Business

Running head; EMERGING TECHNOLOGIES IN BUSINESS

EMERGING TECHNOLOGIES IN BUSINESS 2

Emerging Technologies in Business

Pegah Moeini

6/4/2020

Emerging Technologies in Business

Currently new technologies are changing the business world, how these organizations function, evolve and change and the manner in which they are managed. Use of emerging technologies has enhanced user experience and resulted to improved inventory management, monitoring sales and locations (Lee, Suh,  Roy, & Baucus, 2019). Besides it has enhanced customer experience due to adequate real time communications. Technology also reduces costs and human errors.

Augmented Reality

Augmented reality is a form of interactive experience in the real world that enhances images based on computer generated information in 3D and real world. Images are displayed in form of olfactory, visual, auditory and somatosensory. In Business, AR can potentially enhance human perception and their ability to adapt to different contexts hence contributing to creation of a platform that delivers new content to other global audiences (Forster, 2016). Besides, AR creates transparent, flexible and fluid relationships that results to increased productivity and creates immersive and transparent experience for business and people. In business AR appears in various forms such as projected, mobile and wearable AR that meets the unique and diverse needs of those employees working in various capacities.

Though augmented reality is associated with various advantages, it is very expensive to implement and develop AR technology projects as well as maintain them. Besides, it is also costly to develop AR enabled devices. Additionally, lack of privacy is another disadvantages and its low performance is a major drawback during its testing phase.

Internet of Things

The internet of things is an ecosystem in which ordinary objects such as appliances, clothing, cars and phones are connected to the internet by use of smart processors and can collect and exchange data. Its major role is the creation of smart environments and self aware things for example, smart transport, rural areas, and cities. Internet of things will positively impact the society through facilitating the possibility of working in different workspaces, makes physical environments more accessible and employees will be able to contact their families and friends (Son, Park, & Kim, 2018). Besides, technology will impact on risk management and business strategy and transform the business. It also combines digital and physical worlds and observe changes in the manner in which goods are refined, distributed and serviced and how networks are protected. Stakeholders will also enjoy smooth operations as they will be able to interact with a wide range of partners. IoT results to smart connected operations and results to efficiency of the existing processes.

Use of internet of things also generates negative impacts such as loss of livelihoods.

Artificial Intelligence

AI is a current emerging technology in the world of business and it facilitates human-human interactions, changing the logic of various business models and it will also transform the lifestyles and the living standards of human beings.

Integration of AI in business reshapes business contexts. These business contexts comprise of employee skills set, customer interactions and employee skills set. Also, AI expansion has resulted to expansion of various sectors in terms of marketing, development, research and production. Some of the companies that have embraced the use of AI include Facebook and Microsoft (Abdel-Basset, Mohamed, Chang,  & Smarandache, F. 2019).AI has enhanced theory business valuation, added new dimensions of resources and has made their products and services intelligent. Besides, AI motivated paradigm shift has also enhanced, analytical, mechanical, and the intuitive skills of employees and has also shaped their business contexts.

References

Lee, J., Suh, T., Roy, D., & Baucus, M. (2019). Emerging technology and business model innovation: The case of artificial intelligence. Journal of Open Innovation: Technology, Market, and Complexity, 5(3), 44. https://doi.org/10.3390/joitmc5030044

Abdel-Basset, M., Mohamed, M., Chang, V., & Smarandache, F. (2019). IoT and its impact on the electronics market: A powerful decision support system for helping customers in choosing the best product. Symmetry, 11(5), 611. https://doi.org/10.3390/sym11050611

Son, I., Park, G., & KIM, S. (2018). The Impact of Innovative Technology Exploration on Firm Value Sustainability: The Case of Part Supplier Management. sustainability-10-03632.pdf

Forster, N. (2016). The impact of emerging technologies on business, industry, commerce and humanity during the 21st century. Vision: The Journal of Business Perspective, 10(4), 1-27. https://doi.org/10.1177/097226290601000401