The COVID-19 pandemic has reshaped the way we see the world and we do business. Some industries such as hospitality and travel were hit incredibly hard and now that some recoveries are under way, leaders are wondering how long it will take them to bounce back. Despite the extremely disruptive year, companies had to rethink the way they do business, and heavily rely on new technologies to help both employees and customers in navigating these uncertain times.
Because of what we have experienced the past year, I believe a new wave of digital transformation is on its way. My initial expectations for emerging technologies and digital business are that business will more and more rely on data to make decisions. We are all familiar with the concept of data at this point, but it is the way we use it that has changed. Today’s generation uses and creates massive amounts of data, I recently saw an article stating that more than 90% of the entire world’s data has been generated in the past two years alone (which is something I am still trying to wrap my head around).
Because what we have seen in the past couple of years, I believe companies will rely on the use of big data more and more to make educated decisions. Businesses need to be smart about the way they use this information as there is a lot of insight that can be obtained if the data is handled properly. With big data, businesses can take information, analyze it, and use judgment to make decisions based on the results. The reason why I believe this is increasingly important, is that decisions supported by large amounts of data allow businesses to better understand their target customers, forecast needs, and deliver better and more personalized products to their customers. Although data is extremely useful for companies, many are still struggling in making sense of this amount of information. I am forecasting more companies focusing on the big data analysis and creating better and more powerful tools to manage these incredible amounts of data to make better business decisions in the next few years.
My second prediction is that AI will be increasingly used in various industries. AI is today a powerful tool for many business sectors because of its ability to make machines more capable and reliable than humans in solving some specific type of problems. An increased number of companies has developed AI applications, resulting in reduced costs and more accessible technology to a wider range of businesses. According to a study conducted by Gartner, companies are rapidly adopting AI in their business model with an estimated 37% of firms implementing AI on a large scale.
AI is particularly popular in some industries such as automation and chatbots, which allow people to complete tasks and become more efficient in their everyday work. AI tools are helping the optimization of internal business operations and allowing employees to use their creative skills to make better and more accurate decisions. Despite AI being extremely useful and being able to help companies deliver better results to consumers, this type of technology is still very expensive to develop and use. I am forecasting that the cost of these technologies will continue going down as new inventions are made, helping smaller businesses implementing this type of technology as well.
These are some of the examples of emerging and new technologies that are taking place today. I believe this is just the beginning of the digital revolution and I think businesses will utilize these new technologies to their advantage. This new wave of applications helps business leaders to think differently and will ultimately allow them to change the way they do things. Change and innovation will be at the core of every institution as and it will be extremely important for businesses to rethink their processes and the way they do business.