While having a conversation with my grandparents the other day regarding their days in the workforce, I realized something: not once did they mention words like “automation” or “robots”. But it makes sense! After all, their reality is not compatible with our reality, and during their time, the idea of having a machine do your work for you was difficult to fathom.
This was around 25 years ago. They’ve been retired for more than two decades. Indeed, when looking in retrospect, this seems like a lot of time. But this got me thinking about how much the working world and how institutions operate in general have changed over these years.
And the truth is that these transformations – these drastic transformations might I add – have been fueled by digital innovation. We are now living in a world where technology has made its way into every aspect of our lives, especially in the way we operate and make decisions. And these are not limited to just our personal lives but have also permeated the corporate world as well. Automation, artificial intelligence, machine learning – all of these have become tangible tools that are being implemented by us as businesses to optimize our processes so that we can make sure we’re staying relevant and competitive.
So, let’s face it – digital innovation has become the key to success in today’s world. And with that, new trends have emerged, continuously disrupting what was once considered the norm.
Let’s explore what trends are shaping our businesses and the way we operate as business leaders!
- Migration to Cloud Computing
One of the most talked-about and embraced trends in digital innovation is the migration from on-premises data storage to cloud-based solutions. Since cloud computing allows us, as businesses, to focus on our core business instead of worrying about managing our IT infrastructure, more and more organizations are starting to rely on cloud technologies.
And for a good reason! According to a Gartner report, cloud computing is more cost-effective as it reduces the cost of ownership by up to 70%, allowing us to save money on physical infrastructure, IT maintenance, and even energy consumption. With this also comes increased productivity since it enables employees to work from anywhere at any time.
For example, Netflix relies on cloud-based Amazon Web Services for almost all its needs regarding computing and storage. From databases to analytics to recommendation engines, all of these ensure seamless delivery of its content to millions of viewers worldwide and maintain a high-quality image – literally. For this reason, Netflix leverages the cloud to accommodate surges in traffic during peak hours and especially trending shows. Imagine how poorly it would look if, at one moment, the platform would crash when you wanted to watch the show everyone is talking about. But with the help of cloud computing, we were all able to watch Stranger Things, despite the other 10 million people watching at the same time.
- Artificial Intelligence (AI) and Machine Learning (ML)
When it comes to digital innovation, artificial intelligence, and machine learning are always at the forefront of most conversations. But it makes sense! These two concepts have revolutionized multiple, if not all, industries. Banking, agriculture, healthcare, and even education! The developments in these industries can only prove what a disruptive force AI and machine learning both have been and continue to be.
But when it comes to enterprises, AI is a valuable tool because it can offer insights into customer behavior, demographics, and preferences, all of them enabling us to make better decisions and optimize our operational processes. At the same time, machine learning is just as valuable as it allows us to use the data we gathered by using AI to create customized experiences for our customers.
Take chatbots powered by AI and machine learning, for example! These chatbots are completely transforming the customer service landscape by providing round-the-clock support to customers, reducing the need for human customer service representatives. With the help of natural language processing (NLP) and machine learning algorithms, these machines can perfectly understand and respond to what we, as customers, are asking. And faster than any human could!
- Adoption of Low-Code/No-Code platforms
The concept of Low-Code/No-Code is fairly new, but it represents a software development approach that facilitates those of us with barely or no technical knowledge to create applications without having to actually write the code. This means that regardless of the fact that we might not know anything about coding, we will still be able to develop applications with the help of visual interfaces and drag-and-drop tools.
This has become a trend quickly as it allows all of us to take part in product development and empowers us to create complex applications much easier. We don’t need to be a programmer and spend countless hours developing it anymore! Think about it! Even business analysts can do this!
It’s no surprise that more and more businesses are widely adopting it. After all, it saves time, reduces costs, enhances scalability, and mitigates risks, all of which pave the way for quicker development of new products, rapid prototyping, and especially fast deployment.
- Intelligent Search
Did you know that…
“Employees spend 1.8 hours every day searching for and acquiring information.”
According to this McKinsey report, for a 5-day work week, 9 hours are spent simply searching for and gathering information. This means that if you work for a week, then in 4 days, you are putting in the actual work, while a day is spent searching for answers, but you don’t contribute anything.
And you might think – “but wait, doing research is not a bad thing. On the contrary! This is fundamental!”. And you’re right, it is! But it takes up so much of our time, time that could be put into the advancement of actual projects.
So, that’s where Intelligent Search comes in handy! An Intelligent Search is a powerful tool that uses advanced artificial intelligence technologies such as natural language processing, machine learning, computer vision, and semantic Search to provide us with more personalized and accurate results. This technology gives us the possibility to retrieve relevant information from any data source in the business, eliminating any unnecessary data.
- 5G Technology
There’s no denying that 5G technology is driving the future of digital innovation – both for the tech industry and for enterprises. Why? Well, simply put, its greater bandwidth with its faster response times gives us the possibility to create and develop new technologies that were not possible before with the coverage of previous network generations.
But with 5G networks supporting more connected devices and faster data transfers, advancements such as self-driving cars, augmented and virtual reality, as well as the Internet of Things (IoT), is becoming a reality nowadays.
Even more so, 5G networks can support the development of new applications that require high-speed connectivity, such as live streaming, cloud gaming, and even remote surgery. This opens up new opportunities for us, as businesses, in different industries – from retail stores relying heavily on customer engagement platforms to manufacturing companies that require reliable connectivity to process orders quickly.
The future of technology is bright, and we are excited to see what innovations will come next. Enterprises should try to take advantage of the main trends that are shaping their respective industries.
