Technology Evolution and Disruption in the Business Landscape

Authored By: Snehashish Bhattacharjee, Global CEO- Denave

Developing advanced methods to alleviate and contrive the personal and professional interest has been the norm. Take the brilliant example of an industrial revolution that brought man and machine together to lessen the burden on mankind. Technology evolution is no exception.

Technology today is substituting the majority of manual and managerial work with capabilities like robotics and artificial intelligence. This disruption is cutting across geographical boundaries and integrating technology into processes causing a great transition in the business landscape. The transition has also brought in a new flair into the business ecosystem.

The level of technology integration may vary amongst businesses depending upon the anticipated goal. This may entail the introduction of new products, business blueprints, services and internal techniques- directing to the overall sustainability of the business in the frontage of altering industry dynamics. A deep-dive into how businesses world over is amalgamating newer technologies within their processes shall give clarity on the expected future.

Data Analytics to measure future investments

Data analytics is anticipated to change the way we do business in the future. Integrating analytics into the businesses processes and across platforms shall help in minimising unwanted results with the help of data-driven algorithms. Thus, numerous organizations will operate in a crossbreed manner with the integration of analytics, data, and application that disperse across the industry and the globe.

For example, data-boosted processes in an online retail framework carry out various functions like the mapping products in line with consumers’ necessity and analyzing their satisfaction. Social insights and past shopping patterns aid in finalising the types of products that can be displayed to the customers them that has the maximum possibility of purchase action.

Artificial intelligence for investment decisions

It is said that in 2020, 85% of the customer interaction will take place without any human interference. Yes, Artificial intelligence and machine learning have the ability to deeply change the investment landscape. Artificial intelligence till date has been recognized as a consumer-facing state of affair- propagated by Chatbots.

Nevertheless, by 2020, it has been anticipated that AI will emphasis majorly on speech acknowledgement, decision administration, profound learning platforms, and natural language generation adjacent to robotic process automation. Going forth, the associated applications will also help the companies to augment their bottom line, especially in the area of marketing, analytics, customer service and robotics.

Hence, AI functionalities shall enable clear evaluation of investment-worthy organizational processes by indicating the areas that could entail wastage of time, money and efforts.

Machine-to-Machine communications

With the intervention of smart and computerized platforms, communication process has evolved over the years. Among these technology platforms, the most augmented one is machine to machine (M2M) communication. According to recent market research, the overall M2M connections market is expected to be worth USD 27.62 Billion by 2023, rising at a CAGR of 4.6% from 2017 to 2023

Products like wireless beacons, MPoS devices and health scrutinizing devices have been largely supported by the presence of M2M connectivity. These devices are expected to grab big market share by 2023.

The technology shall also play a vital role in the ways businesses monitor, manage and automate critical business processes across the globe. Internet of Things (IoT) is anticipated to perform as a mediator in the entire process, enriching efficiency and escalating productivity. This shall also empower marketers to locate, reach and involve prospective clients and customers with comprehensive market strategies at hand.

Conversational UI getting real

Prevailing enterprises are promptly embracing AI enabled bots to communicate with their customers. This has not only cut down the manual intervention in iterative processes but also has led to enriching customer experience and paving way for robust conversational UI and its mainstream adoption.

Capgemini survey report states that, in coming three years, 40% of customers will deploy conversational UI instead of a website or app (compared to 24% in today’s scenario) and 31% will use a voice device as an alternative to visiting a store or a branch (compared to 20% today)

It is expected that a conversational edge shall enable solving on-board questions and queries and will also be able to deliver an automatic solution related to the pursuit of customers. Also, equipped with detailed language processing abilities, the bots are likely to perform as extended functions of the messenger, solving customer queries besides assisting them as a friendly shopping companion.

Blockchain – enabling safe e-commerce?

The blockchain is taking off and is expected to become a standard in some time. The most desired capability of the technology is securing data from being hacked or changed without authorization. Along with cloud migration, the accounts shall be safe, robust and scalable. This has far-reaching impact. For B2B merchants in retail or online, blockchain aids in cost saving. It speeds up the transactions and simplifies distribution and logistics, thus increasing efficiency down the line.

Blockchain has the capability to change the groundwork of the overall economic system, thereby illuminating the existing business problems associated with security exchanges and built-in goodwill management system. No wonder then, an IDC report shares that by 2021, 25% of the global 2000 companies will use blockchain services as the substance for digital trust.

Summing up

In the future, digital innovation is going to transform industries in a personalized manner. This is true for various innovative start-ups who are set to embrace Artificial intelligence, the blockchain, Data Analytics and other IoT centred technologies to impact the masses. Technological interfaces are creating loyal customers with the help of customized strategies.

They are time-saving elements that have added excellence and precision to all the business practices. With optimism building, it clearly implies that businesses which have and will be embracing new-age technologies and thus leveraging the power of digitisation will be the ones who will be going to sustain and remain driven in the years to follow.

We should probably fasten our seat belts because the rate of the disruption is going to be beyond our expectation and will act as a game changer for many.