The most important technology trends to businesses today

Undeniably, technology is transforming the way that business is operating. It has a major impact to almost each industry, while leveraging new technologies became a mandatory process for most of corporations.

   Indeed, the impact of technology on corporate growth, efficiency, competitiveness, sustainability, and the well-being of human resources is significant. Corporations are exploiting technology to simplify current ways of doing business, as an attempt to expand their market share.

   There are many technologies that are becoming essential in the coming decade, of 2020s. Particularly, a recent study conducted by The Economist concluded that technologies such as big data and analytics, artificial intelligence (AI), the Internet of Things (IoT), cloud computing, blockchain, digital payments, and automation are increasingly important, with a 91% of companies planning to increase their adoption over the next five years.

   At the same time, the above study noted that despite well-intentioned technology adoption initiatives, many companies grapple with challenges. These range from broader macro-level factors such as inadequate regulatory frameworks and poor national infrastructure, to pertinent corporate-level issues such as a skills gap, high costs, complex data, low awareness among management, decades-old legacy systems, and even older mindsets.