Top 5 Tech Trends for 2014

By: Scott Kost

Technology is changing faster than ever and for companies and consumers it can be hard to keep up. Some technologies end up changing the world, while other tech products turn out to be a complete bust. Before you adopt a new technology, it's important to have a good grasp of how it can benefit you and your business.

Here are the top five technology trends to watch for in 2014, and how they can affect you and your business:

1. Cloud battle: "The cloud" is essentially a term used to refer to platforms and applications that are sold as a service through the Internet. The battle for cloud supremacy will continue to heat up as Amazon, Apple, Microsoft, Google and a host of other companies compete for this space. The convergence of mobile technologies and cloud computing are creating a new platform - one with unlimited computing resources.

The main concern consumers and businesses have with a cloud is security. Organizations new to "the cloud" are uncomfortable putting their data where they cannot physically see it. Using a cloud platform, however, can give your business an edge, especially when it comes to security. Small to mid-size companies typically cannot afford the level of security these companies have in place.

2. Internet of things: The networking of our physical world will continue to boom in 2014. Connected devices are no longer just limited to smartphones and computers. Everything from door locks and home appliances to bikes and watches can now be networked. This same technology is being used to monitor our energy usage and provide recommendations on how to lower our heating bills. The benefit here is that products and services tied to the Internet can give businesses a real-time picture of how their products and services are working. Manufacturing and service companies especially are tying their products to the Internet and creating a competitive leg-up when it comes to quality and value.

3. Privacy: Privacy became a buzzword in summer of 2013, with the details of the National Security Agency's surveillance programs coming to light through leaked documents by former contractor Edward Snowden. As a result, privacy advocates today have a loud and legitimate voice in the marketplace.

There are companies that are competing with Google by utilizing the privacy angle to attract their customers. According to a July 2013 Pew Research survey, 86 percent of Internet users have taken steps to protect their digital footprint by using methods like encrypting their e-mail or clearing cookies.

Looking into the future, companies will attempt to gain an advantage by claiming their product or service has a high level of privacy. Though this could be a good opportunity to draw in customers, you should always be aware of the risks your company takes when storing private data.

4. Smart machines: Smart machines have the potential to be the most disruptive technology in the history of mankind. In 2014, we will continue to see progress in advanced robotics, autonomous vehicles, context aware personal assistants and home automation.

One of the implications of this trend is that fewer people are working, and there is more productivity. The pace of robots and smart machines being implemented into the work force will increase over the next several years. Businesses and countries will have to respond by educating the workforce to keep up in a world that is becoming more automated.

5. Wearable technology: Wearable technology will start getting traction in the marketplace with gadgets from smart watches to gizmos embedded in your clothing. Specifically, health-tracking devices such as Fitbit Nike Fuel Band and Samsung's Galaxy Gear Smart Watch will gain serious consumer interest. Google is also expected to ship its groundbreaking Google Glass product in 2014.

Similar to the rollout of smartphones, we'll see consumer adoption of wearable technology and, as it changes our behavior, the practical use for business will become clearer. Businesses should consider what type of devices it makes sense to support internally. If you need to track the location of your employees, like first responders or a mobile sales force, then wearable technology may be something that can help your business become more effective and responsive.

If a business is looking to take advantage of the newest technology, it should be fully flushed out before adoption. Timing is also critical. Incorporating new technology into your business objectives is important, but it's not always easy to know the right time to invest. Consulting with technology specialists can allow businesses to pinpoint the best way to leverage their IT investment and take advantage of the latest advancements happening in the marketplace.