Technological advancements are a daily occurrence. They are not only changing lives, they are also changing the way we do business. Although there are many new and developing hi-tech innovations, the following is a list of five technologies that may change the business world.

Cheaper Solar

It is widely known that while solar power is good for our environment, it is also expensive to install. However, for companies looking to be environmentally conscious, there are solar advancements being made. National Geographic reports that in the not-so-distant future, significant advances in nanotechnology will lead to lower costs and higher efficiency rates. This is good news for the environmentally conscious business.

Digital Pens

Digital pens have been around for some time, and reports show that they have not been very reliable. The transfer of notes from pen to computer isn't always accurate, which defeats the purpose of using a digital pen. However, companies like Adapx are making advancements and have created a pen called Capturx. Instead of a pen for note taking, this pen is specific to capturing data such as your name, address, phone number, and checking boxes, saving valuable time on data entry.

Wearable Technology

With the recent release of information from Apple regarding their iWatch, the world is buzzing about wearable technology. Although there are many wearable devices on the market, Apple has set the bar higher for the business world with their new devices. According to a recent article on TechCrunch, businesses can take advantage of these wearable technology devices by more effectively tracking employee performance and more easily identifying where and when time is being wasted. Additionally, the cameras on wearable devices are small and discreet making them very resourceful for business security. Wearable technology is making significant progress, and businesses can begin leveraging this innovation.

Smart TV

There are smart phones and smart watches, so what's next? Smart TV. It won't be long before smart TVs hit the market and change the way we interact with our televisions. Not only is marketing messaging suspected to play a large part in smart TV, but the way businesses use it to advertise products will change. Similar to the way marketing involves both social media and smart phones, advertising with smart TVS will become more interactive and focus on the user's preferences.

Holographic Telepresence

More and more businesses are moving towards telecommuting in order to save on costs. Although Skype and other video conferencing services have made telecommuting more productive, the three dimensions of a live presentation would be better. Companies such as Musion are in the process of creating holographic telepresence. Rather than give a presentation via a screen, holographic telepresence allows a 3-D image of you to project in the room.

Change is not always welcome. However, in the business world change is necessary for growth. Embracing these types of innovations can give a company a competitive edge in the future.