These Emerging Technologies are Transforming the Digital Businesses
Written By Sajid A. Khan
Published Date April 12, 2019
More and more companies are now utilizing technology to better align their business goals with customer experience delivery. Social, mobile, analytics, and cloud (SMAC) innovations are now the standard in every successful corporate environment. The advances in technology are causing disruption across industries, revolutionizing the way organizations work and also communicate with their customers.
Here are the top five emerging technologies that are revolutionizing the digital business:
1. Augmented and virtual reality
While the technology is still being perfected, augmented reality and virtual reality are bound to cause a major disruption for digital businesses. For instance, more and more people are shopping online for convenience.
AR would make it possible for them to “step into” a virtual store and shop like they are physically inside a grocery store. Even today, AR and VR are being used in healthcare, manufacturing, workplace communication, courtroom, and the like.
2. Internet of Things
The IoT is basically disrupting everything. While it may sound like the wave of the future, it’s actually here already for quite some time. Your smartphone and devices, your smart TV, the connected car, smart watches, electronic appliances, and others. Today, there are more than 12 billion IoT devices and the industry is bound to grow to $75 billion by 2025.
While it’s clearly associated with the Bitcoin, the blockchain as technology has so much potential to disrupt banking and finance, supply chain, security, and e-commerce. This digital ledger will help secure cross-border transactions because of its main characteristic-decentralization. The data is split into several pieces instead of storing everything in the cloud. These pieces are then moved through the network and the only way to assemble them is if the receiver has the key. You can also cross-check each encrypted node if you see if it’s manipulated. Transparency Market Research estimated that the blockchain will grow to $25 billion in 2025. That seems like a conservative estimate.
The Internet is still using a majority of the same infrastructure since it was founded decades ago. The problem, however, is the volume of information has grown exponentially since then. This gap creates a large sieve that hackers can exploit. Everybody knows that cybersecurity is essential for any organization, yet only a few are really investing in it because they are uncomfortable with what they couldn’t understand. Plus, the cost is also factored into the equation. However, as companies rely more on technology, cybersecurity has never been as important as today. The sophistication of the cyber-attacks, as well as the need to comply with industry regulations, will force companies to take cybersecurity more seriously.
5. AI or machine learning
Google Assistant, Siri, Alexa… these are just the names that first come to mind when thinking about AI. They help make your lives easier by giving you the weather, recipe, making a call for you, turning on the music, etc. But AI is doing much more than that. It’s already transforming the way digital companies do business by understanding customer behavior. This makes it easier for them to change their messaging for a much-better conversion rate. It’s also being used to recruit new employees, improve the organizational workflow, and enhance employee engagement.
Clearly, digital companies that are able to embrace these technologies have a better chance of surviving amid the very stiff competition. Technology is already disrupting how organizations work, and they have to rethink their strategies and priorities on how to better engage clients. When you are able to adapt and evolve, a digital transformation takes place. This is when you incorporate technological innovations into every area of your organization, which then revolutionizes the way you do business at an intrinsic level.