By Rajesh Sinha, Founder and Chairman, Fulcrum Digital
The last two years have been transformational in every sense of the term, and the technology space has been no exception to this. Adoption of digital technologies is at an all-time high, and shows no signs of slowing down. This makes it all the more critical for businesses to take a hard relook at their models and ensure that they are in line with these changing market dynamics.
India stands out strongly amidst this wave of digital transformation – adopting new technologies at a staggering pace that far outstrips other developing nations. Key among the country’s digital initiatives are the adoption of UPI, the Digital India movement, and e-Kranti, to name a few.
As businesses continue to embrace emerging technologies to gain a competitive edge, let’s take a look at some of the key trends in 2023 and beyond:
Even more ubiquitous computing with the onset of Space Technologies, 5G, 6G, and quantum computing: The space industry is being revolutionized with the launch LEO (Low Earth Orbital Satellites), which will deliver the next level of Geo-Spatial Intelligence. Not only that, LEO satellites will provide increased coverage and accessibility for communication and internet services with low latency and high-speed connections. Additionally, the onset of 5G (as well as 6G in the near-future) ensures that high-bandwidth and low-latency connectivity will continue to expand its reach, further bringing the benefits of computing – quantum and traditional – to businesses and removing constraints to progress.
Early adopters of quantum’s singular capacity to address specific kinds of issues may make strides that pave the way for new business models. Forward-looking organizations have already started aligning with this developing quantum computing ecosystem to become ‘’quantum-ready’’.
Quantum computing is 1,000 times faster than what we’re used to right now. What this means is that with the speed of quantum computing, what currently requires a day can be completed in mere seconds! Moreover, quantum computing removes dependency on chip technology.
These advances will enable businesses to evaluate the entire internet and micro-analyse massive chunks of data in a fraction of a second.
The edge computing revolution is here: By enabling computing tasks to be performed at the periphery of networks, edge computing has reimagined the way we interact with technology. The technology sector is transforming as a result of this shift towards a more decentralised and distributed computing approach. By enabling the processing and analysis of the massive volumes of data produced by connected devices, edge computing has facilitated the expansion of IoT. In order to enable real-time decision-making and reduce the amount of data that must be communicated to a central location, edge devices can gather and analyse data from sensors and other connected devices.
The rapid processing power of edge devices will facilitate everything from traffic management to the way people commute. Some examples of how this might work in practise include the opening and shutting of roadways, managing the frequency of buses in line with demand fluctuation and, further in the future, directing the movement of autonomous vehicles by providing the real-time processing power necessary for decision-making and navigation.
Data science will propel businesses into the future: Data has always been the ‘new oil’, though it’s the Internet that brought it into focus and unlocked its potential like never before. Data insights help businesses learn more about customers and their behaviour. Through employing IoT devices, gathering granular process data, providing predictive analytics, and more, data science offers organizations a unique perspective – enabling them to construct accurate trend-models and use them as the foundation for building disruptive software.
Data science facilitates real-time inventory management for businesses, ensuring that things are available when needed. No more instances of planes not talking off because a small part is unavailable, or vehicle assembly lines grinding to a halt while searching for a single part. AI-powered inventory management guarantees that even your favourite flavour of coffee will never be out of stock at the neighbourhood coffee shop!
Web 3.0, Metaverse and blockchain will transform customer behaviour: Web 3.0 both emancipates the customer and provides a huge competitive advantage to businesses today. Moreover, it empowers customers to manage their data and avoid exchanging it with third-party organizations without using a browser. Given long-prevailing concerns about how businesses use customer data, this could be a very positive development, restoring trust between brands and their customers and enhancing overall customer experience. In a similar fashion, the Metaverse is expected to have a significant impact on customer behavior. Leveraging such next-gen platforms, customers will be able to access virtual storefronts, products and services from anywhere, at any time, without having to physically travel to a store. Aside from allowing customers to preview products in a way that is not possible in the physical world, it’ll allow for real-time data gathering and analysis, enabling businesses to offer a highly personalized shopping experience for each customer.
On the other hand, blockchain technology is reimagining day-to-day processes. When used the right way, blockchain is a next-generation technology that has the potential to unlock valuable data and revolutionize existing processes. Characteristics of blockchain, like immutability and decentralization, have made it attractive to the numerous industries where it has already been adopted.
Consider the finance sector, for instance. Traditionally, recording procedures in finance have used paper. Blockchain replicates the nature of this paper trail in the digital domain, with a permanent, unalterable record. Since block history cannot be removed, ownership can always be traced. This sort of transparency significantly simplifies organizational processes and enables work to be done swiftly and without hindrance. Blockchain technology may also be able to eliminate the need for intermediaries in transactions, thereby eliminating additional fees.
In the future, a company’s success, competitiveness, and profitability will heavily rely on its ability to adopt and utilize technological innovations. Embracing cutting-edge technology is crucial for the survival and growth of any organization, regardless of its size, but particularly for small and medium-sized businesses. The impact of innovative technologies is revolutionizing business operations across industries in dynamic ways. It is up to companies to leverage these advancements effectively and stay ahead of disruptive changes in their respective markets.