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Businesses need to invest in technology in order to keep evolving

April 8, 2021 Business News, Tech No Comments Email Email

From small local businesses to government agencies, technology is re-shaping the way many businesses are looking to the future.

Whether it’s investing in contactless payment technology or using AI to tackle traffic congestion, there is no doubt that technology is changing the way businesses operate and those that invest in technology are reaping the benefits.

One of the biggest drivers of change when it comes to technology is the Internet of Things (IoT). The rapid development of IoT-enabled technologies means that businesses are able to leverage the technology in ways previously unimaginable.

What is the Internet of Things?

In the broadest sense, the term IoT encompasses everything connected to the internet, but it is increasingly being used to define objects that ‘talk’ to each other.

“Simply, the Internet of Things is made up of devices – from simple sensors to smartphones and wearables – connected together,” – Matthew Evans, the IoT programme head at TechUK.

By combining these connected devices with automated systems, it is possible to “gather information, analyse it and create an action” to help someone with a particular task or learn from a process.

“The IoT integrates the interconnectedness of human culture — our ‘things’ — with the interconnectedness of our digital information system — ‘the internet.’ That’s the IoT,” summed up Kevin Ashton, the man who coined the term ‘Internet of Things’, on ZDNet.

Back in 2014, analyst firm Gartner predicted that there would be over 26 billion connected devices by 2020. More recent research from IHS has that number closer to 30 billion with a huge growth expected over the next five years when we can expect the number of connected devices to top 75 billion. 

The Internet of Things is not, of course, the only area in which businesses are embracing technological advances. From developing interactive gaming platforms to using AI to reach a wider audience, advances in technology are far-reaching and cross into a wide range of industries around the world. Here are some examples of companies embracing technology to provide a better product or service.

Smart Cities

One industry that is about to boom is the Smart City industry. The world is building more significant projects in larger numbers than at any time in history. Our planet must accommodate the equivalent of 10,000 new cities by 2050 to keep pace with the projected population explosion.

This causes a number of issues, one of which is the projected congestion and subsequent emissions caused by over-population and infrastructures that cannot cope with the increase in people and vehicles. Digital Twin technology may hold the key to reversing the growth in emissions.

Digital twins were initially developed to aggregate, analyze and visualize complex information for manufacturing and construction industries. As they have evolved, they are increasingly being used as a tool by cities for urban resilience and lower carbon emissions.

CEO of Digital Twin software company, Cityzenith, recently noted, “that cities produce more than 70 per cent of greenhouse gases and said that the use of data and artificial intelligence (AI) could cut this dramatically.”

Mass Transit

Singapore-based transport disruptor Bussr has the attention of the global investment community for its vision to change the way the world moves from A to B.

In a recent article on Global Travel Media, it was reported that “Bussr’s Mobility-as-a-Service (MaaS) technology acts as both an app for private use and an end-to-end, omnichannel ticketing, payment, and fleet management solution for enterprises. Its specialist artificial intelligence (AI) platform continually monitors millions of data points to help mass transportation systems operate at optimal efficiency for both passengers and operators.

Part of the smart city movement, the use of AI and IoT enabled technologies is a game-changer within the smart transportation sector.

Digital Advertising

Targeting international markets can be difficult for online advertisers. Historically, the Chinese market has been one of the most difficult for advertisers as there is so little information about the market available so much of the advertising that happens in China relies on guesswork.

This is all about to change. Here in Australia and New Zealand, a new platform has just been released that is going to be a game-changer for digital advertisers looking to reach the Chinese market. 

EternityX is a leading AI omni-channel marketing platform delivering real-time insight into Chinese consumer behaviour, effectively eliminating the significant guesswork and challenges that advertisers have traditionally faced when targeting Chinese consumers.

EternityX Australia will focus on connecting brands and consumers through cross-border, cross-culture e-commerce and service offering initiatives, such as advanced education between China and Australia.

Online Gaming

According to Statista, the global media and entertainment industry has consistently been on the rise. The entire worldwide market was projected to grow from an estimated 1.72 trillion U.S. dollars in 2015 to 2.2 trillion U.S. dollars by 2021.

In a constantly evolving industry, staying ahead of the competition is important and Malta-based Betway Casino has been at the leading edge of technological advances within the sector over the past five years with the launch of many new initiatives including ‘betyourway’, Virtual Sports and their own live casino studio ‘Betway Lounge’.

Investment in the gaming industry is set to continue apace with advancements in mobile technology leading the way, allowing gamers to play anywhere, any time. 

Many video games designed specifically for mobile are also introduced for casual gamers, who only have a few minutes to spare. According to European Business Review, “Most times, we’re busy with everyday chores or work, but then there are times when we’re waiting for a taxi or standing in a metro line and have nothing to do. This is when we can well be entertained by online gaming apps using your smartphone.”

Technology drives the world in which we live today and these are just a handful of examples of the way things will look in the future.

 

 

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