As a result of the business response to COVID-19, technology adoption has revved, making emerging technologies more accessible and significant in digital transformation efforts.
Emerging technologies have become a significant point in the context of modern digital businesses. The term “emerging technology” has become a catch-all descriptor for the forward-looking developments that will fuel the next generation of innovators across the high-tech industry, and there are a plethora of tools available for deciphering the individual trends that fit under that wide umbrella.
Here are some of the most important emerging technologies that play a significant role in digital transformation.
Data is a well-known notion, but the sheer volume of data collected since the dawn of the digital era has changed how businesses employ it. Massive volumes of data are generated in today’s culture.
The most significant advantage of big data is what a company can do with it, not how much data it has. Today’s enterprises employ analytical tools to analyze data from a variety of sources in order to make better decisions. Businesses can anticipate demands, manage risk, deliver more relevant products, and personalize services by making data-driven decisions.
Despite the fact that this data is incredibly beneficial to companies, many don’t know how to read or analyze such vast amounts of data. A variety of digital technologies can be employed to analyze internal and external data for insights.
Artificial Intelligence (AI)
Because of its emphasis on creating intelligent machines capable of addressing some issues as well as (or better than) people, AI has swiftly become a widely used application for many business areas. AI applications are being developed by an increasing number of enterprises, cutting prices and making AI more accessible to a broader variety of businesses. According to Gartner, AI use has tripled in 2020, with an estimated 37% of enterprises using AI in some way.
Although cloud technology isn’t new, it’s increasingly becoming a significant tool for businesses of all kinds across every industry, with evidence pointing to increased productivity, cost savings, and competitive advantage.
Many organizations, deliberately or inadvertently, are employing cloud technology today. According to the 2020 IDG cloud computing study, 73% of firms are already using the cloud in some capacity, and 17% expect to employ cloud-based solutions in the coming year. Many digital tools that businesses consider “essential” to their everyday operations, from simple solutions to more complicated software for supply chain management or enterprise resource planning, are actually hosted on the cloud.
Enterprises that have implemented cloud-based solutions in their offices are enjoying the rewards. Cloud computing enables organizations to access their data and apps from any location, at any time, and on a variety of devices while remaining cost-effective. Furthermore, the cloud provides small firms with access to technologies that were previously unavailable to them, enabling them to successfully compete with big competitors.