According to studies, avatars will manage small enterprises in the UK by the year 2050.
According to Virgin Money’s futurology analysis, this will happen due to future technological advancements.
According to UK futurologist Dave Coplin, artificial intelligence and machine learning will power these digital smart clones. While business owners concentrate on growing their company and attaining a better work-life balance, they will be able to manage the burden. Business executives will develop avatars to reflect their personas; these avatars will be autonomous and have the power to act and make choices on the person’s behalf.
The futurologist further said that any small company would default to be a global company, with an “army” of virtual professionals on staff who can do business anywhere, regardless of language or time zone.
SME owners will be “human computers” with cutting-edge cybernetic implants that grant them instant access to “all the information in the world” and the capacity to speak any language as the implant translates words in real-time. Cybernetics is the science of communications and automatic control systems in machines and living things. People can download and upload data while taking pictures and videos thanks to bionic eyes and a brain-to-computer link. Microchips that are embedded will also be able to enable payments and open doors.
A study conducted as part of the futurology research reveals that SMEs strongly desire to invest in technology to grow their businesses. 77% of UK SMEs are likely to think that technology will free up time, enable them to reinvest, and help them prepare for the company’s future. A staggering 85% think they will invest in the technology in the next five years to promote growth. SME owners said that they want to employ data science (39%), artificial intelligence (31%), and virtual reality (26%) to help grow their firm. However, 39% of SMEs see a lack of funds as a major barrier to employing modern technology, while 30% cite a lack of time.