New and emerging technologies are important for businesses today. It will act as a catalyst for IT investment and in improving IT presence for various companies in the coming years. The companies have started realizing the importance of Digital Transformation and have started to embrace it. They now know the importance of various emerging technologies and have started to integrate them into their businesses in various ways so as to stay competitive as well as reap various benefits viz. increasing operational efficiency, gathering data, analysing and using it for benefit of business as well as its customers, moving on from legacy systems to latest technologies, reaping benefits of data gathering and getting to know the consumers directly etc. For companies big and small, it is important that they embrace digital transformation and integrate their legacy systems with the emerging technologies so as to stay in business and stay competitive. Let’s take a look at a few emerging technologies and its trends to look out for:
1. Artificial Intelligence (AI) & Machine Learning (ML)
Various sectors like education, manufacturing, and healthcare etc. have already started building solutions based on AI. When intelligent machines are created using computer science, it is termed as Artificial Intelligence. Such AI solutions are leading to improvement in their processes and tasks thus resulting in increased business productivity, saving time and improved competitiveness. Artificial Intelligence has a lot of potential if used appropriately. While using AI, the entities using it need to take steps to build robust systems with strong firewalls to enhance the security of their systems and various data sets gathered by them. There is also a need for sound data innovation policies which can ensure data moves freely across borders and also facilitates open access to technology-neutral competition policies. The computers or machines can be programmed to carry out various functions using AI are Problem-solving, learning, speech recognition, natural language processing etc.
Machine Learning (ML)
Machine Learning is an AI app which has the ability to auto-learn and improvise based on various experiences without being explicitly programmed. Machine Learning (ML) focuses on improving the performance of software and apps with help of AI which can aid in predicting the outcomes accurately without being programmed specifically. This is done with the help of algorithms and statistical analysis with the help of data. ML is often times applied to real-world situations ranging from data and pattern analysis to decision making. ML has superior data preparation capabilities and is scalable. So, it can be used in sectors like marketing and sales, financial services, healthcare, government organizations, transportation & logistics, oil & gas etc.
2. Augmented Reality (AR) & Virtual Reality (VR)
Augmented Reality is when computer-generated images are superimposed on a user’s view of the real world to provide a composite view. Whereas, Virtual Reality is a computer-generated experience which takes place within a simulated environment, which can be similar to a fantasy or a real-world environment.
Augmented Reality is being used in various sectors like interior design, home improvement, fashion & e-commerce, healthcare, gaming, and education. AR technology can help interior designers to visualize the object placement in various places or surfaces and display it to their clients. This can help stagers save upon cost of actually buying the furniture. AR apps are being extensively used in training medical students as well as delivering critical and real-time information during critical surgeries. Various e-commerce stores use AR apps and display with AR to help customer select and try the outfits and see how they will look or fit before they make the buying decision.
Virtual reality is also used in sports, aviation, construction, entertainment, media, healthcare, military, engineering etc. In Military (army, navy & air-force), VR is used for various training purposes. This is important for combat simulations or other dangerous settings so that the soldiers can learn to combat without getting injured or losing their lives.
3. Internet of Things (IoT)
When a vast network of devices is connected to the internet, we can term it as the Internet of Things (IoT). With the help of IoT devices, data can be exchanged and gathered. This gathered data serves as a knowledge bank for businesses as they can directly connect to customers and can also identify their future demands. It is the buzzword and future of internet users. With connected devices, a lot can be done as it’s sort of an “on & off” switch to the internet. From ordering groceries to booking a hotel room or connecting your coffee machines or washing machines is now possible. This brings enhanced proficiency with precision & financial advantage.
When cryptocurrency transactions are recorded chronologically and publicly, it is known as blockchain. It offers more security and privacy than the current secured systems offer because the digital information is distributed, but it cannot be copied. So it is sort of incorruptible. The blockchain is considered as a digital leader which can be programmed to record virtually any transaction which has value to it. The information that exists on a blockchain is shared database which is continually reconciled. Since the database isn’t stored in a particular location, the records are public and verifiable. Blockchain being secure and almost next to impossible to hack, will be adopted more by companies and individuals in the near future.
5. Big Data analytics
Big data can be referred to humongous data sets which are too complex in nature for traditional data processing & management applications and the analysis carried out for this data is known as Big Data Analytics. Big data analytics involves complex applications and elements with predictive models, statistical algorithms and what-if analysis which are powered by high-performing analytical systems. With each passing day, big data processing is becoming more & more complex and is also being moved to the cloud. Big data is important as it can help organizations transform in various ways. It can help in gaining business intelligence and predicting activity as well as challenge points for business. It can help in innovation and create new products and tools to market these products. It also has various other uses which can help transform an organization for better.
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