Each student is asked to provide definitions and applications

Business Report
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Business Report
News of groundbreaking technologically innovative ideas has become commonplace in the world today. Every year, the world makes great strides in the world of technology as new ideas, devices, and services emerge. Currently, a lot of devices and services have become obsolete as new ones are conceived and adopted fast. By far, technological innovation is the most disruptive force in the world of business today. With each passing season, technology reshapes or reconfigures the business world in its image and likeness. People and organizations move fast to adopt the new technologies and those who are slow to act or move fall behind quite quickly. Technological innovations are thus disruptive and continually alter the workings of industries. In 2018, the world experienced a lot of change that shaped the business world in different ways. However, anyone or any business that dwells on what happened in 2018 will be left behind as 2019 brings with it new ideas, innovations, and devices that will further alter how companies operate. However, there are those ideas and innovations that seem to evolve and grow with their residual effect being significant changes in the business world. This article thus seeks to focus on the emerging technologies that appear to be changing the business world and significantly influencing how businesses are run.
IoT
Clark (2016) defines the Internet of Things as “the concept of connecting any device (so long as it has an on/off switch) to the Internet and to other connected devices.” He continues to say that the IoT “is a giant network of connected things and people – all of which collect data and share data about the way they are used and about the environment around them.” IoT has caused a lot of buzz since the word came into the public domain. Numerous debates have taken place as experts are trying to understand what internet of things entails as well as the effects it will have on the business world. One thing is certain though, IoT is and will revolutionize the world.
The first way that IoT will influence the business world is by streamlining the process of collecting information. Currently, hurdles exist with regards to the collection of consumer-specific information. However, IoT devices and the connections it makes possible offers businesses a rare opportunity o collect relevant and consumer-specific information that will make it easy to improve the overall experience for the customers. Additionally, this will help improve business efficiency while reducing operational costs as well.
Several business sectors will be greatly affected by IoT, and these include inventory tracking and management, productivity and efficiency, data sharing, and remote work (this is already happening in many parts of the world). IoT devices and inventions will help businesses track and manage their inventory. Additionally, Elly (2018) notes that “all businesses function and grow with the help of data collection and exchange.” IoT will thus help businesses grow as they will be able to collect and exchange a lot of data within a short time.
Artificial Intelligence
Artificial intelligence is another emergin...