Emerging technologies and their impact on business

Imagine trying on your favorite athletic shoe without setting foot in a store. With Adidas' virtual try-on tool, busy consumers can now visualize how those sleek sneakers would look on their feet, all from the comfort of their smartphone.¹ But Adidas isn't alone in this tech revolution. Wayfair offers a “View in Room” feature using augmented reality (AR). So, if a consumer is unsure how that green velvet sofa would complement their space, they can virtually test out the color without the hassle of returns.¹

For businesses looking to thrive in the digital age, staying current with emerging technologies, like those offered by Adidas and Wayfair, has become necessary. Since 2020, retailers who have embraced AR have witnessed a 20% surge in engagement rates, with a 90% increase in conversions among shoppers interacting with these experiences.¹ Before your organization embraces these new tools, it is important to assess how they fit into your overall business strategy.

In this blog post, we’ll delve into the world of emerging technologies, exploring the latest trends and their impact on business. We will explore multiple areas, ranging from operations and customer engagement to cybersecurity and green technology.

This course focuses on the principles and methods of implementing strategies. Strategy is focused upon as the primary driver of organization structure, processes, systems, culture, and skills in successful organizations. A major part of the course covers strategic and organizational change practices that can be used to motivate employees to meet the shifting needs of the firm’s strategy, theories of effective change implementation, mutual engagement and shared diagnosis, organizational redesign, reinforcing new behaviors, organizational culture and change, and the political dynamics of strategic change.

From AI-powered chatbots to augmented reality/virtual reality experiences, businesses are leveraging these building blocks to stay competitive and meet evolving consumer demands. The following technologies are optimizing business processes and reshaping industries, such as agriculture and healthcare:

• AI-Powered Chatbots: Streamlines customer service experience by offering instant support and personalized interactions to improve satisfaction²
• IoT Sensors: Optimize supply chains by providing real-time data on inventory levels, equipment performance, and environmental conditions. By using sensors, businesses can make better data-driven decisions and improve operational efficiency²
• Blockchain Technology: Ensures secure transactions by creating a decentralized and tamper-proof record of data, making it ideal for industries like finance, healthcare, and logistics where data integrity is essential²
• Augmented Reality/Virtual Reality: Enable businesses to provide realistic simulations for employee training, enhance product demonstrations, and create interactive marketing campaigns that engage customers on a whole new level²

Embracing these innovations and their real-world applications will be key to driving future business strategies and staying ahead in the dynamic digital era.

Emerging technologies are not just disruptors; they are enablers of efficiency gains, cost reductions, and process improvements. From automated workflows to data-driven insights, businesses are reimagining core operations to stay agile and responsive in a dynamic marketplace.

What will the future of customer engagement look like? Disney's AI-driven engineering and investment in Epic Games offers a glimpse of that future.³ The entertainment company’s Imagineers are crafting gamified experiences—think augmented reality park adventures—that are captivating audiences and reshaping how consumers interact with brands.³

Spatial computing is another innovation transforming how customers and brands interact. Imagine stepping into a museum and having historical facts pop up right before your eyes, or navigating through a retail store with digital guides showing you the way. Digital assistants, such as Lowe’s LoweBot, are already beginning to aid customers and employees alike by providing product information and inventory checks.⁴

What if marketing felt less like an ad and more like an experience? Spatial computing is also transforming personalized marketing, which enables your customers to interact with branded content in ways that go beyond the screen. Ultimately, this approach can foster a deeper connection and loyalty to your products and services.³ With AI and spatial computing leading the way, it's an exciting time for businesses to reimagine customer engagement.

Consumers are increasingly aware of data vulnerability due to high-profile breaches, privacy scandals, and awareness campaigns. And no organization or company is immune to cybersecurity threats. In 2021, hackers breached Microsoft's Exchange Server software, leading to unauthorized access to email accounts and data theft affecting thousands of organizations globally.⁵ In 2019, a breach of First American Corporation exposed over 800 million sensitive documents, including social security numbers and financial records, due to a data leak in their website.⁵ These incidents highlighted the importance of robust cybersecurity measures, timely software updates, and stronger security protocols, especially when handling sensitive customer information.

