Traditionally, only large enterprises such as major manufacturers could afford robots. That’s starting to change, says MIT Work of the Future. Specialized robots called “cobots” that collaborate with humans are now available for as little as $50,000 to $70,000, putting them in the reach of small and medium-sized firms. Cobots are helping human workers by assisting with repetitive, dangerous or unsanitary tasks, helping employees work more efficiently and avoid injuries. Manufacturers are currently improving cobots so that they can be programmed easily even by workers with no technical background, allowing them to be flexibly integrated into everyday workflows as needed.
Cobots are one example of how advanced technologies formerly limited to use by large enterprises are now becoming accessible to smaller businesses. Here’s a look at three other high-tech trends that are spilling over from the enterprise to impact small businesses.
1. The Internet of Things
One of the biggest tech trends sweeping across businesses of all types and sizes is the Internet of Things (IoT). Connecting the internet to a range of devices including mobile phones, wearables and smart factory sensors, the IoT has become a growing part of industries from automotive manufacturing to healthcare to retail.
One way small business retailers are incorporating the IoT is through beacon marketing, which uses in-store wireless transmissions to send customized offers to shoppers on their smartphones. Small businesses are also using the IoT for customer service, asset management and production and delivery capability, a Verizon survey shows.
One challenge small businesses face is integrating all the data coming in from IoT devices while maintaining security standards. To assist with this, Microsoft has introduced Azure IoT Suite, a platform designed to integrate IoT data into practical business applications. The suite combines a managed hub for centralizing IoT data, analytics and machine learning tools, and integration with tools for storing and visualizing data. Microsoft’s IoT Suite illustrates how the tech industry is striving to meet the growing demand for IoT applications among businesses of all sizes. Now would be a great time to sign up for various courses and training relating to how you can utilize Microsoft Azure for your business.
2. Blockchain
Blockchain burst on the scene with bitcoin, but its applications have expanded far beyond its original use to other segments of the financial industry and other industries. Blockchain links and encrypts a series of records in order to transfer information from one user to another in such a way that security is guaranteed and the transaction can be verified by each participant in the exchange. In a bitcoin context, this keeps cyberthieves from copying digital tokens and spending them twice.
In a business context, this can be used for various purposes. One important application is smart contacts. Smart contracts use blockchain to create a transparent digital ledger of payment transactions, providing instant verification of authorizations so that payments can be transferred immediately. In supply chains, this can avoid delays in payment approval, speeding up the logistics process.
Blockchain can also provide a transparent view of the flow of products in the supply chain. For example, o-ring supplier Apple Rubber sells over 7,000 sizes of o-rings made from specialized substances such as fluorocarbons, Nitrile and silicone. The B2B supply chain process for distributing these customized o-rings may be complex, with the o-rings being purchased by medical product manufacturers who in turn sell to hospitals, for instance. Blockchain enables all users in the supply chain to see where products are throughout the chain, from the beginning of the manufacturing process to delivery. This improves the efficiency of procedures such as shipping and inventory management as well as payment transactions.
3. Chatbots
Chatbots are another emerging tech tool being adopted by small businesses. Originally rolled out by tech giants such as Uber and Facebook, chatbots have been adopted by a wide range of industries and companies of all sizes over the past two years. Chatbots allow companies to automate text replies to routine questions, using artificial intelligence (AI) to draw from a knowledge base and find relevant answers. The latest chatbots use advanced AI machine learning for natural language processing, providing an automated experience that approximates talking to a human.
One of the most important applications of chatbots is supporting customer service. Chatbots can handle frequently asked questions, reducing the load on human support staff. For tickets that require human assistance, chatbots can quickly determine which department or personnel to route inquiries to, speeding up service response time and boosting customer satisfaction.
Chatbots can also answer frequently asked questions for internal purposes as well. For instance, chatbots can assist with employee training by handling workers’ frequently asked questions. Chatbots can also help technical support teams and maintenance crews answer common questions.
The Internet of Things is empowering small businesses to use technology such as beacon marketing, remote customer service, and asset management software. Blockchain is providing security for financial transactions as well as transparency for digital information transmissions such as supply chain tracking. Chatbots are helping companies improve their customer service as well as internal communications. Technologies such as these are helping smaller businesses deploy applications that enable them to be more efficient, more competitive and more profitable.
