Silicon Valley keeps setting an agenda for global companies across all industries. Businesses that want to thrive are in a constant race to adapt and take advantage of these technologies.
Artificial Intelligence. AI technology is giving companies the business intelligence they need. The first and most obvious way to use artificial intelligence is for virtual assistance (by phone and email). We’re also seeing companies deploy chatbots for customer services. Virtual assistants are enabling a fundamental shift in how people interact with technology. Some companies use call center conversations to identify customers’ personality types, so that they can be served by someone with a compatible service style.
Autonomous Vehicles. Amazon is aspiring to make drone deliveries for its Prime service. Uber is experimenting with self-driving cars; Google has been testing self-driving cars for years. When the autonomous technologies become reality, it will not only impact the lives of consumers but also reshape many industries, including insurance, real estate, tourism and others.
Big Data and Machine Learning. Data has been called the new oil, because it is essentially the raw material of the digital economy. Yet much like oil, data is largely useless without effective machinery to transform it into something of value. That’s the role that machine learning is starting to play. Today’s systems can not only take in billions and billions of data points and analyze them in minutes, they can also learn from the data and get better over time. We are entering a new era in which machines become far more than just agents to perform tasks, but help us to understand the world and make better decisions.
Automation and Robotics. Today, more advanced robots are even able to work alongside humans in factories.Smart algorithms are already replacing junior lawyers for legal discovery and some companies can do routine analytics, such as summarizing financial reports. These technologies can work 24 hours a day without coffee breaks.
Blockchain Technology. The most popular blockchain is the technology which underpins Bitcoin. It provides an indelible record of all Bitcoin transactions to a high level of cryptographic security. With related venture investment exceeding $1 billion in 2015 alone, the economic and social impact of blockchain potential to fundamentally change the way markets and financial institutions work.
It’s relative simplicity of the Bitcoin blockchain that has sparked the interest of similar technology to be applied to wholesale markets’ securities settlement as this can potentially reduce costs and risks. Blockchain can also be used to improve and enhance currency exchange, supply chain management, trade execution and settlement, remittance, peer-to-peer transfers, micropayments, asset registration, correspondent banking and regulatory reporting.
Internet of Things. Everybody has heard about such applications of IoT as: smart homes (Amazon Echo), wearables (Fitbit), connected cars (AT&T), smart cities. Approximately 200 billion objects are expected to be connected to the Internet by 2020. Rapid spread of IoT applications across all industries has marked 2016. There are many ways how companies can do business smarter with the help of Internet of Things: with IoT they can create smarter products, IoT can enable smarter business operations and smarter decisions.
Virtual Reality. Virtual Reality (VR) technologies took a BIG step forward in 2016. VR is being used in a number of ways by the business community which include: virtual tours of a business environment, training of new employees, a 360 view of a product.
Many businesses have embraced virtual reality as a cost effective way of developing a product or service. For example it enables them to test a prototype without having to develop several versions of this which can be time consuming and expensive. Any business that requires decisions about physical objects or spaces will be vastly enhanced by the ability to use VR, many social situations that would benefit from using a VR headsets and viewing systems.
Want to understand how these trends can impact your industry and your company? Get on board with our upcoming program.