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4 Ways Technology is Changing Business
| 28 Oct

Technology is constantly changing the world of business from wearable devices to smart management systems. Here are four pieces of technology that are taking the business world by storm. 

1) Augmented (AR) and Virtual Reality (VR)

VR technology is described as combining virtual experiences with real-worldly interaction. Businesses can use VR or AR tech to deliver effective training sessions for employees or to enhance the consumer experience via wearable devices.

Big names including NASA and Ford have adopted VR/AR for different purposes. NASA has been using VR for years but has more recently focused on using the tech to improve quality of life and health astronauts on long missions. In contrast, employees at Ford use VR to explore the exterior and interior of cars via high definition renderings that allow for faster product development.

2) Employee Performance Tracking Technology

Smart management platforms enable businesses to track the performance of employees via data. Managers can use data to identify where employees may be underperforming or to assign specific strategies to team members to ensure a more effective method of achieving goals.

3) Virtual Business Meetings

Video conferencing technology is often used by businesses with multiple divisions in several countries to communicate and collaborate with one another. Virtual meetings save businesses time and money and are constantly developing to deliver higher quality sound and picture.

Rethink, a global recruitment company, invested £80,000 in video conferencing technology to enable their UK teams to contact their Singaporean divisions. The move will save the business money and reduce total time spent preparing for alternative methods for meetings.

4) Artificial Intelligence

Artificial Intelligence can improve process efficiency whilst saving money and adding to the functionality of company systems. Several tech giants who have invested in AI tech include Google, Facebook, Amazon and IBM.

Google bought artificial intelligence startup, DeepMind, for £263m in 2014 and has recently created an AI project that plans to use reasoning to conquer the London Underground. The project aims to find the quickest routes between stations using neural networks to store data and recall information to solve problems.

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