Over the last few decades, computers and the internet have changed how businesses operate. The inception of automated manufacturing and real-time data storage and monitoring has brought a landscape shift in business processes. Not only has information technology facilitated minimizing overhead expenses, but it has also given decision-makers more control over business management and opened new avenues for perpetual growth.
As technology continues to revolutionize business processes, the emergence of amazing new technologies has pushed business application software to new heights. What was perceived as fiction a few years ago has become a reality. Business owners with a background in a technology management course are deeply embedding technology and practices into their businesses for continuous innovation.
Business application software has transformed from mere business process automation into decision support systems. Here are seven emerging technologies that have revolutionized the concept of business application software:
1. Cloud Computing
Cloud computing is one of the major technological breakthroughs of the 21st century. During the initial phase of its implementation, businesses were slow in adapting to cloud technology. Over the past few years, businesses have undergone a major shift towards cloud computing due to its flexibility and convenience.
Major business application software vendors like JD Edwards have modified their conventional locally-installed application software to support a cloud-based environment for software access, database storage, application security, and processing. Nearly all major business application software vendor now offers public, private, hybrid, and multi-cloud services. One of the best combinations for ERP giants like JD Edwards is the smooth integration of JDE software with Oracle Cloud (OCI), transforming a network-based JD Edward software into a JDE Cloud service.
Business application software and its backend database are kept in a remote location in a cloud-based environment using third-party services. Users can access and process business application software using the internet or virtual private networks.
Running the whole business application software on a cloud serves many benefits. Cloud services allow businesses to access the application software from any part of the world instead of conventional local area networks or on-premises accessibility.
Software-as-a-service (SaaS) allows businesses to expand their application licenses or usage according to their need. Businesses do not require dedicated servers to keep the application software running smoothly, nor do they need specialized professionals to ensure 100% uptime of business application software.
With cloud computing, businesses can now access cloud-based applications through the internet. The cloud service ensures data transmission security with state-of-the-art encryption techniques and web application firewalls. By purchasing additional licenses for software users, cloud-based technology makes it easy for businesses to expand and grow.
2. Artificial Intelligence
From mere science fiction, Artificial Intelligence (AI) has become a reality, and machines are programmed in a way to imitate human intelligence and learn from repetitive behaviors. Most IT giants are investing heavily in artificial intelligence and machine learning.
Artificial intelligence in business application software can analyze data patterns, predict market behavior, and forecast business growth. In healthcare, AI algorithms can test new drugs, recommend treatments, and make a diagnosis. Chatbots and other AI-powered customer support systems allow customers to interact directly with business software and promptly address queries and concerns.
AI also allows businesses to detect intrusion and possible cybersecurity threats well in time. ERP systems and integrated supply chain management systems have successfully implemented powerful AI algorithms to minimize overhead expenses, determine inventory replenishment levels, adjust changes in demand and supply, and plan optimal delivery routes.
Robotics deals with the automation of a complete business process, mainly manufacturing, to perform repetitive processes that are directly controlled by business application software and do not require human intervention. Robotics or manufacturing automation is a huge breakthrough in the field of digital transformation. Completely automated manufacturing and quality assurance processes are directly linked with application software to get minute-to-minute information on production and inventory control.
4. Big Data Analytics
Where there is business, there is big market data. Without intelligent data analytics techniques, humans will take weeks or months to analyze huge arrays of market data.
Big data analytics is a field of IT that deals with collecting massive market data, converting it into meaningful information, and providing insight into market patterns. This real-time data continuously comes from customers, logistics services, retailers, distributors, and market surveys.
Business application software uses this data to create meaningful visualizations showing the latest market trends and changes in customer behavior. It helps businesses forecast supply and demand and analyze customer responses to new products and services.
5. Blockchain Technology
Blockchain and the Metaverse are all set to change how businesses operate in the digital economy. After a long debate on the possible implication of blockchain technology, it has finally gained the status of a legal digital asset.
Blockchain consists of a decentralized open-ledger system with a high-level encryption mechanism and classified information. Cryptocurrencies are the only mode of payment in a blockchain system; however, exchanging it for paper money or other monetary systems through crypto exchanges is possible.
Blockchain technology is gaining pace rapidly, and many businesses, healthcare services, and financial institutions are already adapting to this secure transaction mode.
Blockchain technology provides businesses with improved data security and control over their digital assets. Through blockchain technology, businesses do not need a third-party bank, financial institution, or government body to make huge business transactions. The result is a sharp decrease in operational costs while ensuring enhanced security.
6. Biometric System for Application Software
Technological advancements have resulted in cybercriminals developing new techniques and improving old methods of accessing sensitive business data. Consequently, this causes major damage to organizations. It is estimated that businesses will lose more than 33 billion sensitive records by the end of 2023.
Businesses are investing in managed security services and state-of-the-art login authentication tools to increase the security of valuable business application software and backend database. Two-factor authentication (2FA) and multi-factor authentication (MFA) have been widely adopted by businesses to enhance access control and mitigate security breaches. A Biometric system is integrated with business application software to provide an added layer of security to the authentication process.
7. Augmented and Virtual Reality
Web 3.0 and the metaverse are all set to change the face of the internet forever. With the new web 3.0 protocols, users will be able to enter the 3D world of the metaverse and experience a new dimension of the internet through AR and VR technology. While virtual reality is actively used in gaming and virtual worlds like Decentraland and The Sandbox, its use in business has far-reaching benefits.
Businesses can now provide a real-life product experience to customers and stakeholders. Real estate firms actively use virtual and augmented reality to take their stakeholders and customers on a virtual tour of future commercial buildings, cities, and houses.
Before making an online purchase, customers can thoroughly inspect products from each angle in virtual reality through web 3.0. Designers and engineers can present prototypes without physically manufacturing them to save raw material wastage.
The benefits of AR and VR are countless, but since the technology is still developing, we can only perceive a fraction of the myriad of benefits it promises to serve.
Technology is continuously developing, and what we once thought was the pinnacle of technology is now only a milestone. The emerging technologies mentioned above are just the beginning of digital age opportunities for businesses.
As these developing technologies advance, they enable intelligent automation of even the most ordinary activities, opening up many new business prospects. We hope this list captivates your curiosity in exploring new initiatives that will help your firm succeed in the future.