Technology has changed business by increasing profits in business’ with high speed; by increasing customers and serving more people around the world, improving product and service quality, increasing business processes reducing the utilization of human energy in high-risk intensive work and the desire is to improve the standard of living of people on the earth by using more advanced technology in business.
In the way we plan, start, operate, manage, market, sell, repeat, recruit, communicate, and profit in business – technology has changed everything. There’s been a lot of buzz around AI and AR lately, and these are just examples of how technology has changed business. Let’s explore both in this blog post.
How is Augmented Reality transforming business?
Retail: Retailers are prioritizing customer and digital experience. With this blurring of the lines between digital and physical shopping, augmented reality will allow businesses to bridge the gap and introduce new and improved ways for customers to shop.
Example: AR could allow users to see clothing in the 3D format in digital clothing stores.
Customer experiences: Modern users are rapidly adapting to new technology; as active Internet users were reported to be 4.2 billion in 2018 and The Internet-of-Things device installed base is expected to grow to nearly 31 billion by 2020.
AR is the next big thing, as companies develop new ways to apply it. One such way can be seen with Magic Leap’s Cheddar app, which allows the headline news networks of Cheddar to deliver live video feeds in a 3Rd space, for users who can place them in their surroundings. Companies applying AR to their products are directly more involved with their audiences.
Example: Social media platforms can increase their scope with AR, enabling users to interact in a 3D environment without being connected physically.
It is likely that the introduction of AR on industrial markets will change how jobs are performed. On the field, technicians can receive live help from remote personnel, who can provide markings, indicate problems and superimpose models on items such as motor vehicles and the like, and so on. The grunt and the guesswork are eliminated and the processes are streamlined.
Example: NASA used Microsoft’s HoloLens to help build its new spacecraft, so as to remove the need for manual and complex instructions by using mixed reality applications.
How is Artificial Intelligence transforming business?
Enhancing customer experience: Artificial intelligence assists companies in creating highly personalized customer experiences. It can consume and cumulate all the different bases surrounding the brand and in determining the driving force behind consumer behavior. Does artificial intelligence help to answer questions such as are they looking forward to buying more? Why? Are they likely to leave for a key competitor? Why? An aggregate of this information, companies have unparalleled insight into the customer experience, far beyond what customer feedback surveys can provide.
Example: According to Salesforce, 50% of consumers are more likely to switch brands if a company doesn’t anticipate their needs. By providing the right messages and marketing prescriptions to customers at the right time, artificial intelligence promises to help organizations better understand customers and anticipate their needs.
Intelligent products and services: Artificial Intelligence is basically about creating smarter versions of traditional products and services. It takes products and services to the next level, allowing them to think and act like humans. The response and popularity of devices such as smartphones, smart fitness trackers and smart thermostats are indisputable. It’s unmistakable that consumers accept products and services that improve the standard of living by making it easier, smarter more connected and streamlined.
Example: Businesses are intensively searching for new approaches to increase the intelligence of their products and services through AI. For example, vehicles are smarter than they were a decade back and are able to perform a variety of tasks autonomously, from perfect parallel parking to alerting a driver who’s starting to nod off at the wheel.
Chatbots: An excellent application of AI is visible in Chatbots. They can gather consumer data right from their initial touchpoint with the company and provide statistical information which in turn assists customers. After cumulating enough information, the time invested in collecting and analyzing data dramatically reduces which expedites business growth. To streamline its business for a better future, an organization is required to improve customer services which can be done through chatbots due to their ability to analyze browsing history, buying behavior to gather customer data.
Adoption of both AR and VR capabilities and devices is growing. And as adoption grows, we can be sure to see more industries and verticals explore how to use this technology to deliver the best experiences to their customers and their employees.