| Benchmark - Applying Emerging Technology in Business |
| Techonlogy | Blockchain | Machine Learning | Augmented Reality (AR) |
| Description of the role of the technology and how it correlates to information systems. | Blockchain is a specific type of database that stores information in blocks that are then chained together. As new data comes in, it is entered into a fresh block. Once the block is filled with data, it is chained onto the previous block, connecting all data in chronological order. Mostly Blockchain is used as a ledger for transactions (BuiltIn, 2019). | Machine learning is an application of artificial intelligence (AI) that provides systems the ability to automatically learn and improve from experience without being explicitly programmed. Machine learning focuses on the development of computer programs that can access data and use it to learn for themselves (EST, 2019). | Augmented reality (AR) is an interactive technology of a real-world environment where the objects that reside in the real world, are enhanced by computer-generated algorithms to augment sound, video, graphics and other sensor based inputs on real world objects using the camera of your device (3Pillar Global, 2020). |
| Description of how the technology could change business operations. | Blockchain technology can affect business operations for the better. Blockchain allows businesses to send and receive payments through a programmatic set of rules called “smart contracts'' ( self-executing computer programs). As all actions related to a particular smart contract are transparent and recorded, this could also reduce the cost of tracking. Bringing transparency into the supply chain also helps in verifying things like the authenticity of parts and ethical sourcing (Carty, 2020). | When using machine learning technology, it can help business operation by saving time on manual and repetitive tasks, accelerate mean time to resolution, and maintain greater control over IT infrastructure. By being powered by machine learning, companies today are using machine learning to target new audiences, communicate with consumers and find new customers (Fallon, 2020). | Augmented reality will advance business’s operation by changing how industrial jobs are preformed. Technicians in the field will be able to receive live support from remote staff, who can indicate markings, point out issues, superimpose models over items like vehicle engines and the like, and more. It removes the grunt and the guesswork from manual work and streamlines processes (Fade, 2019). |
| Description of how the technology could change the way employees work. | Blockchain affects the way employees work by allowing human resources (HR) to work ten times effectively. Without phone calls, emails or stacks of paper, the right talent can be authorized and brought in at each relevant step in the process. Background and employment-history checks can eliminate the chances of fraudulent applications. A smart contract creates enforceable and immutable rights and obligations for all participants.Making it easier for HR to automatically release payments from escrow once workers complete assigned tasks, which smooths income for workers and cash flow for companies. Compliance and regulations under Blockchain ensure employees have control over their own data (Masson, 2018). | Machining technology (or AI’s) will affect the way employees work by improving work flow and decision making. Many employees lack is the ability to make efficient, productive decisions. AI’s will change how we work by providing more data-driven insights, which will lead to improved decision-making skills (Wellers, Elliott & Noga, 2017). | Augmented reality will also assist with employees’ work/ training. Training programs, allowing employees to practice complex situations in a 3D environment. Which then allows companies to develop training that’s consistent for each employee and enables the employee to develop competence and confidence in their role (Fade, 2019). |
| Description of how the technology could change customer interaction or the customer experience. | By using Blockchain, it ensures customers that they will have a positive and safe interaction with the company. Blockchain can step in between the customer and company, to verify that identity independently. The customer can trust it, and the company can trust it, because they both know that within the Blockchain identities cannot be changed.This will put the power over their identifying information back in the customer’s hands, and thereby improve the customer experience (Belleghem, 2018). | Machine learning (AI), is continuously learning and improving from the data it analyzes, and is able to anticipate customer behavior. This allows brands to provide highly relevant content, increase sales opportunities, and improve the customer journey. Giving a personalized touch to the customer along with machines will result in improved customer satisfaction. (Clark, 2020). | Augmented reality will affect the way customers interact, or shop with any company. By allowing for a more positive and visually pleasing shopping experience. Retailers are prioritizing customer experience and digital. 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 (Fade, 2019). |
| Description of how the technology could help business organizations gain competitive advantage. | By using Blockchain technology, it give businesses a competitive advantage. Every single transaction is automated and seamless only because of smart contracts enabled by blockchain technology. Blockchain offers open banking, making it customizable for businesses to combine traditional banking and cryptocurrency services in a secure and user-friendly manner. By creating an automated, incorruptible and instantaneous contract, blockchain solutions will be able to eliminate costly intermediaries and the risks associated with drawn-out transactions (Medal, 2018). | Through the use of machine learning technology, business can gain a competitive advantage both fro the company and for their customers. Machine learning can power through large amounts of data much faster than a human can on anything ranging from research and development reports, to customer satisfaction surveys. Meaning companies using machine learning get those data insights much faster and can apply them to their strategy before the competition. Machine learning can sort through data to provide an accurate and ever-changing picture of a company’s customers. All while measuring public opinion and how the brand is viewed on channels like social media. Lastly, machine learning can adapt to different databases and types of customers to provide the exact results people want. Which can make the entire customer experience much more convenient and enjoyable; making customers want to buy more, and businesses to profit from it ( Team, 2017). | Through augment reality, business’s in the design and creative workplace can hold a higher advantage again their competitors. Industries in the design and creative spaces will likely be some of the markets most positively impacted by the introduction of augmented reality. By developing apps that give companies the ability to superimpose 3D models into physical spaces will allow them to deliver stronger sales and marketing material (Fade, 2019). |
