Today’s businesses are disrupted by the advent of innovative technology and have to go online to respond to the needs of the times. First, the COVID-19 pandemic has triggered a massive transition of previously offline operations to the digital space. Second, the broader global trend towards business digitization has been urging businesses to establish a strong online presence to reach out to their clients effectively.
The changes have touched upon all businesses, service providers included. From artificial intelligence in telecom to chatbots, the service industry is evolving quickly, and every business owner must know and embrace innovation. Here we cover the top X trends revolutionizing the service industry to help you stay ahead of the competition.
#1 Artificial Intelligence
AI is everywhere today, used in many spheres of business and simplifying numerous tedious, repetitive operations. The advantage of using AI is its ability to analyze big chunks of data and make sense of it, thus informing business decision-making. AI algorithms and systems can also recognize and respond to natural speech, which determined their popularity in the service industry. The most illustrative use cases for AI in the service industry are voice assistants, like Alexa and Google’s Home, which respond to user’s voice commands and process their inquiries to provide search results on the go. Other AI application cases relate to advanced customization of products and services to user preferences, such as smart homes, smart beds, etc. Such products are AI-enabled to memorize the user’s choices and adapt to their requirements in the future, thus anticipating their preferences and improving the user experience.
The Internet of Things (IoT) is another massive trend in the service industry partly overlapping with the gradual adoption of AI systems. Its major plus is the overwhelming connectivity of devices surrounding users, which has become possible due to the introduction of 5G technology. As a result, AI-enabled devices connected with a robust 5G network collect data about user preferences, fine-tune the whole technological ecosystem of one’s home, car, or office, and deliver a wholesome user experience through smart fine-tuning and parameter adaptation. As a service provider, you can equip your devices with IoT functionality to enhance your users’ experience and deliver individual, customized experiences.
In a nutshell, 5G is associated with a greater speed of Internet traffic, which suggests quicker data transmission, more effective communication, and better productivity of Internet-dependent devices. In the long run, 5G is destined to transform the very Internet use landscape, with Wi-Fi networks becoming obsolete and unnecessary. Besides, 5G plays a key role in advancing the driverless vehicle industry, which is impossible without a stable Internet connection of vehicles for data retrieval from multiple sources, including other vehicles surrounding them on the roads. Thus, one can be sure that the 5G trend is only gaining traction and will be soon unleashed in full to help other innovations advance and enter users’ daily lives.
AR and VR extensions are also commonplace in the modern service industry as they allow visualization and deliver a reality-like experience to those who can’t be present in a shop or service center to see everything with their own eyes and make an informed choice. AR apps are increasingly popular among outfit brands that allow consumers to upload their photos and key parameters, thus trying on the clothing and shoes without going to the local store. Another field of AR/VR use is the design of living spaces, with some furniture retailers providing free 3D design apps to help their customers test the furniture online, seeing how it fits their room’s design and size.
This review would be incomplete without discussing blockchain as it’s another disruptive trend turning the business sector upside down. The primary benefits of blockchain include its technological superiority compared to other ways of organizing the exchange of data and assets and their distributed, decentralized nature. Service providers have also embraced the power of blockchain to create decentralized, autonomous, and automated systems for user transactions. Thus, today you can find many blockchain-based services, from booking a restaurant seat to sending NFT tokens to a friend. Another popular use case is accepting payments in cryptocurrencies, which is still confusing in terms of governmental regulation, but gaining popularity among users wishing more privacy and autonomy in their online purchases.
As you can see, technology is advancing fast, and your service industry can benefit from many innovations. Adopt the cutting-edge technology today to beat your competitors tomorrow. The competitive business advantage is finite, and only the forward-looking business owners have a chance to stay ahead in their business sector.