As new technologies continue to disrupt the business landscape in India at a rapid pace, organizations need to look at possible ways to adopt and integrate these innovations into their businesses. Check out this post for 10 emerging technologies that businesses should watch out for.
Due to the COVID-19 pandemic, digital adoption is at an all-time high in India. Businesses are moving online or looking for ways in which their offline and online presence can co-exist. Organizations have no option but to adopt next-gen technologies to future-proof their operations and keep up with consumer expectations.
But an event like a pandemic is not required for businesses to start innovating with modern technologies. In this digital world, every business is a technology business. Sooner or later, every corporate firm, big or small, across industries will have to implement modern technologies to remain relevant.
If you are looking for the next big thing in the world of technology that your business can adopt, here are 10 emerging technologies that you should watch out for-
1. Artificial Intelligence (AI)
AI has already been around for some time and will continue to trend well into the future. In simple words, it refers to algorithms that have been programmed to automatically analyze, learn, and apply knowledge. Whether you are involved in finance, manufacturing, healthcare, real estate, or retail, there are several ways in which AI can help your business.
2. Internet of Things (IoT)
IoT refers to a vast network of physical objects or devices equipped with software, sensors, or other technologies to connect and exchange data over the internet. From improved business insight and customer experience to enhanced efficiency and productivity, IoT can be the key to unlock vast business potential.
3. Robotic Process Automation
Robotic Process Automation, popularly known as RPA, is a business automation technology wherein software robots or artificial workers emulate human interaction with software and digital systems. Accelerated digital transformation, improved accuracy, and significant cost savings are some of the top advantages of RPA.
While most people associate blockchain with Bitcoin, it is a lot more than a technology that empowers digital currencies. Blockchain technology uses a digital transaction ledger that cannot be altered, cheated, or hacked. Be it supply chain tracking in the automotive industry or adding more transparency and simplicity to financial services; blockchain can have vast applications.
5. Augmented Reality (AR) and Virtual Reality (VR)
AR and VR technologies can completely transform how people engage with each other, data, or machines. Certain businesses are using AR/VR for employee training, hi-tech shop displays, gaming, and a lot more. If you are looking for ways to offer something unique to your customers, AR/VR can definitely help.
5G is an improved version of 4G with benefits such as intelligent power consumption, low latency, and higher device density. As video conferencing and remote working have become a critical part of corporate life, 5G adoption will be an effective way to improve productivity and efficiency. Connected vehicles and smart cities are some other applications of 5G technology.
7. Edge Computing
As the amount of data that organizations are dealing with is continuously rising, the latency issue of cloud computing is becoming more evident. Edge computing can be the solution to bypass this problem to a significant extent. It is an innovative form of distributed computing that brings data storage and computing closer to the source of data.
8. Customer Data Platforms
Customer Data Platforms or CDPs can collect data from multiple sources. They can also organize, tag, and make the data usable for businesses. As the number of digital touchpoints is rising, companies are struggling with collecting fragmented data from multiple sources. CDPs improve operational efficiency by providing well-curated data in a timely manner.
In simple words, biometric technologies refer to the technology used for identifying people based on their biology. Fingerprint recognition and facial recognition are excellent examples of this technology. As the technology will continue improving, newer applications will be introduced to help businesses streamline and strengthen security and access control.
10. Natural Language Processing (NLP)
NLP is a branch of AI that makes it possible for computers to understand and analyze human language. Text-to-speech can convert computer operations into audible responses, and speech-to-text helps convert human speech into a programming language. Digital assistants such as Alexa and Siri are great examples of devices using NLP.
Which Emerging Technology is Right for Your Business?
While there are several emerging technologies, and their numbers will only rise in the future, it is critical for businesses to select ones that will be most beneficial to their operations and growth. Technology experts can conceptualize and build use cases to assist businesses in understanding the social and economic benefits that could be achieved by adopting specific technologies.
Several businesses in India have already adopted these next-gen technologies and are reaping great benefits in the form of efficient operations, innovative products/services, and an improved bottom line. Professional technology advisors can be trusted for choosing the right technology that could help you take your business to the next level.