Want to get organised and increase productivity in your business? Read on to learn about five tech trends that will change the way you work in 2018.
Financial technology (fintech) lenders and start-ups are winning the attention and customers of a growing number of businesses with their tech-led money management and financial services. From less than 100 fintech startups in Australia in 2014, there are now 579 in 2017.
Offering businesses technology-based services that are accessible, low-cost and innovative, fintechs are set to further disrupt the traditional financial services sector in 2018.
From Apple’s Siri and Microsoft’s Cortana to Google Assistant and Amazon Alexa, voice-controlled technologies are steadily increasing in popularity.
In the workplace, if used as digital assistants, voice-activated devices can increase productivity by helping with tasks like finding information, scheduling meetings, making calls, managing to-do lists, setting reminders, as well as streaming music and controlling lighting and temperature by pairing with compatible devices.
Amazon was quick to identify the trend for voice-activated technologies in the workplace, launching Amazon Alexa for Business in late-November.
The New Payments Platform (NPP) is a new Australian payments platform that has been in the making since 2013. The collaborative effort of 13 financial institutions, it is set to launch in late-January 2018 and will change banking in Australia.
The NPP will operate 24-hours a day, 365 days a year and will enable near real-time clearing and settlement of payments between one or many people, businesses or institutions. Users will be able to create PayIDs, which can be personal information such as an email address, ABN or mobile number, instead of using bank account details.
The NPP will change how businesses manage their accounts, including having immediate access to funds, and the ability to make payments on the spot.
Artificial Intelligence (AI) chatbots
The new breed of Artificial Intelligence (AI) chatbots are helping businesses to provide faster, more efficient customer service and support by fielding basic enquiries that may not always require human interaction.
Some businesses are already using AI chatbots. Intellectual Property (IP) Australia’s AI virtual assistant Alex answers general questions on trademarks. IBM’s AI chatbot Watson helps UBank customers fill out their online home loan applications. Nibby, NIB’s virtual assistant, helps customers with health insurance queries.
While first generation chatbots used keywords to answer queries, AI chatbots understand words in different contexts and, through machine learning, improve with every exchange. Some AI chatbots can also read moods, in fact, there’s already a Stanford-developed chatbot ‘therapist’ called WoeBot.
With many businesses now using the cloud for storing their data, the next trend to follow it is cloud accounting. Unlike traditional accounting programs, cloud accounting software is stored on remote servers, which gives users the freedom to access it, on the move, from various devices, wherever there is internet.
Easy to use, cost-effective and secure, cloud accounting software programs, such as MYOB, Xero, and Sage, also integrate with many other applications and software used by businesses, such as Deputy.
Learn more about Deputy and how it can help your business change the way it works in 2018.