This blog covers :
Introduction & advantages
Types
of tech –driven business models
Examples
In
the past, businesses were reluctant to adopt technological solutions. However,
as members of Generation Z and Millennial's enter the workforce and market,
companies are now more open to implementing technology-driven solutions. COVID-19
pandemic also accelerated the adoption of technology-driven solutions. Digital
communication platforms like Zoom, Slack, and Google Meet, as well as
e-commerce and remote work, came to be absolutely necessary for the operation
of the business.
Business models now a days rely on technology to develop novel goods, services, or innovative methods of operation are known as technology-driven business models. Utilizing technology, these models enhance the customer experience, cut costs, generate new revenue streams, and increase efficiency. Additionally, they have the potential to give businesses a competitive edge in the market.
Digital platforms and technologies like the internet, mobile, cloud computing, artificial intelligence, IoT, and blockchain are frequently associated with technology-driven business models. To generate value for customers, businesses, and society, these models make use of the capabilities of cutting-edge technologies. Top notch companies have successfully implemented tech-driven business models. Here are the top 6 tech-driven business models,
1. Artificial Intelligence as a Service (AIaaS): Cloud-based platforms provided by Google and Amazon enable other businesses to incorporate AI into their products and services without requiring them to develop the technology themselves.
2. Blockchain - based business models: Decentralized platforms for supply chain management,
digital identity, and online marketplaces are being developed using blockchain
technology. Companies like VeChain, which uses blockchain technology to track
the supply chain of goods, and platforms like Ethereum, which enable developers
to build decentralized applications, are some of the examples in the Blockchain
model.
3. Internet of Things (IoT) based business models: The Internet of Things (IoT) enables a wide range of devices, including automobiles, industrial equipment, and appliances, to connect and share data. This data can be used to cut costs, increase revenue, and increase efficiency.
4. Virtual and Augmented Reality (VR/AR) based business models: Virtual reality and augmented reality (AR) are being used to create immersive experiences for a wide range of sectors, including retail, education, and gaming. IKEA, for instance, makes use of augmented reality (AR) to enable customers to envision how furniture would look in their homes prior to purchasing it. Virtual reality technology is being utilized by companies such as Playstation and Oculus to produce immersive gaming experiences.
6. Quantum Computing: Quantum computing technology is being developed by Google and IBM to solve problems that classical computers cannot. This technology is currently being investigated by businesses for applications in optimization, drug discovery, and cryptography.
These are just a few examples. We can anticipate seeing even more innovative business models that take advantage of new technologies as technology continues to advance.
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