Business competitiveness can be defined as the capability to provide products and services more efficiently and effectively than competitors. It is vital for any business, as it is the main factor for driving growth and income levels. So understanding this factor, which allows the chain of an event, becomes highly significant. Basically, rising business competitiveness brings rising prosperity.
Business competitiveness is a set of unique features of a business and its products that are recognized by the market as significant and superior to the competition. Whether it is time to change company’s software or launch a new application to make tasks much easier, business always looks for new technologies to attain competitiveness.
Let us delve into this phenomenon and review some technology ideas that can make a remarkable difference to any company for business competitiveness.
Artificial Intelligence Solutions For Businesses
Top-performing companies said they are more than twice as likely as their industry competitors to use artificial intelligence technology for marketing, 28% vs. 12%, per Stanford. This statistic shows the remarkable growth of AI to attain business competitiveness.
AI is the most trendy technology idea that is transforming many businesses. It is regarded as the fifth generation industrial revolution. Experts have an opinion that artificial intelligence can attain competitiveness to any business with its radical computational power. “AI technology can process customer’s preferences and behavior in a short time. It can fix various issues in an automated format without any human intervention,” an extract from a piece of writing by dissertation writing services.
The amount of information businesses possess today are much larger than ever before; hence, it is getting hard for engineers to grasp all this data, work on it, and extract relevant information. With the support of artificial intelligence solutions, a business can get a leading edge over its competitors.
5G Network For Faster Business Connectivity
5G networks will serve around 40% of the globe by 2024, according to authentic statistics. 5G is the fifth generation of the telecommunication industry, and telecom companies are preparing to roll it out. It assures faster business connectivity and speed than 4G LTE at lower latencies and lower power consumption. According to Huawei, it will drive latency down to around one millisecond only. The network will allow a massive rise in technology related to the internet of things, thus allowing for a smarter and more connected business world.
With the 5G world right around the corner, it is a good idea for businesses to take a moment and asses the progress of the 5G future market to determine its implications to attain business competitiveness. By having the right approach, any business can take advantage of its potential and can offer advanced services and outstanding adaptability to its users.
Blockchain Technology For Reliable Record-Keeping
This is another revolutionary innovation of recent times, which has impacted significant financial aspects of various businesses and industries around the globe. Blockchains are a form of distributed ledgers that are highly reliable in their record keeping. It may appear as complicated technology, but its advantages are remarkable such as speed, full control, and security.
Businesses today are looking towards adopting this technology to edge their competitors as this is the future mode of financial transactions. They can simply set up a wallet and integrate it with their online payments system and point of sale in stores. The trends and currencies are changing over time, but the elemental technology of blockchain ultimately influences businesses of all sizes and natures. This is the reason it becomes a great approach for any business to get started with it as soon as they can, rather than waiting for their competitors to get benefit from it.
Internet-Of-Things For Consumer-Facing Technology
Internet of things, in short IoT, is another recent innovation in world technology. From smart office buildings to connected security cameras, the IoT has provided a broad spectrum of consumer-facing technologies. IoT devices in the form of connected sensors and cameras are used to supervise productivity and efficiency. These and other IoT devices are proving to be highly valuable for making an investment, initiating new opportunities. The most important aspect is that it reduces the total cost of business operations.
As the phenomenon of IoT is expanding within the companies, it is speeding up the flexibility of workers and helping staff to become highly constructive. It is creating new opportunities and products that were not even imagined before, including smart devices and automation of various business processes. Many businesses are taking advantage of this remarkable innovation to get ahead of their competitors.
VR & AR For Enhanced Customer Experience
Virtual Reality (VR) and Augmented Reality (AR) are bringing a new visual transformation for businesses. With the help of these realities, businesses have created fascinating ways to display their products and services to their clients. Businesses which have already adopted this technology are leading ahead of their competitors, such as there are hotels that are providing VR and AR services to guests and getting excellent reviews from them.
Businesses need to monitor the advancements in these technologies and plan accordingly to adopt them for enhancing their business as a trendsetter. The future of business is all about customers viewing the products and services in 3D technology or augmentation instead of visiting the stores in person. The latest advancements in this technology like Oculus Rift Glasses and Snapchat glasses have already hit the shelves and become a sensation for various businesses.
Cloud Computing For A Centralized Database
The momentous technology of cloud computing has much more to offer to businesses that it currently is. This technology is still in its early days, and its scopes have not been potentially substantiated. Most businesses are still lacking in understanding and adopting the purpose of “cloud” which is adversely affecting the way they use technology. It can transform the way a database is stored, as it allows a centralized information database system that can be accessed through PCs, laptops, smartphones, and other internet-abled devices. On the other hand, this concept of data science is important for Ecommerce and can immensely help in business competitiveness.
There are various tools being offered with the advancement in cloud computing that are fully targeted so that businesses can get the maximum output of its benefits, such as a cloud-based phone system. By adopting this technology for their database server, businesses can enhance the functionalities that will give them a clear cut edge in competitiveness.
Guest article written by: 
Amanda Jerelyn is currently working as an Information & Technology Tutor at KingEssay. She holds a Master’s degree in Computer Sciences, in addition to a Certified Business Intelligence Professional. Amanda also writes a weekly article in a renowned newspaper about the latest developments in information technology and its impact on businesses.
I found your article very informative and you had great use of facts throughout the article. Thanks for sharing this valuable information with us, it is really helpful article!
I recently had the good fortune of reading your article. It was well-written and contained sound, practical advice.