to be paid by the organization.

#11. Green Computing

Green Computing or Green IT refers to the study and practice of environmentally sustainable computing or IT. In other words, it is the study and practice of establishing/ using computers and IT resources in a more efficient and environmentally friendly and responsible way.

The objective of Green computing is to reduce the use of hazardous materials, maximize energy efficiency during the product’s lifetime, and promote the recyclability or biodegradability of defunct products and factory waste. 

Such practices include the implementation of energy-efficient Central Processing Units (CPUs), servers and peripherals as well as reduced resource consumption and proper disposal of electronic waste (e-waste).

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Sources: Google