Every year, new technologies are introduced or improved upon that have a major impact on the business world. From major to minor innovations, and from physical machines to complex code, each advancement has the potential to change the way the world does business—and this year was no exception.
There were a multitude of technological innovations and improvements within the last 12 months, and to share a few of their favorites, the members of Young Entrepreneur Council chime in below. Here, they each share one technology that they think has the most exciting implications for business in the coming year and why they believe its impact will be so great.
Members pictured from left to right.
One technology that has the most exciting implications for business in the coming year is virtual reality (VR). VR has been around for a while, but it is only now that the technology is becoming more affordable and accessible to businesses and consumers. There are a number of reasons why VR is so exciting for businesses. One is that it provides a new way for businesses to engage with their customers. For example, businesses can use VR to create immersive experiences that allow customers to try out products before they buy them. This can be particularly useful for businesses that sell expensive products, such as cars or houses. – Abhijeet Kaldate, Astra WordPress Theme
Hyper-accurate positioning technology is one of the great achievements of this year. GPS tech has revolutionized both our personal and professional lives; however, future ultra-precise locating systems have a few centimeters or millimeters accuracy, whereas current GPS is only accurate to within five to 10 meters. New opportunities are available, including delivery robots, self-driving cars and landslide warning systems, but it will likely impact the shipping industry the most. Hyper-accurate positioning redefines the shipping industry today because it allows ships to be positioned more accurately than ever before. It means that shipowners and operators can know exactly where their vessels are at all times, which is crucial for the safe and efficient operation of the shipping industry. – Candice Georgiadis, Digital Day
For many years, exchanging contact details at a conference meant searching through your pockets for a physical business card that may or may not be up to date and that you may have forgotten to bring along with you anyway. Digital business cards, like the extremely popular Popl, change all that. Updating is simple via an app, sharing happens instantly with a tap or scan and there’s an opportunity to express yourself through photos, video and other media. As the world becomes increasingly paperless, and Gen-Z in particular search for ways to reduce their environmental impact, it makes sense that business cards will be replaced by their digital counterparts en masse over the next 12 months. – Greg Ashton, GROW
I think cloud technology will continue to prosper in the year 2023 and facilitate businesses to build advanced and secure system infrastructures. Over the years, we’ve seen a major paradigm shift in the corporate world pertaining to information sharing. Cloud technology has made it easier for businesses to access data on demand and share it with concerned stakeholders without the fear of information infiltration. Cloud technology is responsible for the digital transformation of businesses and has facilitated them with agile processes and easy scalability. Cloud technology is evolving and becoming more secure with each passing day. We have seen a surge in its popularity due to the need for information security, and it will continue to serve the purpose in the future, but even better. – Stephanie Wells, Formidable Forms
We’re excited by the trend toward more comprehensive digital finance tools for businesses and the people who run them. The landscape looks totally different now than it did five years ago, when most businesses still had no choice but to use expensive corporate bank accounts and clunky credit or charge cards that often required personal guarantees. Fast forward to today and small- to medium-sized businesses have a ton of high-limit credit cards (based on revenues, not credit score) and low-cost, high- or no-limit bank accounts. That means a lot less time and personnel to manage your working capital. – Andrew Schrage, Money Crashers Personal Finance
One trend that I think will grow quickly in the next few years is smart contracts. This is one of the most practical applications of blockchain technology. Smart contracts allow for secure agreements between parties without the need of third-party help such as lawyers or banks. Smart contracts can be useful in many industries, including real estate, publishing and finance, to name just a few. They allow for faster, more secure and less costly contracts that can accelerate business deals for smaller and larger companies. This technology is already advancing rapidly, so its adoption is largely a matter of education as people realize the benefits of using smart contracts. – Kalin Kassabov, ProTexting
Staying ahead of the competition is more important than ever, so one technology that has the most exciting implications for businesses in the coming year is artificial intelligence (AI). This innovative technology has a wide range of applications that can help businesses stay competitive and optimize their operations. One area where AI can have a significant impact is in creative work. Thanks to advances in machine learning algorithms, AI systems are now capable of generating high-quality content at an incredibly fast rate—far faster than human writers or designers could ever hope to achieve. This makes them an invaluable tool for businesses that need to produce large quantities of content on a regular basis, such as marketing teams, PR firms and advertising agencies. – Adam Preiser, WPCrafter
Advancements in 3D and 4D printing could bring so many opportunities to businesses in the future. It’s exciting to think of the innovative applications and how 3D and 4D printing could change business operations, manufacturing, distribution and more. Businesses already use it for printing prototypes as well as final products, including homes. As new features, materials and tools are introduced in the future, 3D and 4D printing will become less of a novelty and more of a must-have for businesses of all sizes. It truly will be transformational for businesses—and consumers—in a wide variety of industries and markets. – Jonathan Prichard, MattressInsider.com