The Impact of Neuroscience Used in Technology on Businesses
A big part of operating a business relies on being able to predict the future. Yes, whenever someone starts a business, and there is promise in the growth of the company, people start to invest in it. In many ways, the growth of a business is dependent on the idea of hope and belief. These human emotions are the driving factor for the success of businesses throughout the world.
You might say that there is a lot of data and statistics involved, and you are right. There is a lot of that involved, but what is the purpose of all the analysis and predictions? It just helps propagate hope in the people who are looking to invest in the company and reinforce their belief in the idea of the business. This has been the standard operating procedure for businesses, around the world, for decades and unknowingly corporations have relied on the basics of neuroscience to succeed.
Now, with the age of information and technology that we live in people have finally realized this hidden mechanic and have started to actively implement technology to help grow their businesses even further. In this article, we are going to take a look at how neuroscience is being applied in technology and how it is helping businesses grow. Let’s begin.
Applications of Neuroscience in business
There are 3 basic avenues where neuroscience is being applied to help businesses.
- To improve the bottom line – Profit is the biggest data point for any industry. Neuroscience is being used to help companies improve their bottom line by understanding the crucial moments and science of decision-making. Applied neuroscience can help gather data on certain scenarios and by using ECGs and eye-tracking technology the response of the human brain to each scenario can be recorded.
When you are in possession of such valuable data, you can use it to make the decision that will result in the most growth and the most profit for your organization. A study done by Harvard Business Review has shown that businesses that are using applied neuroscience in technology to make corporate decisions have a better bottom line than companies that are not using neuroscience actively.
- Understanding Consumers – The second biggest data point for any enterprise is its customers. Neuroscience has opened the door of the consumers’ minds for companies. Methods like fMRI, EEG, GSR, and eye-tracking can help businesses see how the consumer feels about their product and help them predict how those products are going to do.
This allows for some valuable insight into the mind of the consumer and gives businesses a chance to tweak their products just in the right way allowing for maximum engagement once the product is launched.
The activity of our brain is controlled by neuromodulators. These include hormones and neurotransmitters. These basically allow the brain cells to keep an open line of communication with one another. Research has shown that by stimulating certain neuromodulators you can alter the way a consumer interacts with your product.
The application of neuroscience to understand consumers has allowed businesses to come up with better products that appeal to the right neuromodulators in the brain. It has allowed for a better understanding of the brain of a consumer and what can be done to get the best response from it.
The implementation of AI has been a revelation in this regard, as it can read all of these data points that are being generated by neuroscientific methods, and give businesses a better solution for any problem that they are facing with a product.
- Improving Workplace Culture – The use of neuroscience in technology is not limited to marketing and sales. It also has a very significant application in improving the overall culture of the workplace. A study has shown that workplaces that use AI and neuroscience have a more productive culture.
The use of AI especially with the help of neuroscience methods such as ECG, EEG, and eye-tracking technology has allowed companies to identify the hidden subcultures in their workplace that are having a negative impact on the productivity of the employees. These problematic subcultures would not have come to the forefront had it not been for the use of neuroscience and AI.
The applications of neuroscience in technology for businesses are becoming more and more common. They can help improve employee satisfaction and productivity as AI is less likely to entertain biases and other human imperfections.
Although a lot of progress has been made in the field of neuroscience in technology for businesses there is still a long way to go. Considering the wonders that neuroscience has done up till now it is safe to assume that the future is going to bring in even more mind-blowing applications from the field of neuroscience.
Final Thoughts On The Future of Neuromarketing + Tech
So as neuroscience becomes more deeply integrated into technologies, such as artificial intelligence (AI) and machine learning, these monumental advancements in allowing businesses to understand their consumers and employees better can lead to major breakthroughs in the growth of companies in all areas that were not possible prior to the rapid progression in the application of neuroscience to technologies that impact the business world.
The future of business looks exciting as the worlds of neuroscience intertwines with technology to deliver new and more intense experiences to people that will be beyond anything they have experienced before…
Want a clue? Think Virtual Reality.