In the age of Digital Transformation businesses must notice and respond to rapidly changing technology – there’s no doubt about it. If they don’t, they are in great risk of losing their customers as well as their position in the market. Some companies do spot emerging technologies that can benefit their situation but they'd rather wait and see trying to avoid the risk of deploying new technologies into the business. Those companies, even though are aware of new technological trends, can’t, don’t want to or don’t know how to capitalise the opportunity. On the other hand, some businesses see the chance and take the action willing to take the risk. And in most cases, these are the companies that succeed.
Although AI has been a topic for heated debate for few years now, 2018 can be the year when more than ever AI will influence not only businesses but also our personal life.
But for now, let’s focus on how AI can change the way companies work as it can do it in a few ways.
- Virtual Agents
Virtual Agent is a program or computer agent that is able to interact with humans. It is mostly utilised in so called chatbots where computer program or an artificial intelligence conducts a conversation via auditory or textual methods. But what does it mean for businesses? Essentially, it is predicted that chatbots will enable companies to reduce costs of routine customer care activities, and often - improve the customer experience, all of that supported by full availability 24 hours a day, 365 days a year.
- Behavioural Biometrics
This technology is utilised to identify, measure as well as analyse human behaviour and physical aspects of the body’s structure. In other words, behavioural biometrics identifies people by how they interact with devices and online applications. Today’s biometrics can capture about 2,000 parameters from for example mobile device, these include: the way an individual holds the phone, scrolls, toggles between fields, how they respond to different stimuli presented in online applications or how much pressure they use when they type. All these help in preventing the use of stolen or synthetic identities in applying for credit or loans online as well as in preventing account takeovers once a user is already logged into a session.
- Digital Twin
Although it’s not a new concept, thanks to the Internet of Things, Digital Twin can now be applied by many businesses due to its cost effectiveness. Essentially, Digital Twin refers to a digital replica of physical assets, processes and systems that can be used for various purposes. The digital representation provides both the elements and the dynamics of how an Internet of Things device operates and lives throughout its life cycle. It means that by analysing data and monitoring systems it can forecast problems before they even occur, prevent downtime, develop and capitalise new opportunities and even plan for the future utilisng simulations.
2. VR, AR and Mixed Reality
Although so far Virtual Reality and Augmented Reality were mostly mentioned in the context of gaming industry, family entertainment or alternative to spending free time (VR googles, helmets or AR Pokémon Go Game), it is to change in 2018! Increasing number of companies starts to notice the benefits of utilising VR, AR and Mixed Reality to meet their objectives. So how can these technologies be used by today’s businesses? Patient’s Virtual Guide is an AR app created to guide kids through the hospital environment before they’re admitted as patients. It is expected to improve the young patients' experience and lessen their stress by providing relevant information at every point of the journey. Similarly, Thomas Cook’s ‘Try Before You Fly’ provides potential customers with insight of how certain vacation would look like even before they decide to buy it. As for Mixed Reality - leading global companies such as Apple, Google, Facebook and Amazon are all investing in this technology as after its slower than expected adaptation timeline it can finally make it this year starting with Oculus Go from Facebook.
3. Autonomous Vehicles
Once a fantasy, now they are becoming a reality. An autonomous car is a vehicle that is capable of sensing its environment and navigating without human input. There is no doubt – self-driving cars are definitely a new technology, and new technology is often met with fear. But autonomous vehicles are much more than just drivless cars which currently seem to be the main focus of the media. Zanzibar Mapping Initiative utilised autonomous drones which are able to capture aerial images and topography to help monitor and respond to floods and diseases. Moreover, Cyberwork in Canada developed a motion sensor module that can be attached to a power wheelchair. This means that wheelchair can be navigated autonomously, controlled by either a voice or eye-gaze.
Blockchain is something companies will need to watch out for in 2018. Its market is expected to grow over $60 billion by 2024 mainly because more companies adopt distributed ledger technology. But what exactly is Blockchain? Blockchain is underlying technology that made famous Bitcoin possible. It is a revolutionary decentralized technology that can store and exchange data for cryptocurrencies. It forms a distributed database with a digital register of the transactions and contracts. Systems using Blockchain make it almost impossible to forge any digital transactions. And it is needless to say that in today’s world, people are extremely concerned about the security of the internet so any company that can provide its customer with even more security is always welcomed.
5. Edge Computing
In the era of Cloud and Internet of Things collecting, sending and processing enormous quantities of data enables companies to be more intelligent by acting quicker and making better more rational and logical decisions. Nonetheless, no matter how many benefits those technologies bring to businesses, they can always be improved. Essentially, Edge Computing concept focuses on processing and storing data locally before sending it to a centralized storage centre or cloud. By doing so, network latency is lowered while sensors can share and receive the data more effectively. And it is fundamental to remember that speed of data and its analysis is extremely important for any business so if Edge Computing can make it even faster it definitely should be on the watch list of every company.
B60 is a global thought leader in the application of enterprise mobility technologies and has worked with ambitious firms in across multiple sectors since 2012 in developing and adopting mobile strategy and tech. Feel free to get in touch!
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