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Philadelphia-based business owners who fail to keep up with the latest technology news, innovations, and market trends could be placing themselves at a real disadvantage. Developments that have the potential to impact not only local businesses but regional markets and even global industries are not a concern that should be taken lightly. Knowing more about the latest trends helps to ensure that Philly business owners can seek out and make use of a wider range of resources, options and solutions.

Workplace Automation Photo: pacificvoyagers.org

The age of workplace automation is here and even small businesses and new startups stand to benefit. More efficient ways of handling almost every aspect of their day to day operations allows organizations to lower payroll and overhead costs while also boosting productivity. From software applications and smart-devices to more sophisticated equipment and machinery able to offer a range of features and performance options that would have been unheard of only a decade ago, enhanced automation is already beginning to change the way that businesses operate.

 

Relying too heavily on outdated resources and conventional operational methods could be a big mistake, one that may end up costing Philly-based businesses a great deal more than they might realize.

Artificial Intelligence (AI)

Smarter machines have a great deal to offer and business owners would do well to keep an eye out for any opportunities to utilize AI to improve their current business model. From the range of digital personal assistants that are currently on the market to the most exciting tech trends that may be lurking just over the horizon, a current understanding of the latest developments within the field can provide business owners with plenty of valuable insight. The development of more powerful computer systems and mobile devices coupled with the falling price point for such devices means that AI is a technology business owners can expect to see a whole lot more of in the days to come.

Virtual and Augmented Reality

Virtual reality (VR) functions by providing users with an interactive visual environment, one that has the potential to revolutionize everything from construction and design methods to surgery and medical procedures. Augmented reality (AR) is quite similar although instead of providing users with an immersive all-digital environment AR is used to project a graphics overlay on the real world. AR can be used to provide an layer of information-rich graphics that does not inhibit or interfere with a user's ability to perceive and interact with their surroundings. While both technologies are still in their infancy, VR and AR offer a seemingly limitless range of uses that business owners would do well to learn more about.

Data Analytics

The latest methods for analyzing data can be of tremendous value to both large and small businesses alike. Utilizing computer systems that offer greater raw processing power with sophisticated algorithms and the more information-dense records that automated tools and digital working environments are able to create has the potential to provide greater understanding and insight regarding almost every aspect of business operations. From developing more detailed and accurate customer and client profiles to being able to spot and identify the latest trends market research can produce, data analytics is a tool that no organization can afford to ignore.

Future Trends Worth Keeping an Eye On

New technologies and shifting consumer and worker habits have the potential to impact market trends throughout the state and beyond. Business owners who are committed to keeping pace with the latest trends, developments and news may find themselves much better equipped to handle any obstacles or to take advantage of any opportunities that may be found on the road ahead. Making it a habit to learn more about the latest predictions, speculation, and market forecasts can have many benefits, especially for businesses that operate within markets that can expect to see frequent of far-reaching changes that may often occur quite quickly or with little warning.

Brett Clawson is a business owner and entrepreneur with over 10 years of experience. In his free time, he enjoys writing and learning about emerging business trends.

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Photo: pacificvoyagers.org