| Description of how the technology could help the organization meet goals more quickly or efficiently. | Blockchain technology assist businesses with meeting their goals by providing their employees with easy access to important company documents, so they can do their jobs faster. Blockchain eliminates the possibilities of fraud. Making things like audits quick and easy because of previous stored unaltered data to correctly asses and process information. Blockchain’s transparency also make event tracking easier, allowing for managers can quickly and easily track the origin of the problem to react faster to fix the problem. From cost reduction solutions to privacy enhancement to entirely new business models, blockchain holds tremendous potential for businesses (Navarro, 2019). | As machine learning continues to develop, it will only enhance a business’s to achieving their overall goals more effectively and correctly. Machine learning has started revolutionizing the marketing sector as many companies have successfully implemented machine learning/ AI to increase and enhance customer satisfaction by over 10%. Healthcare wise, machine learning has allowed the use of wearable sensors/ devices that monitor everything from pulse rates, oxygen, sugar levels, etc. to generated a significant volume of data that enables doctors to assess their patients’ health in real-time. In the financial department, machine learning can help calibrate financial portfolios or assess risk for loans and insurance underwriting. It’s clear, based on a significant volume of data and evidence, that machine learning and AI are here to stay (Admin, 2020). | As for augmented reality affecting business’s goals, it will increase the chances for their products to be sold, and increase their overall sales. AR is helping retailers to increase their brand positioning by enhancing the customer engagement. They allow their customers to interact with the product and making shopping more fun. AR applications are allowing customers scan products to get instant details before purchasing. This influence a customer’s buying decision and increase the chances of an actual purchase (Fade, 2019). |
| References | Belleghem, S. (2018). How blockchain is changing customer experience through identity and trust | Steven Van Belleghem. Retrieved 13 January 2021, from https://www.stevenvanbelleghem.com/blog/how-blockchain-is-changing-customer-experience-through-identity-and-trust/#:~:text=By%20holding%20the%20keys%20to,Blockchain%20identities%20cannot%20be%20changed. | Admin, Q. (2020). Why is Machine Learning Important and How will it Impact Business?. Retrieved 15 January 2021, from https://quantilus.com/why-is-machine-learning-important-and-how-will-it-impact-business/ | 3Pillar Global. (2020). Augmented Reality - Introduction and its Real World Uses. Retrieved 15 January 2021, from https://www.3pillarglobal.com/insights/blog-posts/augmented-reality-introduction-and-its-real-world-uses/ |
| | BuiltIn. (2019). What Is Blockchain Technology? How Does It Work? | Built In. Retrieved 13 January 2021, from https://builtin.com/blockchain | Clark, S. (2020). 4 Ways AI is Driving Better Customer Experience. Retrieved 14 January 2021, from https://www.cmswire.com/customer-experience/4-ways-that-ai-is-improving-the-customer-experience/ | Fade, L. (2019). Council Post: Augmented Reality In Business: How AR May Change The Way We Work. Retrieved 15 January 2021, from https://www.forbes.com/sites/theyec/2019/02/06/augmented-reality-in-business-how-ar-may-change-the-way-we-work/?sh=1d01bb5e51e5 |
| | Carty, T. (2020). Is Blockchain Changing The Way Businesses Operate?. Retrieved 13 January 2021, from https://blog.etech7.com/is-blockchain-changing-the-way-businesses-operate | Expert System Team (EST). (2019). What is Machine Learning? A definition - Expert System. Retrieved 14 January 2021, from https://www.expert.ai/blog/machine-learning-definition/#:~:text=Machine%20learning%20is%20an%20application,it%20to%20learn%20for%20themselves. |
| | Masson, C. (2018). How will blockchain change employment?. Retrieved 13 January 2021, from https://www.peoplemanagement.co.uk/voices/comment/blockchain-change-employment#:~:text=Blockchain%20redefines%20how%20we%20interact,value%20is%20the%20coming%20revolution. | Fallon, N. (2020). How Will Machine Learning Impact Your Business?. Retrieved 14 January 2021, from https://www.uschamber.com/co/run/technology/machine-learning-impact-on-business |
| | Medal, A. (2018). These 6 Industries Are Using Blockchain to Gain a Competitive Advantage. Retrieved 14 January 2021, from https://www.entrepreneur.com/article/311164 | Team, E. (2017). Gain a Competitive Advantage With Machine Learning - insideBIGDATA. Retrieved 14 January 2021, from https://insidebigdata.com/2017/05/27/gain-competitive-advantage-machine-learning/ |
| | Navarro, J. (2019). What can blockchain technology do for your business? | Hexacta. Retrieved 14 January 2021, from https://www.hexacta.com/what-can-blockchain-technology-do-for-your-business/#:~:text=The%20underlying%20business%20benefit%20of,by%20an%20encrypted%2C%20distributed%20database.&text=When%20business%20units%20have%20fast,knowing%20their%20data%20is%20valid | Wellers, D., Elliott, T., & Noga, M. (2017). 8 Ways Machine Learning Is Improving Companies’ Work Processes. Retrieved 14 January 2021, from https://hbr.org/2017/05/8-ways-machine-learning-is-improving-companies-work-processes |
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Benchmark___Applying_Emerging_Technology_in_BusinessARExample.xlsx
