We’ve seen the massive advancement of modern technology in 2020 that’s had an impact on companies. There’ve been huge debates about whether this effect has been negative or positive. It boils down to whether businesses can keep up with technological evolution, as it’ll continue to grow in the coming year.
Lucas Goldberg is the expert author here today, joining us from Casino Canada. You’ll read about how new technology has affected businesses and why it’s a growing concern for small brands. Furthermore, you’ll see how some companies have found innovative ways to use the tech to their advantage.
Here’s our list of the top five technological advances that have impacted businesses in 2020:
- 5G: Speed and Data
- Internet of Things
- A Twist in Reality
- The Rise of Machines
- Conversational Agents
5G: Speed and Data
September 2020 has seen massive growth in 5G coverage across Canada. The mobile network’s fifth-generation boasts an increased speed claiming to be up to a hundred times faster than any current technology. There’ll also be no limit to bandwidth anymore.
The new age of 5G networks means we’ll see technological advances in marketing. You’ll witness better user interfaces with faster engagement and interaction. Delays in responses will be something of the past, and companies can tailor their brands to suit the customers’ impatient expectations.
The main issue is that the humans within the company should find ways to keep up. The data will come through quicker now, but can the analysts keep up, or will they find innovative ways to record and display the info with other tech firms?
Internet of Things
Canada has seen exponential growth in the Internet of Things market. If you’re unfamiliar with this term, IoT refers to technology with software or systems that allow them to communicate with other devices via the internet. For example, you can turn off the lights in your house by simple voice command, whether or not you’re home.
IoT is one instance that provides insight into the impact of technology on the online gambling industry. You can download mobile applications that let you connect to your casino or sportsbook account from your phone. What’s more, you can place bets on sports or play online poker tournaments no matter where you are.
A Twist in Reality
It’s no secret that you can explore different realms of reality for an authentic experience at home. Buzzwords include virtual, augmented, and mixed realities, which offer different dimensional and sensory experiences. Instead of heading to the store to look at what furniture is available, you can use the latest IKEA app to browse the collection from your bed virtually.
VR and AR are also entering the iGaming industry. You can play some of the latest slots or try your hand at a blackjack table with a virtual reality headset. If you’re a fan of sports, you can place some bets while watching a game as if you’re in the stands at the stadium.
The most significant is the effect on physical shops and venues. Browsing products virtually doesn’t lead to sales, so companies may not justify paying for rental space. With next-gen gaming consoles going digital and virtual, stores that once sold physical game products might have to close down.
The Rise of Machines
Two elements have impacted technological branding: Machine Learning (ML) and Artificial Intelligence (AI). Companies have integrated both into system processes to analyze client patterns and change the way they do business. It’s all about tailoring the experience so that the products or services feel more personal.
For the most part, this technology allows companies to differentiate their brand from others in the industry. Instead of using the same customer interface as other businesses, the tech learns what makes customers happy and adjusts the experience. Operators can use this ability to adapt to how the front-end of their business interacts with the back-end.
‘Conversational agents’ is a fancy and more endearing term for chatbots. If you’ve ever tried to speak to a support agent online from across the world on the live chat feature, chances are you’ve talked to a chatbot. Many online casinos are starting to use this technology to assist members as much as possible, reducing human officials’ need.
Whether it’s a good return on investment is another topic of debate. While it does improve the business rating in terms of response times, it may decrease it in terms of helpfulness and user intent. However, these chatbots are useful for answering frequently asked questions and then deferring to the support agent if needed.
We’re sure many more technological advances are worth covering, but the above are our top five picks for 2020. Remember to keep a weather eye over the next few months for any tech that may improve your business.