Technology is not just the physical devices that are digital or electrical. As a matter of fact, this term encompasses all systems, methods and devices that are developed when scientific knowledge is used for practical purposes. It is safe to say that the advancement in technology has caused plenty of disruptions in numerous industries and it will continue to do so in this year as well. There are a number of developments that are already shaping business strategies and will continue to bring change as organizations are adapting to a completely new world of customer needs and preferences.
Some of the top disruptive technology trends for 2018 are mentioned here:
From mobile to AI
Business thinking has undergone a major shift, which has brought artificial intelligence to the forefront. In 2017, tech giants such as Amazon and Google shifted their focus to a strategy that emphasizes AI more and other corporations seem to be following the same route. More and more companies have demonstrated a willingness to make use of AI and similar tools such as machine learning for automating processes, organizing and collecting data and reducing administrative tasks. In this age of mass data, it has become crucial for businesses to understand a vast amount of information and AI is the solution that can help.
Customization and Personalization
In aviation, consumer goods, financial services and life sciences, businesses will continue to offer personalized products and services to customers for satisfying their consumer needs without unduly increasing waste and costs. This will have a positive impact on ending data flows, supply chains and also give capital investments a boost. Personalization has become a crucial requirement for customers and companies need to continue it in order to stay competitive.
Voice based virtual assistances become common
The wide adoption of virtual and homebased assistants such as Google Home and Amazon’s Alexa have increased the confidence in conversational interfaces. This means that consumers have become familiar with a seamless way of interacting with technology. Google and Amazon have taken the prime position between customer and brand and are now capitalizing on this conversational convenience. This technology can be further adopted and this will help in enhancing personalized sales and advertising, which creates a direct link between consumers and brands.
Blockchain is coming of age
Businesses across a wide range of sectors are already making use of blockchain technology for improving transparency, establishing trust networks and reducing costs and friction. Even though there has been fierce debate, there is still strong interest in cryptocurrencies that are powered by this blockchain technology. A large number of commercial businesses are accepting cryptocurrency payments and most of them are starting with Bitcoin and Ethereum. Industrial applications are expected to increase and this also includes the apparent financial uses as well as innovative solutions for marketing, trade, energy, security, healthcare and more.
Expansion in the as-a-service model
Changes in both customer and corporate needs have led to the growth and expansion of as-a-service model. The demand for resources by customers has triggered innovation, which has led to the remanufacture and reuse of goods. This reflects the trend of growing environmental awareness as well as a preference for access instead of ownership. As far as businesses are concerned, as-a-service model can actually be immensely useful because it can help in cutting down costs as it is able to simplify IT infrastructure.
Factory of the future
The application of data analytics and the installation of smart sensors will take us steps closer to the factory of the future. As the use of automated processes powered by artificial intelligence increase as well as the adoption of advanced robotics and IoT connectivity will lead to the concept of factory 4.0. Also referred to as the Fourth Industrial Revolution, industry 4.0 will lead to a more connected world in which machines will be able to do the more mundane tasks. A number of companies, including the likes of Amazon, have taken some tangible steps for implementing these technologies in automated warehouses and others are going to follow suit.
These are some of the major technologies that are set to disrupt the business world in 2018 and into the future.