The 2020 pandemic has turned out to be a challenging year. Both personally and professionally, we had to make many sacrifices and adapt to the new surroundings. Most notably, COVID-19 has accelerated many changes that were already underway. The digital transformation was sped up significantly over the span of just a few months. Companies are in a rush to incorporate new technologies in order to adapt to the new market conditions. Luckily for us, innovation never stops. Especially in hard times when it is needed most. Companies and individuals recognize the need to be resilient and adaptive to the post-pandemic world. The trends in technology we set over the coming months and years will shape the future. There are many tech trends that will drive the change in all of our lives. In this article, we will cover some of the most important trends and delve deeper into them.
Artificial Intelligence (AI)
AI is one of the biggest tech discussion points that there is. It is a tool that helps organizations become more efficient in many aspects. It can predict customer’s decisions. Meaning, it can be easier for companies to know what the customer will most likely buy. Predicting market shifts before they happen can prove to be invaluable. Facial recognition is another very controversial topic. Businesses implement it to increase security. There will always be ethics and privacy concerns surrounding this part of AI. Never the less, even that aspect of AI will continue to progress as time goes on. Voice assistants we all have on our smartphones. It is the closest thing to AI that we all have in the palm of our hands. AI can be utilized anywhere and for basically anything. It is a constant work in progress. We can only imagine where it will be implemented next.
5G if the fifth-generation mobile network infrastructure. It will bring even greater speeds for cellular devices at reduced operating costs. It will bring everyone closer to the Wi-Fi upload and download speeds that we are used to in our homes. Only now, it will be possible anywhere with 5G coverage. Such a crucial upgrade will shape the way we design, deploy, and interact with applications in the future. Most notably, the development of the Internet of Things (IoT) software. The new infrastructure will be able to support a large amount of smaller, non-bandwidth hungry devices. Physical objects with various types of sensors will share their data with the internet. Autonomous vehicles are making great progress as of late. The key is faster data transmission and increased bandwidth at reduces energy expenditure. In turn, this reduces the operating costs for the providers and clients alike.
Blockchain is all over the news for years now. It is a database and a processing system for cryptographical record-keeping. It maintains security and makes sure that transactions are kept, processed, and validated. Developing such a system is not easy. It reached a stage of maturity where companies are looking for applications to use this technology in the marketplace. They use it to track assets, claims, to manage identity, for payment and settlement systems, etc. It has the potential to enhance trust between involved parties. Also, it can provide transparency in business dealings. Lastly, it enables all of us to exchange value across different business ecosystems. Ultimately, it comes down to the basics. It will reduce operating costs, improve settlement speeds and cash flow. It is a step towards turning the business world digital. Companies are seeing the future benefits of blockchain and are incorporating it into their business practices.
We generate an unbelievable amount of data each day. Conventional analysts cannot process it efficiently with the current technology that is available. Companies want to understand how customers make spending decisions. Through business IT support, we can gather most of the data required. The problem is processing it efficiently and extracting valuable information. On the other hand, there is some friction between consumers who want customized products and their privacy concerns. Data analytics is used to provide current and future customers with personalized offerings. This involves tracking personal data like search history. Understandably, this raises privacy concerns. It is of utmost importance that their data is managed properly. Companies need to be transparent on how they manage this data. Building such trust can create another value proposition for the customer. People are aware their data is valuable to the companies they interact with. Provide value back to them.
Automation is the process of businesses utilizing technology to replace manual labour. There are many benefits of doing so. Reduced operating costs, low downtime, and much greater yields are just some of those. Hyperautomation involves multiple fields like AI that we have mentioned previously, Machine Learning, robotics, etc. Increased productivity will come not a second too soon in the coming period. It will also come at a cost for low-skill employment. As menial tasks are outsourced to machines, people will shift more towards high skill traits like programming and IT administration. Organizations are adapting to this new concept as automation and digitalization are becoming more available.
There are many trends that are going to make it big. Undoubtedly, there will be more to come. The most important thing is that we are all aware of the changes so we can act accordingly. It is our responsibility to incorporate as much of these principles into our personal and business ventures as possible.