Digital transformation is not a destination – it is a never ending race track where the course keeps changing and newer, faster cars continue to enter the race track. The impact of technology is massive, from the wrist watch one wears to the car that they drive. Every single thing is digitized. In fact, more and more companies are using emerging technologies as a competitive weapon to maintain and develop their businesses. The pace with which transformation has occurred seems unbelievable, but will continue to grow at this exponential rate in the future.
In today’s fast evolving world, business owners must incorporate new technologies into their company’s growth strategy to keep ahead of the competition.
Here are a few technologies that has been transforming today’s IT world:
The blockchain is an undeniably ingenious invention. It uses a distributed system to validate each transaction — a peer-to-peer network of nodes. The fortune of Bitcoin, a digital cryptocurrency has drawn a lot of public attention to Blockchain technology. The technology has a lot of potential to disrupt enterprises of many kinds. It brings unmatched benefits of security, reliability, immutability, and efficiency. By permitting digital information to be distributed but not copied, blockchain technology formed the backbone of a new type of internet. Originally developed for the digital currency, Bitcoin, the tech community is now defining other potential usages for the technology. It provides cost-effectiveness, seamlessness, and trust in transactions amongst organizations as intermediaries are eliminated.
Artificial Intelligence (AI)
AI has completely changed the world around us, and will continue to do so. Machine learning is a core part of AI. Learning without any kind of supervision requires an ability to identify patterns in streams of inputs, whereas learning with adequate supervision involves classification and numerical regressions. According to Gartner, almost all software will use AI at some level in completing tasks while also learning from repeated interactions.
Both AR and VR are emerging slowly and steadily. The two are the most hyped technologies that provide a competitive edge for businesses with plenty of marketing solutions and mobile app development. Furthermore, the technologies play a significant role in transforming IoT (Internet of Things) to IoE (Internet of Everything).
As smartphones and other digital devices are getting smarter and the applications they run generate ever more data, the telecommunication giants are racing to roll out fifth generation of wireless network. 5G is the next generation of smartphone broadband that will eventually augment the existing 4G LTE connection. With 5G, one can see exponentially faster download and upload speeds. Latency, or the time it takes devices to communicate with each other wireless networks, will also drastically decrease. 5G is projected to bring benefits such as faster speed, shorter delays and increased connectivity.
With technologies getting more sophisticated and accessible by the minute, we are likely to see a series of IoT transformation across industries. IoT security, IoT analytics, IoT device management, lower power short range IoT networks, lower power wide area networks and so on are few technologies that will remain in every organization’s radar in the future.
The result of new technological advances will hinge on how they are perceived – as threats or opportunities. The exponential improvement of technologies will change every business industry, we will witness faster and more accurate AI, machine learning, IoT applications. Although the rapid advancement in technology will create certain threat to data security but continuously evolving solutions and approaches will ultimately led to data secure world.
The future is paved with innovation and technology. Will your business be prepared to handle the massive changes being brought about by these emerging technologies—sooner rather than later?
(The author is Senior Vice President of Engineering at Interra Information Technologies Inc – a Global Software Services organization that delivers innovative business and technology solutions to Fortune 1000 companies.)