Digital Transformation is a hot topic of late. While many organizations have already embarked on the digital business transformation journey, others are struggling to get it off the ground. For those that are still sitting on the fence, the clock is ticking. Disruptive technologies are drastically altering the business landscape and for the companies that are still resisting change, the future looks quite bleak.
Let’s see what is in store:
Automation and artificial intelligence (AI)
Automation and artificial intelligence (AI) are disrupting many industries by automating repetitive and mundane tasks, such as data entry, invoicing, and scheduling.
Artificial Intelligence (AI) can analyse business processes and identify inefficiencies or bottlenecks. By optimizing these processes, businesses can streamline operations and improve productivity.
AI can also be used to analyse employee data, such as feedback and performance metrics, to identify areas where employees may need additional support or training. This can help improve employee engagement and productivity. but it may also result in job displacement for some workers.
According to the analysis done by McKinsey & Company, by 2035, 40% of productivity improvements will be driven by Artificial Intelligence, and by 2025, 50% of the workforce will be freelance.
Blockchain technology
Blockchain technology has the potential to disrupt industries that rely on intermediaries or middlemen, such as banking and real estate. By providing a secure and transparent way to conduct transactions, blockchain could reduce costs and increase efficiency.
Blockchain technology also creates opportunities for creation new business models based on cryptocurrencies or tokens. With each opportunity also comes a threat such as dis-intermediation of existing businesses and industries, regulatory uncertainty and legal challenges related to the use of blockchain technologies, technical challenges related to scalability, privacy and security that may limit the adoption of blockchain-based solutions.
Virtual Reality and Augmented Reality (VR/AR)
Virtual Reality and Augmented Reality (VR/AR) have the potential to disrupt many industries such as retail, gaming, entertainment, training and education, architecture and design, marketing and advertising, and healthcare to name just a few. It is predicted that by 2024, the global virtual augmented reality market will reach 19.4 billion U.S. dollars, Here are just a few examples of the potential use cases:
- Gaming and entertainment: VR and AR can create immersive gaming and entertainment experiences, such as virtual concerts, theme park rides, and sports simulations.
- Training and education: VR and AR can provide realistic and engaging simulations for training purposes, such as flight simulation for pilots and surgery simulation for medical professionals. In education, they can be used to enhance learning by providing interactive and immersive experiences for students.
- Architecture and design: VR and AR can be used in architecture and design to create realistic 3D models and visualizations of buildings, interiors, and landscapes, allowing architects and designers to better understand and communicate their designs.
- Marketing and advertising: VR and AR can create interactive and engaging marketing and advertising experiences, such as virtual product demonstrations, 360-degree videos, and product visualizations.
- Healthcare: VR and AR can be used in healthcare for a variety of purposes, such as patient education, pain management, and physical therapy. They can also be used for remote consultations and surgeries.
- Retail: by creating immersive and interactive experiences for customers. For example, VR/AR could allow customers to try on clothing virtually or experience a product before purchasing it.
3D printing
3D printing has the potential to disrupt manufacturing and supply chain industries by enabling on-demand production of replacement parts and products. This could reduce waste and inventory costs, enable rapid prototyping and testing, and make it possible to create highly customised products such as orthotics, hearing aids, bone or dental implants., unique pieces of jewellery or art , new houses, food products ad many more.
The Internet of Things (IoT)
The Internet of Things (IoT) is disrupting industries such as transportation, healthcare, and energy by enabling real-time monitoring and data collection. This data can be used to improve efficiency and productivity, as well as to develop new products and services.
Cloud Computing and XaaS
One example of how cloud computing and XaaS (Anything-as-a-Service) can disrupt businesses is by enabling smaller businesses to access powerful computing resources and software that was once only available to larger organizations with more resources.
This can level the playing field and increase competition, as smaller businesses can now leverage cloud services to rapidly scale their operations, access sophisticated tools for data analysis, and reduce the cost and complexity of managing their IT infrastructure. On the other hand, this can also disrupt traditional business models as customers increasingly expect software and services to be delivered on a subscription basis, rather than as a one-time purchase.
Machine and Deep Learning
Machine and Deep Learning brings improved decision-making based on data driven insights, increases efficiency of business processes and gives us an ability to create personalised products and services based on individual user preferences and behaviours. At the same time it may cause displacement of work force and changes in the nature of work as more tasks will be automated by machines and algorithms. There is also a concern that machine and deep learning opens a potential for introducing biases and discrimination into machine learning algorithms, which could lead to negative and ethical outcomes.
Drones, UAS (Unmanned Aerial Systems), and Autonomous Cars
Drones, UAS (Unmanned Aerial Systems), and Autonomous Cars have the potential to disrupt various industries by increasing efficiency and reducing costs. Here are a few examples :
- Delivery and logistics: Drones and autonomous vehicles can revolutionize the delivery and logistics industry by reducing delivery times and costs. They can also improve safety and reduce the need for human labor.
- Agriculture: Drones can be used to survey and analyze crop conditions, allowing farmers to make data-driven decisions about irrigation, fertilization, and pest control. This can increase efficiency and reduce costs.
- Construction: Drones can be used to survey construction sites and monitor progress. They can also be used to inspect structures for safety and maintenance purposes.
- Insurance: Autonomous cars can reduce the risk of accidents and claims, which can lower insurance premiums. They can also provide real-time data on road and weather conditions, which can improve risk assessment.
- Entertainment: Drones can be used to capture unique and immersive footage for movies, TV shows, and sporting events.
Genomics
Genomics, the study of the genetic makeup of organisms can have a dramatic impact not just on healthcare (individualised treatments and new drugs) but also on agriculture, energy, consumer products, environmental monitoring and many more industries.
Conclusion
These new, disruptive technologies open up many new opportunities, but also pose quite a few threats to established market players. The businesses that are planning to leverage these technologies are likely to thrive in the near future, while those who are slow to adapt may struggle to remain competitive.
Implementing new technologies is however not as simple as it seems at first glance. It may require disrupting the existing status quo, building new capabilities, establishing new process flows and creating brand new business models. And what’s more, they may require a brand new kind of leadership.
The future is here, are you ready?
