If it’s January, executives expect to see lists of Boston Globe – likely to represent the greatest opportunities for your business and what you should be doing about them.technological trends for the coming year. Unfortunately, these lists rarely offer advice on what to do with these trends. The following are the top five trends – from a list of nine released by the
1. Use robots to reduce work stress.
While there is little that CEOs can do to make Covid-19 go away, they do have a responsibility to improve their ability to meet demand for their products and services. Labor shortages are plaguing the economy and robots are increasingly able to help alleviate them.
Robots have the potential to do more tasks. As Maia Heymann of Converge Venture Partners told The Globe, they are moving from their traditional strongholds in warehouses and logistics to “next generation automation” for other uses in manufacturing, agriculture and construction. .
Business leaders, especially those with limited manpower, should take a fresh look at their business processes as they explore how robots can help increase productivity. They should examine case studies of companies in their industry that have used robots successfully and consider how robots can improve business operations.
2. Solve operational problems with simulations.
How can business leaders envision a better way to operate? A crucial step is to determine how the business is functioning now to find the biggest flaws and identify opportunities for improvement.
One way to do this is to use software to create a simulation of a business’s operations. Rudina Seseri of Glasswing Ventures told The Globe that she calls these simulations “digital twins” that have the potential to solve technical problems such as supply chains too dependent on a single supplier.
Based on my experience in reengineering the operations of financial services companies, I know that most organizations do not have an internal function to create such simulations. I have also found them to be very powerful tools for imagining how to improve operations.
Business leaders should use such simulations – if they lack the internal resources to do it well – should consider enlisting outside help.
3. Create a “deep fakes” virtual customer service.
Many jobs involve customers, employees, and business partners looking for answers to questions. If businesses struggle to hire and retain the customer service, human resources, and other employees needed to answer these questions, business leaders may increasingly have an alternative.
Specifically, such questions could be answered with “deep fakes” – digital videos in which lines of real people say things they never actually said. Deep fakes could help companies supply customer service, entertainment and games, and other work. Business leaders should explore whether such applications could improve their operations.
4. Offer personalized purchase insurance.
Business owners who sell online – products or services such as flights, rental homes, or books – increasingly offer insurance at checkout.
Lily Lyman of Underscore VC told The Globe that such online insurance would expand to new industries – such as shipping, construction, car sales and financial services – and new types of companies. insurance would emerge to provide the best insurance coverage for each industry.
Business leaders need to assess whether they want to partner with such carriers – or create their own.
5. Increase productivity with predictive software.
Most people are familiar with software that tries to complete your sentence as you type. This software uses the data of what millions of other users have typed in the past to guess your next word or phrase.
If your business employs people who write software, new technology is being developed that will do something similar for software development. If it works, it could increase productivity and help business leaders cope with the labor shortage.
Drew Volpe of First Star Ventures tested “GitHub’s Copilot, which tries to predict what software code should follow, based on what you’ve already written,” according to The Globe. Volpe is studying similar applications to help lawyers write contracts and financial analysts write reports.
Business leaders should consider whether Copilot or other such assistants would help make their businesses more productive.
The workforce shortage shows no signs of slowing down and if they are to get the most out of their people, business leaders should tap into these five tech trends.