10 emerging technologies that will change the future of your business. (Part 2)
[This is part 2 — you can find the entire blog here]
In this day and age, keeping up or better yet, staying ahead calls for more than gradual change, it demands that you reinvent your business and the direction it is headed in. The key to unlocking this potential does not lie in yesterday’s boardroom discussions but in the emerging technologies of tomorrow. In this blog, we explore 10 emerging technologies that are reshaping the business landscape. From last year’s buzzwords “blockchain” and “the metaverse” to the latest and most groundbreaking technologies of the present and the future: Artificial Intelligence (AI) and Nanotechnology. Are you ready to find out what will help your business grow and innovate consistently? Let’s unlock your potential!
Solving problems the tech-savvy way.
We are living in an exciting time where new technological advancements are constantly being made. Staying up to date and understanding these new discoveries is crucial if you want your business to stay relevant and ahead of the competition. Why is this so important? Many emerging technologies have the capability of transforming how we live, work, and interact, and as such they consistently influence industries, economies, and society itself. They are able to introduce new solutions to old problems, transforming the landscape of possibilities.
This goes for your business as well. By adopting these new technologies, you are able to significantly streamline your operations, while delivering more value to your customers. It is not only about productivity and efficiency, though. These new technologies can unlock the doors to entirely new opportunities for value creation, and enable you to tap into uncharted markets, reinvent products and services and redefine industry standards. Strategically embracing these technologies is key to creating a path of sustained success and market leadership in an ever-evolving (global) landscape.
Throughout this blog you will notice each technology being accompanied by an ‘Emerging Technology Card’. These cards are designed to make the technologies more digestible and include; a short description, 6 criteria to better understand where it can be beneficial or may lack, and a visual of the business model canvas showcasing which building blocks will most likely be affected, accompanied with some common ways the tech can add value for your business.
10 emerging technologies shaping your future business (Part 2):
6. Machine learning (ML).
Machine learning is the backbone of modern AI systems, enabling computers to learn from data. It automates the model-building process, allowing machines to adapt to new situations and improve over time. This branch of AI is crucial for predictive analytics, natural language processing, and image recognition. It offers significant advancements in various fields like healthcare, finance, and customer service. Machine learning’s ability to analyze large datasets and uncover patterns leads to more informed decisions, personalized experiences, and innovative solutions to complex problems.
Major companies are hopping aboard this technology and many have been using it for centuries. Take a look at Alibaba, the Chinese e-commerce giant, utilizing AI extensively in its daily operations, from predicting customer preferences to creating smart cities through its City Brain project. Alphabet, the parent company of Google, integrates AI in various aspects, such as self-driving technology through Waymo and innovative AI applications like Google Duplex for natural language processing. Closer to home you are probably familiar with this technology through Netflix or Spotify that use this technology to predict your next favorite show or song.
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7. Robotic process automation (RPA).
Robotic Process Automation (RPA) streamlines workflows by automating routine, rule-based tasks that allow employees to focus on work of a more strategic nature. The technology uses software bots to perform repetitive tasks previously done by humans, such as data entry, invoice processing, and customer onboarding. RPA not only increases efficiency and accuracy but also reduces operational costs. Its application across industries — from finance to healthcare — demonstrates its versatility and potential to transform business processes, making organizations more agile and competitive.
Robotic Process Automation (RPA) is actively used by companies like Automation Anywhere, which manages data processing tasks across various industries and helps them significantly save time and human effort. Bancolombia for instance managed to save over 100,000 human hours by automating credit review and other financial processes. Similarly, Blue Prism’s RPA reduced their new-hire onboarding time for Santander from 6 weeks to 2 days. And in doing so, they improved employee satisfaction and retention.
8. Humanoid robots.
Humanoid robots, robots designed with a body shape and characteristics that resemble humans, are pushing the boundaries of technology and interaction. These robots can perform tasks, interact with people, and navigate environments similarly to humans, making them useful in various fields such as customer service, healthcare, and education. Their ability to mimic human gestures and expressions allows for more natural interactions, promising a future where robots and humans work closely, enhancing daily life and operational efficiency across industries.
Humanoid robots are transforming various sectors with their versatile applications. In hospitality, they’re engaging customers by serving drinks and snacks and working as concierges. In education, schools and universities can benefit from robots like Nao and Pepper from SoftBank Robotics. These are useful for content creation and teaching programming, making learning more interactive. In healthcare these robots facilitate the communication of patient information and measuring vital signs, enhancing patient care. This specific technology is still heavily being developed. The cases used here, only mark the beginning of what’s possible.
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9. Artificial general intelligence (AGI).
Artificial General Intelligence (AGI) represents the future of AI, where machines possess the ability to understand, learn, and apply knowledge across various tasks, mirroring human cognitive abilities. AGI aims to create systems that can solve complex problems, make decisions in uncertain environments, and learn new skills without human intervention. This vision of AI promises to revolutionize every aspect of society, from automating mundane tasks to solving some of the world’s most pressing challenges. It is a glimpse into a future where machines can potentially exceed human intelligence.
*Disclaimer: This tech and its applications are still highly speculative.
10. Nanotechnology.
Nanotechnology is the engineering of functional systems at a molecular scale. This technology is making strides in various fields such as medicine, electronics, and materials science. By manipulating matter at an atomic or molecular level, nanotechnology enables the development of materials with improved properties, such as increased strength, lighter weight, and greater chemical reactivity. Its use ranges from creating more effective drug delivery systems to developing more efficient solar panels and stronger yet lighter materials. Nanotechnology holds the promise of driving significant breakthroughs and offering solutions to some of the most challenging problems faced by humanity.
*Disclaimer: This tech and its applications are still highly speculative.
Your tech-driven future is in your hands.
If you dive into these 10 emerging technologies, you will discover how they can reshape innovation and competitiveness. Each technology, from AI to nanotechnology, offers the potential to redefine operations and open new markets. The real power lies in their combined application, enhancing each other’s capabilities and giving a unique competitive edge to businesses. This technological synergy does not only foster growth but also marks a new era of adaptability and foresight in business. Embracing these changes is crucial if you want to take the lead in tomorrow’s business landscape.
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Originally published at https://www.businessmodelsinc.com.
