However, keeping up with emerging technologies, let alone grasping their complexities and shifts, can seem intimidating - at least at the beginning.
Here is a list of the most popular technologies to hopefully help business organisations understand a little bit more about technological advancements.
1. The Internet of Things with 5G
For businesses, this combo will keep current trends going and take them to the next level. Under 5G, remote offices became more reliable, and real-time data exchange of live events or desktop images became smoother.
The Internet of Things (IoT), on the other hand, helps in the lessening of stages that keep people from being productive.
Why should someone spend time gathering data from the manufacturing floor when the factory floor can be the one to collect, curate, and provide it to them?
2. The wonders of artificial intelligence (AI)
We rely on AI, which is made of systems that do particular jobs. AI currently powers systems like SPAM filters, Google Maps, and virtual assistants like Siri. Its applications are expected to expand even further.
Chatbots, logistics, self-driving cars, virtual nursing assistants, personalised textbooks and instructors, are just a few of the applications that AI can improve or bring to the forefront in the next few years.
Even social media is being influenced by AI. Social media marketing is pushing the boundaries with video content, memes and more! AI helps here by predicting what content you may like, and serving up more of the same.
3. Blockchain has surpassed digital currency as the rising corporate star
Blockchain, as opposed to traditional, centralised record keeping, is decentralised. Permanent records are not saved in a single location, but are distributed throughout the system.
This design makes it difficult to tamper with documents. This is why blockchain has intrigued business owners with enterprises that require record storage. Hospitals can use blockchain to store and exchange health records.
It can serve as the foundation for a safe online voting platform. It also has the ability to track logistics across worldwide supply chains.
Even IP and trade marks are being transformed. Have you heard of an NFT? An NFT or non-fungible token (NFT) is a financial security consisting of digital data stored in a blockchain, a form of distributed ledger.
People are protecting their digital IP through NFT trade marks. According to local Sydney lawyers Progressive Legal:
“Although Australian IP and Consumer Law doesn’t currently accommodate NFTs, they are goods which can be theoretically trade marked. Trade marks for NFTs could be registered for goods classified as works of art”.
4. The wonders of biometrics
Biometrics enables a system to identify people based on biological indicators such as their face, voice, or fingerprint.
Many people already have one or more of these on their laptops and smartphones, but as technology advances, the password system may not be as useful as before.
Biometrics promises to provide much-needed data security. A fingerprint is far more difficult to hack than a password.
5. Quantum computing
Adoption of this technology has the potential to make huge data more manageable. It has the potential to save costs and time by using fast simulations and solving optimisation problems with ease.
Before we end…
Navigating these social and technology advancements will undoubtedly be a challenge for corporate leaders for many years to come. From AI in social media, to blockchain and biometrics, the world may become Star Trek sooner than we think.
They may, however, plan a course that capitalises on emerging technologies by keeping an open mind to the possibilities. We promise, the benefits are endless!