The new essentials ofbusiness technology

Although trade-o˜s once existed between better, faster, and cheaper, with newtechnologies, it’s now becoming possible to have all three. Barriers to entry have beenlowered thanks to a combination of open source projects, APIs, cloud technology, mobileapp development, and increased computing power. All it requires is an understanding ofhow to harness the opportunities that exist. Now is the time to take action and take holdof the new essentials—or be left behind.

Internet of Things (IoT) refers to objects in thephysical environment that collect and process data signals through system actions or activity sensors.

Forecast impaof IoT by 2025

ct1

$

trillion4-$11

Connected homes are growing at arate of 31% a year in the U.S. alone2 31%

Smart speakers such asAmazon Echo, Google Homeand the Sonos One will be 70

55%

millioninstalled in more than70 million U.S. households,

2018 2019 202055% of all homes, by 20223

B2B IoT devices like industrial sensors, connected manufacturingmachines, and in-store analysis devices will fundamentally changethe way companies interact with one another.

Sparklabs predicts anexponential increasein this space—from2.5 billion devices in2017 to 5.4 billion in 20204

How IoT benefits youIoT produces data you can use to optimize

how customers use your services.

Big Data refers to the massive amount ofinformation generated by new technolog . Whenbig data is e˜ectively organized and anal

yyzed, it

can be used to identify important patterns andtrends or predict outcomes.

2.5 billion gigabytesof data are produced every day5

There will be an estimated

˝˙ billionconnected devices collecting data

on consumer behavior by 20216

Clean data architecture iskey to obtain clear insights.

Data visualizations helmining into stories that h

p turn datap y uel o

understand your customer.

How you can use big dataUse data vi

that hsualizations to turn big data into storieselp you understand your customer.

Artificial Intelligence (AI) is a machine’s abilityto learn and make decisions. AI computer algorithms adapt and evolve when exposed to new data.

Voice-controlled digital assistantsand chatbots have brought AI to theforefront of customer engagement.

Customers spend 40% more timeon-site when they interact with an 40%AI-driven service solution7

75% of customers who have interacted 75%with an artificial intelligen

8

ce tool saidthey would use it again

How AI fits into your businessAI has great potential for use in inventory processing, cashflow management, contextual advice, fraud prevention, risk

mitigation, and transaction routing optimization.

Application Program Interfaces °APIs) allow youto embed digital delivery of your services in the servicesof partners that your customers are also using—whereand how they are using them.

758% Increaseof public APIs from 2010-20169

The phone has replaced thewallet as the center of personalorganization: 77% of U

10

.S. adultsown a smartphone

How to make the most out of APIsA well-crafted API strategy should balance open

infrastructures and a safe and secure environment.

Biometrics converts image and body scansto data, allowing for controls such as eyfingerprint, or voice authentication.

eprint,

57% 57% of companies use biometrics for authentication11

46% of organizations that employadvanced authentication say it hasmade online transactions more secure12

Biometrics are now widely used around the world formobile phone access, vehicle access authentication, home

access control, and Single Sign On (SSO).13

How biometrics can benefit your businessBiometrics makes it easier for customers to authenticate their

identity and for businesses to ensure their customers are who theysay they are. Balance security with ease-of-use by using two-factor

authentication for high-risk or sensitive transactions.

Treasurers play a key role in shaping the futures of theirbusinesses. With knowledge and understanding of these

new essentials of business technology, you can bringvaluable insights to your executive leadership and helpprepare your business for further growth and success.

Contact your Wells Fargo representative today to learn more abouthow you can improve your business with these technologies.

˝Alsen, D., Patel, M., and Shangkuan, J. “The Future of Connectivity: Enabling the Internet of Things.” McKinsey & Company, November 2017. ˙McKinsey & Company.“There’s No Place Like [a Connected] Home.” ˆJuniper Research. Amazon Echo & Google Home to reside in over 50% of US households by 2022, as multi-assistantdevices take o˜. November 8, 2017 ˇMoon, B. Global Ventures, Internet of Things & Hardware Industry Overview 2016. SparkLabs Global Ventures, March 10, 2016.˘Khoso, M. “How Much Data Is Produced Every Day?” Northwestern University, May 13, 2016. �Nordrum, A. “Popular Internet of Things Forecast of 50 Billion Devicesby 2020 Is Outdated.” IEEE Spectrum, August 18, 2016. �Dorr, B. “Is Cognitive Commerce the New Game Changer?” January 5, 2017. �Dorr, B. “Is Cognitive Commercethe New Game Changer?” January 5, 2017. �Cloud Elements. State of API Integration 2017 Report 10Pew Research Center. Mobile Fact Sheet. 11PwC Global. The GlobalState of Information Security® Survey 2017: Bold steps to manage geopolitical cyber threats. 12Muresan, R. “Six in Ten Companies Use Biometrics for Authentication,Survey Shows.” Hot for Security, October 18, 2016. 13Trader, J. “The Top 5 Uses of Biometrics Across the Globe.” M2SYS Blog, August 9, 2016.

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