Emerging Technology and Critical Enablers
The term “emerging technology” evokes many different thoughts. While it has its own merits, it is important to distinguish between hype and reality when considering this technology. It is important for executives to understand its potential and the risks associated with it. Let’s examine some of the most promising technologies. In this article, we will explore Blockchain, IoT, and Critical enablers. You’ll learn how these technologies are affecting our world and how you can take advantage of them for your business.
The emergence of new technologies, especially artificial intelligence (AI), has created a world where human interaction is increasingly automated. A productivity revolution is extending the power of computing with the help of AI, while ubiquitous security is underscoring the importance of securing the digital world. These emerging technologies and their critical enablers are redefining business practices and functions. They are the missing link in the improvement process. The following are some of the essential enablers of IA and AI.
Industry 4.0 is the fourth industrial revolution, involving structural changes in factories. It is aimed at creating more efficient and productive factories, by creating autonomous systems and centralised management platforms that analyse data without the need for human involvement. Digital enablers are the key to driving this transformation, bringing new technologies closer to reality and making them available for daily use. They help companies adapt to the changing business environment and drive a digital transformation of their industry.
Emerging technologies help organizations scale on demand, minimize infrastructure investments, and outshine competitors. By combining the technical expertise of CIOs with business executives, organizations can leverage these technologies to increase their competitive advantage and improve their overall success. Further, by leveraging the insights of business leaders, CIOs can drive breakthrough innovation and market disruption, leading to better results. While these are just a few of the critical enablers of emerging technology, they are essential to the future success of any organization.
New disruptive technologies are often not widely accepted, have high-performance issues, or have an uncertain practical application. Examples of disruptive technologies include artificial intelligence, blockchain technology, e-commerce, and virtual reality. Artificial intelligence is a hot topic right now, with applications as diverse as detecting spam in emails and streamlining company operations. A chatbot can track your estimated arrival time, and many others. But when it comes to the future, what can you expect from disruptive technologies?
In addition to the consumer-facing benefits of autonomous systems, disruptive technologies can have profound effects on industries and societies. The World Bank’s 2019 World Development Report examined the growth of digital and robotic technology that enables firms to be more efficient and productive. These technologies will have profound implications for industries like healthcare, finance, and manufacturing. A few of the most interesting examples of emerging technologies are listed below. They have the potential to completely change the world.
In contrast to sustaining technologies, disruptive technologies are typically low-margin, allowing large corporations to benefit from their unique strengths. For example, big corporations excel at knowing their market, staying close to customers, and implementing a mechanism for development. These strengths are important for success, but they can’t fully capitalize on the new marketing opportunities and efficiencies that emerge from low-margin, low-cost disruptive technologies. In this book, Clayton Christensen provides real-world examples of companies that have benefited from these technologies, and how they were blindsided by them.
While disruptive innovations can hurt the economics of established companies, they can also benefit from “constructive” integration of innovation. In a low-end disruption, products outperform incumbents while exceeding the needs of a certain segment of customers. In this case, disruptive technologies may enter the market with lower performance than the incumbent but superior performance to certain segments. If such technologies are used correctly, they can greatly improve the economics of successful companies.
IoT can help bolster supply chain resilience. Using IoT to monitor inventory movements can help predict delays. IoT-enabled monitoring systems can also help companies understand worker churn and skills shortages. Smart sensors also make it possible for businesses to develop new product-as-a-service models. Smart sensors can also be used to monitor a large number of devices at once. But the real benefits of IoT extend beyond just bolstering supply chains.
The IoT will have a profound effect on almost every industry. Manufacturing, transportation, and agriculture will all be affected by IoT. It will transform the way people do business, and it will revolutionize industries as we know them. But IoT also presents a number of challenges. For example, if you want your business to survive in the digital economy, you must trust the IoT to protect your data.
Internet of Things: What is IoT? Internet of Things is an interconnected network of physical objects and embedded technologies. It allows all types of devices to communicate and share data. The technology can help companies unlock tremendous organizational value. It can accomplish feats that seem impossible a decade ago. But before we can fully capitalize on the Internet of Things, we need to understand what it can do for our businesses. There are many ways IoT can benefit organizations.
IoT security: One of the major benefits of IoT is the ability to collect environmental data. By using IoT-enabled security systems, we can improve our security. In addition to this, IoT sensors can collect environmental data. Smart lighting, for example, will be controlled based on the amount of daylight and the time of day. Another example is smart thermostats that let users schedule the temperature of their homes.
As the concept of trust continues to gain popularity and the value of cryptocurrency increases, Blockchain is making headlines in more ways than one. Bitcoin, the most popular cryptocurrency, has emerged as a legitimate form of currency and has spurred serious exploration of its potential in the financial industry. In spite of its high profile, blockchain has limited use cases outside of finance. Gartner estimates that it will be at least five to ten years before it is mainstream.
The current hype cycle and associated pros and cons of blockchain technology are still in the form of early feedback. Whether or not it will gain mainstream adoption is not yet known, but it is likely to impact any industry at some point. Some experts predict that it will be widely adopted by 2020/2021, while others have projected a later date. In either case, the technology could fizzle out and never catch on. So, we can expect its value to increase substantially over the next few years.
The distributed nature of blockchain highlights the main challenges of adoption. Although it may seem like an obvious step towards the future, it requires a wide-scale network to work properly. It also requires that each participant in the system cooperate. This is especially true in systems that are multi-party, without a central facilitator. Nevertheless, the potential for blockchain to revolutionize industries is vast, and its adoption is a matter of time. The ISACA Women in Tech conference offers career advice to women interested in technology.
A major benefit of blockchain-enabled systems is security. End-to-end encryption and the unchangeable record of transactions means that it shuts down fraud and unauthorized activity. Moreover, because data stored on blockchain is stored across a network of computers, it’s virtually impossible to hack. Because of these advantages, blockchain technology addresses privacy concerns better than traditional computer systems. As a result, it can create a shared ledger between multiple participants.
Natural language processing
The branch of artificial intelligence known as natural language processing (NLP) deals with helping computers understand human language. This field is highly dynamic and deals with unstructured data. For example, writing and talking styles vary from one individual to another. Moreover, these styles are constantly changing to reflect popular usage. Using natural language processing techniques, computers can learn and become more intelligent. With natural language processing, we can have more natural conversations and increase customer satisfaction and engagement.
While this branch of artificial intelligence is still in its early stages, it is growing quickly. According to MarketsandMarkets, the global NLP market will grow at a CAGR of 20.3% during the next few years. By 2026, MarketsandMarkets expects the market to reach USD 35.1 billion. Statistica has forecasted that this field will grow 14-fold by 2025. Until a decade ago, NLP was considered a lab technology.
In 2016, IBM filed patents focusing on grammar analysis and information retrieval. In 2019, other companies followed suit, with Microsoft, Amazon, Accenture, Baidu, and Samsung increasing their patent portfolios. Microsoft, Facebook, and Google are among the many companies applying speech recognition in human-machine dialogue. Other companies, including Huawei and Alibaba, have begun to increase their patent portfolios in this field in recent years. With the emergence of IoT, companies have begun to use the power of speech recognition to improve their services.
Another important application of NLP is machine translation. NLP techniques improve the accuracy of machine translation. Moreover, they are extremely valuable in sentiment analysis. Business firms use NLP methods to analyze customer opinions. The data gathered by NLP methods are then translated into their target language. These technologies can also be used to automatically recognize speech. They can help businesses better understand their customers’ opinions and needs. So, it is not surprising to see NLP becoming increasingly popular in business.