Written by : Sumana Iyengar (CEO & Co-Founder, Goavega Software India Pvt Ltd.)
Now, in the 21st century, as we are experiencing a technology and innovation explosion, the world as our grand parents had lived, has drastically evolved! And we are still not sure how far and how fast we will progress! We are all well aware of how COVID and the resultant Lockdown, has accelerated tech adoption and made concepts, which were earlier a part of science fiction, become a reality! From leveraging emerging tech for personal computing and entertainment to leveraging it to disrupt businesses, across sectors from healthcare, finance, travel, pharma, manufacturing, consulting, logistics and education, we have come a long way.This is particularly noteworthy because while tech adoption opened newer potential for business growth, towards the end of the pandemic, it became a vital operational infrastructure for businesses, making it almost mandatory, to survive in the global, post COVID marketplace.
Some of the pathbreaking tech adoptions and innovations that changed the face of global business and are predicted to continue dominating the new age economies, include:
- Cloud computing
If there could be one single tech innovation of the decade, that could be awarded for its transformative significance, it would have to be Cloud Computing! Cloud computing today has become such a commonplace technology that it practically has been supporting most aspects of our tech enabled lives, without us even noticing! Cloud computing today offers organisations a secure and prompt access to data, irrespective of geographical boundaries. It also offers Lower costs, better end user experience, flexibility and agility, better exchange and communication, data security, disaster recovery, faster exchange of information, and reliable continuity. As digitisation expands beyond businesses and spreads to our daily lives, technology fulfilment in various areas of life, from entertainment, assisted living, security and surveillance and healthcare, all will be heavily dependent on Cloud Computing, especially as we enter into the era of Internet of Things (IoT) and connected devices.
2. AI and ML
Artificial Intelligence (AI) and Machine Learning (ML), have been the two most significant emerging tech innovations in the past 5 years, disrupting several business and personal life experiences. Typically, successful companies look at AI and ML, for leveraging them to fulfil business capabilities, like automating business processes and operations, gaining insight through data analysis, and driving consumer and employee engagement.
In the backdrop of the global pandemic, the proliferation of wearable health sensors and devices that monitor heart rate and oxygen levels, pulse rates, sugar levels and even sleeping patterns, gained popularity. Similarly, data collection and analysis through AI and ML, in the civic governance sector, has enabled government officials predict severity of the pandemic, gauge potential future needs and scenarios and adapt to rapidly to the changing situations. Similarly, these technologies have already created a disruptive impact on other sectors as well, like E-retail, Social Media and Marketing, Transportation and Logistics, entertainment, manufacturing, Education, and BFSI, to name a few, and is set to remain a significant enabler for IoT and data driven innovations.
A lot has been spoken about Blockchain recently, thanks to the controversial rise of Cryptocurrencies. However the true potential of Blockchain for businesses is only now being leveraged, particularly to create secure and trusted virtual ecosystems for exchange of data. What started with the invention of Cryptocurrency in 2009, Blokchain today has found application across businesses, mainly supply chain networks, healthcare, pharmaceuticals, Insurance and BFSI and even travel and transportation. Today, Blockchain is already changing businesses and everyday life. Some applications include:
- Government sector, ensuring safety of public records, preventing fraud during voting etc.,
- Retail and E-retail sector for keeping track of inventory and making the online platform safe, eliminating third party interference
- BFSI sector for keeping a track of transactional data, identifying frauds and ensuring safety of vital customer’s financial database
- Healthcare sector for managing patient database and authenticity
- Real Estate sector for solving land registry and ownership discrepancies
Blockchain is set to become a driving force in accelerated tech adoption, in the days to come, especially in the backdrop of data security and cyber fraud concerns.
4. AR and VR
Augmented Reality (AR) and Virtual Reality (VR), first found extensive application in the gaming segment.In terms of business, AR and VR have played a pivotal role in transforming the way we visualize and use data, giving rise to several innovations, that can drive efficiency, and provide businesses with a competitive advantage. Further, the fact that this is industry agnostic, is another plus.
For the education and corporate training sectors, AR/VR can deliver immersive real-life simulations in a safe environment for making it a more interactive, engaging, and efficient training environment simulation. In the healthcare industry, AR/VR technology along with medical imaging technology aids surgeons to avoid invasive procedures, reduce complications, make remote diagnosis faster and effective. AR apps are also used in pre and post-surgery care. AR/VR technology in the manufacturing industry can accelerate the daily operations in sectors such as 3D product prototype tools and techniques, where a virtual build of the product is necessary.
Overall, in the corporate workplaces, remote work and assistance, has become more accurate and more effective – one of the most crucial aspects right now, given our changed world. The benefits of AR and VR—and the combination of the two through mixed reality—are evolving, growing, and ready to be seized.
As we stand at the cusp of a digital revolution, also popularly known as Business 4.0, being proficient in technology processes and using it to the best advantage for a business role, is going to be one of the prominent skills that organisations will be seeking, when investing in new human resource. Driven by passion and innovation, the Indian technology sector is already vibrant and dynamic, and it is only fair that the rising entreprenuers be the ones to make the most of it!