When thinking about technology, most people think about physical electrical or digital devices. However, technology is more than that. According to the dictionary, technology is devices, systems and methods that are a result of scientific knowledge used in practical applications.
Looking forward, expect tech disruption to be driven by systems and methods via devices commonly associated with tech disruption. Several developments are already occurring and will continue shaping business strategies. From sustainability to automation, businesses are looking towards adapting to the new consumer preferences as explained below.
From Mobile-First to AI-First
One of the biggest shifts you can expect is a dramatic adoption of Artificial Intelligence by businesses. In the recent past, Microsoft and Google have continually focused on the AI-first strategy, opening the way for many other corporations. Businesses that adopt AI and related tools such as machine learning for automating process realize reduced administrative tasks, collection and organization of data.
Using AI, businesses can finally understand the huge amount of information generated in today’s age of mass data production. While AI has been disparaged by mass media as an enemy of jobs, businesses are transforming their mentalities and viewing AI as a way of enhancing the human workforce.
Growth of the As-A-Service Model
As-a-service business models have resulted from the changes in both consumer and business needs and requirements. The customers’ demands for resources have triggered the innovation in the manufacture and re-use of goods, a reflection of the growing trend towards environmental awareness. In fact, by 2020, it is expected that anything as-a-service (XaaS) will grow by 40 per cent every year.
Prescriptive Analytics for Improved Decision Making
The emergence of machine learning, smart data discovery, Papertrail log analysis and automated analytics workflow enables businesses to collect huge amounts of information. In particular, smart data discovery is driving advances in how businesses understand unstructured data.
With the data, your business can better predict movements in the market for a greater prognostics depth. Prescriptive analytics is the way to go beyond knowing to understanding customer actions based on prior behavior. In the end, this is the best course of action for achieving a specific business goal.
Increased Discussion on Diversity in Boardrooms
Brace yourself for a period where businesses and individuals will start addressing issues that are likely to lead to increased diversity in the boardroom. Different teams show they can achieve better productivity leading to more innovation due their different backgrounds.
On the other hand, scientists have shown a lack of diversity in creating AI programs that address both gender and racial biases. Such a trend will see businesses take steps towards fulfilling a moral code of equal opportunity and fairness within their organizations. This includes addressing diversity in terms of sexuality, gender, age, race and education.
Internet of Thinking
The Internet of Thinking is all about creating intelligent distributed systems that are likely to spark the fifth technology trend. Businesses today are fast moving towards intelligent environments thanks to immersive experiences, AI and robotics.
However, the change is not only geared towards the changing legacy systems. With these intelligent environments coming to life, expect an increase in key skills and workforce capabilities. Plus, it also means modernizing the current technology infrastructures businesses run on.
Internet of Thinking is already helping improve traffic flow in smart cities, telemedicine applications that monitor patient condition and disaster analysis for prevention of oil spill catastrophes. Considering such examples of intelligent distributed systems, it’s time businesses took note.
Organizations need to play close attention to such early adopters and incentivize the education system. Next, organizations can provide the skills and knowledge required to fuel this technology trend. Making it a trend that many businesses should rather join now rather than be left behind by.
The Rise of 3D Printing
Also known as additive manufacturing, 3D printing is slowly been embraced by manufacturers as they seek to reduce the number of archaic and expensive processes. For instance, tooling is a time-consuming and costly process that takes upwards of six figures. The process also usually involves companies based outside of the United States.
The adoption of 3D printing technology is changing all that! Instead of taking months, tooling is likely going to take up only a few days, costing thousands instead of hundreds of thousands. 3D printing is already happening, and it’s adoption by manufacturers will see products reach customers even faster.
These technological trends are key components to watch out for in the business. Some of the trends are already affecting your business today, while others are expected to become more prominent in the few years – if not months – ahead. Due to this, it’s critical for you, as a business owner, to be aware of these tech trends, how they are likely to evolve and what effects they will have on your business in the distant and near future.