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Unifying progress across all sectors is the effect of massively faster computation, which is allowing for new product and service functionalities, identifying new opportunities for businesses in automation, connectivity, infrastructure and AI.
In this insight, we explore the tech trends that matter most for companies and executives looking to future-proof their business, breaking down the advancements on the horizon that will cause the greatest shifts in the business landscape.
AI Technology and AI Security:
Artificial Intelligence is going to disrupt almost every sector over the next 5 years, with the impact of simulated-intelligence programmes already becoming visible across various business streams. To match products and services more closely to customer preferences, AI augmentation is becoming an essential factor for every business, due to the unprecedented level of personalisation it can provide.
That being said, owning a proprietary AI system is currently a huge expense. This means that only the largest, most successful companies are able to compete at the highest level. As AI technology develops, and prices inevitably fall, we can expect the technology to be more accessible to SMEs and startups through the coming years, as non-AI programmes become the exception.
To learn more about how AI will affect retail, with insights from Chairman of Morrisons Andrew Higginson, read the review of our ‘Reprogramming the High Street’ event in Prolific North.
The development of autonomous technology including intelligence appliances, driverless cars, self-driven delivery drones, automated trucks, and ships have all been in development for a number of years. Most notably, perhaps, Tesla has already equipped its consumer products with all the essential hardware to turn it into a fully autonomous passenger vehicle at any time.
Even though full-fledged large-scale autonomous transportation is still a long way from becoming reality, it is expected that autonomous technology will spread its reach, becoming commonplace in the travel and manufacturing industries within the next 15 years.
Significant achievements have been made across this industry over the past few years. Google’s sister-company WAYMO ferried 6299 passengers in its self-driving minivan in one of the Robo-taxi pilot programs in California. This is significant as it marks the first time user tests, federal regulations and social acceptance tests have been completed on such a scale.
Hyper-automation is an advanced version of digital automation. Applying advanced Artificial Intelligence and Machine Learning to a production or manufacturing environment can help to identify and make micro-changes to business operations, perfectly streamlining costs and increasing the rate of production.
Hyper automation will allow for businesses to realise the most efficient version of their product or service, with all manual and laborious tasking automatically completed based on time sinkholes that software will automatically recognise and flag. In a hyper-automated setup, all necessary data is collected, processed, and communicated automatically, with minimal human interaction.
Interestingly, this could see a new, advanced form of lean manufacturing, spurring a second revolution of how we manufacture and distribute consumer goods. To learn more about Lean, and how it is used in production, read out insight ‘Lean vs Agile vs Waterfall: Which Project Management Methodology is Best?’
Immersive Experience Technology:
Immersive experiences redefine the way users perceive the world. Technologies such as Augmented Reality, Mixed Reality and Virtual Reality are expected to amplify online shopping experience, design building, architecture, and other consumer experiences.
The effect this is expected to have in sectors such as e-commerce is huge, with users gaining the ability to digital ‘try on’ clothes prior to purchasing, check that makeup matches their skin tone or see what a certain piece of furniture looks like in their room prior to ordering.
We are already beginning to see this technology come into public use, with apps such as the IKEA Place App allowing users to select and view from the IKEA catalogue in their own homes before purchase.
Extended Blockchain Use cases:
Transparency and security are the key features of Blockchain technology. It works as a distributed ledger, with each piece of data being recorded in a block and secured with a digital signature. Every block will be sequenced in its chronological order.
In the coming years, Blockchain is expected to begin being used in supply chain operations, asset management process, insurance claim processing, money lending platforms, IoT devices, healthcare management, federal document processing, public organizations and more.
Blockchain has the ability to provide the most secure proof of provenance, which is set to have a huge effect on the way that we handle intellectual copyright, disputes of ownership rights, and record-keeping. Although this seems basic, the effect this can have in the arts industries is huge.
5G Network Technology:
One of the most awaited technologies that are going to disrupt every business and consumer sector is the complete rollout of 5G networks. Promising unmatched mobile internet connectivity with 20 times faster data exchange than the current network, 5G is expected to change the way we interact with the internet.
Want to learn more about the advantages of 5G? Read our article ‘What Does 5G Mean for Mobile App Development?’
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