Experts say integrating Zero Trust Architecture (ZTA) with blockchain technology offers a promising solution to cybersecurity challenges.⁶ ZTA is a security concept that mandates strict identity verification for every person and device attempting to access resources on a network, regardless of whether they are inside or outside the network perimeter.⁶ Blockchain provides tamper-proof record-keeping and authentication mechanisms. Due to its decentralized nature, this technology makes it difficult for hackers to manipulate or alter data, reducing the risk of data breaches. ⁶

Data clean rooms (DCRs) offer several advantages for data-driven companies. They ensure compliance with stringent privacy regulations like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), enabling businesses to analyze audiences and target ads while safeguarding user privacy. ⁷

DCRs support versatile data analysis, including advanced techniques like machine learning, providing quick and comprehensive insights into campaign performance across multiple channels.⁷ Despite their benefits, data clean rooms also have drawbacks, such as less accurate data outputs, impacting the reliability of insights derived from DCRs. ⁷

Synthetic data, a concept refined since the 1980s, is like making fake data to study without using real personal information. Created by smart computer programs, it helps companies learn without risking your private data.⁸ This kind of data makes new discoveries possible in many areas, like science and technology.⁸

Optimizing supply chain management and logistics is crucial for business success. Many supply chain leaders still rely on the spreadsheet as their planning tool of choice, but that could change.⁹ An executive survey by McKinsey found that about 43% of merchants plan to integrate AI and machine learning into their planning processes, which could improve efficiency and reduce costs across the supply chain.⁹

Advancements in supply chain technologies include:

• Demand Forecasting: AI and machine learning enable more accurate demand forecasting, reducing errors and optimizing inventory management.¹⁰
• Self-Driving Trucks: Investments in autonomous vehicle technology aim to improve last-mile delivery, addressing concerns about driver shortages and sustainability.¹⁰
• Warehouse Robotics: Speeds up fulfillment processes for e-commerce orders, allowing employees to focus on complex tasks, such as packaging innovations and workflow enhancements.¹⁰

These advancements are driving a transformation in logistics operations and enhancing overall business performance.

Nearly a third of U.S. greenhouse gas emissions are released by transportation activities, according to the Environmental Protection Agency.¹¹ Green tech plays a vital role in combating climate change and promoting a sustainable future. Through eco-conscious investments, business investors can do their part to protect the environment.¹¹

With hybrid and electric car models, many car manufacturers have already been exploring ways to reduce automotive emissions and design more fuel-efficient engines. In other industries, such as agriculture and energy, businesses have sought ways to minimize their carbon footprint, and green tech offers eco-friendly solutions.

Green technology includes:

• Alternative Energy: Solar and wind power are becoming increasingly affordable and are viable alternatives to fossil fuels, offering clean energy solutions. Geothermal and tidal energy are promising but still in the early stages of deployment at scale.¹¹
• Electric Vehicles: Manufacturers are designing more fuel-efficient engines and transitioning to electric power to reduce transportation-related greenhouse gas emissions. However, challenges like developing high-capacity batteries and expanding charging infrastructure remain.¹¹
• Sustainable Agriculture: Organic farming can reduce soil damage, while cattle feed innovations result in lower methane emissions. Both are examples of addressing environmental concerns in the agriculture sector.¹¹
• Carbon Capture: While still in the early stages, carbon capture holds the potential for reducing emissions but requires further development to meet industry expectations.¹¹

Looking ahead, business leaders can expect continued disruption and innovation. Anticipated technology trends, such as quantum computing, create new avenues for growth and development. Quantum computing leverages quantum mechanics to perform complex calculations at unprecedented speeds. Digital twins, virtual replicas of physical objects or systems, are another trend that will enable real-time monitoring and analysis.

These technologies hold immense potential to revolutionize industries by enabling advanced data analytics, enhancing connectivity and communication, and facilitating predictive maintenance and optimization of processes. As businesses embrace these innovations, they can unlock greater efficiency and competitive advantage in today's evolving digital landscape.

Moreover, artificial intelligence (AI) and machine learning (ML) are at the forefront of this emerging technology wave. AI enables machines to mimic human intelligence, offering capabilities such as natural language processing, image recognition, and decision-making. ML, a subset of AI, involves training algorithms on vast amounts of data to identify patterns and make predictions.

AI and ML are transforming business operations by automating routine tasks, thereby increasing productivity and reducing human error. This robotic process automation is especially beneficial in industries like finance and customer service, where repetitive tasks are prevalent. Additionally, AI-powered tools provide insights into customer behavior, enhancing customer engagement and customer experience. By predicting trends and preferences, businesses can tailor their offerings to meet customer needs, boosting customer satisfaction and driving business growth.

Furthermore, virtual and augmented reality (VR and AR) are other emerging technologies reshaping the business landscape. VR immerses users in a completely digital environment, while AR overlays digital information onto the real world. These technologies are revolutionizing sectors such as retail, real estate, and training by providing interactive and immersive experiences. For instance, VR can simulate real-life scenarios for training purposes, and AR can offer enhanced product visualizations in retail, improving the overall customer experience.

In conclusion, the integration of AI, ML, quantum computing, and virtual and augmented reality will not only enhance business processes but also provide a significant competitive edge. As companies continue to adapt and innovate, leveraging these emerging technologies will be crucial for maintaining relevance and achieving sustained business growth in an increasingly digital world.

The University of Kansas’ top ten online Master of Business Administration (MBA) program will equip you with the knowledge and skills you need to lead today’s top businesses in an era of disruptive technologies and constant change.¹³

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