Disruption in the technology sector continues to change the way we work and live. 2017 is set to be another stellar year for tech advances, be it smartphones, wearables, smart cars or even smart homes.
Here are three technologies that will transform the way we work this year and in future: automation, algorithms and artificial intelligence (AI).
Automation
Technology will continue to liberate the self-employed and small businesses from labour-intensive tasks that take up hours of time. You know the saying: time is money – and if you’re self-employed or running your own business, time is a precious commodity.
The good news is that there are newer technologies that can improve your productivity and give you back the gift of time. When it comes to money management for your hobby or small business, cloud-based technology is a wise choice.
You may already be familiar with cloud-based software like online banking, Netflix or Google Drive. In simple terms, the principles of how these cloud-based platforms store data, also apply to cloud-based accounting software.
When you use cloud-based accounting software, you’ll be able to access your financial data anywhere and at any time. Imagine being on the go and being able to check your finances, or create and send an invoice, or even get paid on the spot! These are all options available with the right technology on your mobile phone and other mobile devices.
Algorithms
Small-business owners can sometimes miss trends and patterns because they’re caught up in day-to-day operations. This is where technology steps up. Through using algorithms, software can quickly spot trends, analyse business data and deliver valuable insights. Right now, developers are bringing learning algorithms and predictive technology to many industries including cloud accounting software.
Analyst firm Gartner believes “algorithmic business” will fundamentally change how we do business. In fact, one of Gartner’s predictions is that by 2020, more than three million workers globally will be supervised by a “roboboss” using algorithms to determine what work they need to do.*
Artificial intelligence (AI)
You may already be using a virtual assistant like Siri, Cortana, Alexa or Google Assistant. As we become comfortable in using speech to interact with mobile technology, we will be having conversations with a range of devices including mobile phones, watches or cars.
We will no longer need to type instructions into a mobile phone or laptop keypad; the ability to speak directly into our devices will mean we can send an email while we’re on-the-go, and in less than half the time.
Taking on new technologies and ways of working can seem challenging at first until you give it a go. So I encourage you to be part of a movement that embraces and adopts newer technologies as they suit your work and lifestyle. If not, you risk being left behind by your more agile competitors, colleagues and friends.
* http://www.gartner.com/technology/research/offer/3142020a.jsp
Nicolette Maury, Vice President and Country Manager, Intuit Australia
