With the rapid development of artificial intelligence and other emerging technologies, many business owners strive to stay current on the latest and most sophisticated software to have an edge over their competitors. In this digital age, many industries have revolutionized their business.
A few key fields already using emerging technologies like drones, virtual reality, and artificial intelligence are real estate, small business entrepreneurs, and corporations that use a hybrid model or have many locations across the country (or globally). The digital age is significantly more lucrative for realtors, contractors, and inspector businesses. They can do more in less time and with less commuting.
This article outlines the critical emerging technologies of the digital age to help you adapt and keep your business current with the latest technology.
Emerging technologies
Some emerging technologies you need to know about are virtual reality, drones, remote work tools, augmented analytics, and blockchain. Each of these can change how businesses function while also helping them grow. Recent studies show that companies increasingly use emerging technologies — particularly in real estate, contractor, and inspector businesses.
In these competitive environments, business owners gain an advantage over their local competitors by offering clients an elevated user experience, sharing information more efficiently, and conducting business in a more sophisticated manner.
Customer Experience
Emerging technologies in customer experience
Several emerging technologies help improve customer experience. Business owners should weigh the benefits of each one to decide how to implement them.
For example, realtors might use virtual reality to show their clients a very realistic walk-through of potential homes, accept cryptocurrency options, or use a drone to obtain picturesque aerial views of the property.
Other customer communication tools — such as visual presentations using Artificial Intelligence — have proven effective in improving customer experience. Generally, the user will stay longer on your webpage if there are multimedia tools that catch their eye.
In terms of organizing data and information such as client profiles, special requests, and payments, emerging cloud technologies have been a popular tool for small businesses. Realtors, contractors, and inspectors often use a cloud service to share relevant information with clients — which they can access at any time.
Benefits
It benefits businesses to use emerging technologies to improve customer experience because it sets them apart from others in their industry and demonstrates to their audience they’re willing to invest in their clientele.
When someone goes to a business website with a polished experience with the interphase, visuals, and virtual reality services, they’ll generally want to stay on your site longer.
In contrast, if someone goes to a business website that is clunky and outdated, the customer will likely go off to find a more user-friendly experience.
Virtual Reality
The use of virtual reality in real estate
Architectural visualization is an excellent way for real estate agents to rise above the competition. This emerging technology allows clients to see the fine architectural details of a home before they even set foot on the property.
People often move to a new place without seeing it yet. That’s why the more information clients have about their new potential home, the more likely they will purchase. Realtors bring imaginative staging to the space — even for clients to visit properties virtually.
Benefits of virtual reality.
Virtual reality can help business growth because people appreciate accurate, detailed representations of their future homes before purchasing — especially if they cannot visit the house in advance. It saves time and money for both the potential buyer and the realtor.
Using virtual reality to set up different styles when staging the home also helps realtors. They can use artificial intelligence to showcase homes in various creative and attractive ways, even tailoring them to specific clients.
The architectural visualization function of virtual reality emerging technology is also useful during home construction. The realtor can have the virtual reality programmed to reflect the architecture of the future house according to its dimensions and building blueprints.
Drones
Drones in the home inspection business
This is the digital age we have been waiting for, where emerging technologies allow drones for business use — such as a home inspection business using a drone to elevate their business practices.
Drones help home inspection businesses because of the incredible footage they can obtain — like the state of the roof, chimney, eavestroughs, landscape, and the overall property.
Benefits of drones
Drones benefit home inspector businesses because they’re able to get angles the home inspector wouldn’t otherwise be able to see.
The homeowner and the local registration will know the inspection has been thorough, as the drone photos can help with construction decisions later.
Remote work tools
Working from home and the hybrid work model have been popular recently, boosting demand for sophisticated remote work tools. Emerging technologies such as personalized video messaging, content management software, and team management tools have made remote work seamless and effective, allowing businesses to thrive even from a distance.
The future of remote work
As technologies emerge that improve the overall experience, get ready to see businesses integrate them into their client, partner, and employee roles. We’re beginning to see developments of novel concepts such as hologram video calls, virtual reality meetings using artificial intelligence to simulate an in-person meeting, work pods, mobile offices, and driverless deliveries.
Benefits of remote work tools
New technologies for remote work help business growth by improving employee productivity, enhancing customer experience, and making organizational systems more efficient. It also saves businesses time in the long run while increasing revenue over time. That’s why investing in emerging technologies helps keep clientele numbers high, as well as being a great employee retention strategy.
Augmented analytics
Definition of augmented analytics
Augmented analytics involves businesses using artificial intelligence to automate data analysis and software suggestions while improving conversational intelligence. It helps determine customers’ intent before they visit your website or enter your store. It also helps businesses make marketing decisions based on sales patterns and revenue chart data.
Augmented analytics in real estate businesses and home inspectors
Augmented real estate businesses and home inspectors use analytics by offering their clients an interactive experience based on what their homes could look like in the future. By using analytics, real estate businesses can portray a physical world digitally. The client can then interact with the digital world the realtor has created.
Home inspectors use augmented analytics to assess a property’s value, renovation potential, damages, debt levels, and other relevant information. This emerging technology can project what the home will look like in the coming years, giving the home inspector a clear understanding of the house.
Benefits of using augmented analytics
The analytics determine what the property will look like, so the realtor can highlight the crucial points of interest to the potential buyer — such as dimensions, layouts, and any unique home features. The best selling points of properties are presented using augmented analytics, elevating the customer experience, which results in higher home sales for the realtor.
Blockchain
In this digital age, using blockchain in real estate has become an increasingly popular choice to meet the expectations of their clientele. There is a growing demand to use cryptocurrency for large purchases and investments, as seen in homeownership, whether buying, selling, renovating, or inspecting.
Though this emerging technology still has some limitations, recent developments have boosted interest in blockchain technology — like tracking data.
Sell and buy real estate with cryptocurrency
Buying and selling real estate with cryptocurrency is a new way to do business, and it’s drawing big investors and the average homeowner. This growing demand has cultivated a newfound interest in buying and selling real estate, as people are eager to buy with their blockchain currency.
Benefits of using cryptocurrency to sell or buy real estate
It’s lucrative for realtors to include cryptocurrency in their business processes. Using cryptocurrency to buy or sell real estate gives the realtor an edge over their competitors. As people invest in blockchain technology, they’ll look for ways to invest in concrete items like gold or property. In fact, some people may be in the housing market for the sole purpose of using their cryptocurrency for a major investment.
When it comes to using emerging technology in the digital age, small businesses such as realtors, home inspectors, and contractors should invest in the latest software. It helps them stay up-to-date on cutting-edge technology by offering sophisticated customer experience, using artificial intelligence to offer virtual reality and augmented analytics, and investing in work-from-home equipment.
