New technologies that have a major impact on the business world are introduced or improved every year. From major innovations to minor innovations, from physical machines to complex code, every advancement has the potential to change the way the world does business—and this year was no exception.
There have been a plethora of technological innovations and improvements over the past 12 months, and members of the Young Entrepreneur Council chime in below to share some of their favorites. Here, they each share a technology they believe will have the most exciting impact on business in the coming year, and why they believe it will have such an impact.
Members are pictured from left to right.
Photos provided by individual members.
1. Virtual reality
Virtual reality (VR) is one of the technologies that will have the most exciting impact on business in the coming year. VR has been around for a while, but only now is the technology getting cheaper and more accessible to businesses and consumers. There are many reasons why VR is so exciting for businesses. One is that it provides businesses with a new way to interact with customers. For example, businesses can use VR to create immersive experiences that allow customers to try products before buying. This is especially useful for businesses that sell expensive products such as cars or houses. – Abhijeet Kaldate, Astra WordPress Theme
2. Ultra-precise positioning technology
Ultra-precise positioning technology is one of the major achievements of this year. GPS technology has revolutionized our personal and professional lives; however, future ultra-precise positioning systems will only be accurate to a few centimeters or millimeters, whereas current GPS is only accurate to within 5 to 10 meters. New opportunities arise, including delivery robots, self-driving cars and landslide warning systems, but it is likely to have the greatest impact on the shipping industry. Ultra-precise positioning redefines the shipping industry today as it allows ships to be positioned more accurately than ever before. This means that ship owners and operators know exactly where their ships are at all times, which is critical to the safe and efficient operation of the shipping industry. – Candice Georgiadis, Digital Day
3. Smart business card
For years, exchanging contact information at a meeting meant rummaging in your pocket for a business card that may or may not be current and that you may have forgotten to bring with you. Digital business cards, like the hugely popular Popl, have changed all that. Easily update through the app, share instantly with a tap or scan, and have the opportunity to express yourself with photos, videos, and other media. As the world becomes increasingly paperless, and Gen Z in particular are looking for ways to reduce their environmental impact, it makes sense that business cards will be largely replaced by electronic business cards within the next 12 months. – Greg Ashton, Growing Up
4. Cloud technology
I think cloud technology will continue to prosper in 2023 and facilitate enterprises to build advanced and secure system infrastructure. Over the years, we have seen a major paradigm shift in information sharing in the corporate world. Cloud technology makes it easier for businesses to access data on demand and share it with relevant stakeholders without fear of information exfiltration. Cloud technology is responsible for the digital transformation of enterprises and facilitates these transformations through agile processes and easy scalability. Cloud technology is changing with each passing day and becoming more secure with each passing day. We’ve seen a surge in its popularity due to the need for information security, and it will continue to serve this purpose, and even better, in the future. – Stephanie Wells, Mighty Form
5. Comprehensive digital financial tools
We are excited about the trend towards more comprehensive digital financial tools for businesses and their operators. Things are very different now than five years ago, when most businesses still had no choice but to use expensive corporate bank accounts and bulky credit or debit cards, often requiring a personal guarantee. Fast forward to today, and SMBs have an abundance of high-limit credit cards (based on income, not credit score) and low-cost, high-limit or no-limit bank accounts. This means significantly less time and personnel are spent managing working capital. – Andrew Schrage, Money Crashers Personal Finance
6. Smart Contract
One trend that I think will grow rapidly in the next few years is smart contracts. This is one of the most practical applications of blockchain technology. Smart contracts allow secure agreements between parties without the help of third parties, such as lawyers or banks. Smart contracts can be used in many industries, including real estate, publishing, and finance, just to name a few. They allow for faster, safer and lower-cost contracts that can speed up commercial transactions for companies large and small. The technology is already developing rapidly, so its adoption is largely a matter of education as people realize the benefits of using smart contracts. -Kalin Kassabov, ProTexting
7. Artificial intelligence for content creation
Staying ahead of the competition is more important than ever, so one of the technologies with the most exciting impact on business in the coming year is artificial intelligence (AI). This innovative technology has a wide range of applications and can help businesses stay competitive and optimize operations. One area where AI could have a big impact is creative work. Thanks to advances in machine learning algorithms, AI systems are now capable of producing high-quality content at incredible speeds—far faster than a human writer or designer could ever hope to achieve. This makes them an invaluable tool for businesses that need to produce a lot of content on a regular basis, such as marketing teams, PR firms, and advertising agencies. -Adam Preiser, WPCrafter
8. 3D and 4D printing
Advances in 3D and 4D printing could open up so many opportunities for businesses in the future. It’s exciting to think about innovative applications and how 3D and 4D printing can change business operations, manufacturing, distribution and more. Businesses are already using it to print prototypes and final products, including houses. With the introduction of new features, materials and tools in the future, 3D and 4D printing will no longer be new, but a must-have for businesses of all sizes. It will truly transform businesses and consumers in every industry and market. – Jonathan Pritchard, MattressInsider.com