By Ganesh C B, Assistant Professor, Operations and Decision Science Area, T A Pai Management Institute, A Constituent Unit of Manipal Academy of Higher Education (MAHE), Manipal
Technological advancements have the potential to disrupt business models at a surprising pace. Hence, it is inevitable for business leaders to keep themselves abreast of changing technological landscapes. There is constant pressure on organizations to adopt new technologies to improve their business processes. This article aims to elucidate a few technologies that might impact your business in the coming years.
Artificial Intelligence
The recent advances and use cases of artificial intelligence (AI) have proved beyond doubt that businesses can leverage AI to constantly improve their day-to-day operations. The widespread adoption of Dall E and the recent Chat GPT by OpenAI show that AI capabilities, which were then accessible only to the tech-savvy, are now becoming increasingly accessible to everyone. Many businesses have already started leveraging AI to enhance their operations. A recent report on AI business strategy by PWC suggests that automation, decision-making, customer experience, innovation, and employee experience are the key business priorities that firms are focusing on enhancing using AI initiatives. While AI adoption to enhance business productivity sounds promising, it is critical that firms understand the limitations and biases of AI models to ensure the fair treatment of all stakeholders.
Block Chain Technology
Think of everything you used today. From your morning coffee to your dinner wine. How did it reach your table? It is a result of the seamless functioning of vast supply chains with complex relations of networks. Data is the key driver of the decision-making process in these networks. Evidently, a smooth flow of information across the supply chain is critical for businesses to function effectively. Blockchain technology helps businesses to create an unalterable or immutable ledger for tracking orders, payments, and other transactions. It allows transparent information sharing and increases trust within a business network. This recent technology is disrupting traditional supply chains in food distribution, retail, financial services, and other industries.
Quantum Computing
Advancements in quantum computing can have an immense impact on businesses. In classical computing, the processing is done using binary bits that are limited to just one of the two states, one or zero, at any point in time. But, in quantum computing, the processing is done using quantum bits (qubits) that can represent a one, zero, both, and any value in between all at the same time. In short, quantum computing overcomes the binary state constraints of classical computing. Instead of binary sequences that are limited to ones and zeros, quantum computing boasts of the possibility of multiple states processed in parallel. This promises the possibility of building technological systems that have exponentially more computational power. Such advancements might have the power to disrupt entire industries and solve problems that are impossible to solve using classical computing abilities. Realizing the power of quantum computing, many firms have started to invest in this technology. A recent report by Gartner claims that 20% of organizations will be budgeting for quantum computing projects by 2023. Many technology giants such as Google, Microsoft, and IBM have already started investing heavily in this technology. Businesses that are proactive in developing talent that can leverage the power of quantum computing might enjoy an early-mover advantage.
Metaverse
Technological advancements in augmented reality and virtual reality have led brands to enter virtual worlds. For example, apparel brands such as Nike, Gucci, and others have already marked their presence in the metaverse. Nike collaborated with the gaming company Roblox to create a virtual world, Nikeland. Your avatar in the virtual world can now dress up in Nike-branded apparel and also try out the latest products in digital showrooms. Hence, it is not anymore a joke that real people spend real money to buy virtual goods. According to a recent Bloomberg intelligence report, the metaverse market is expected to touch $783 billion in 2024. Metaverse could potentially be the next big technology platform. It is no surprise that any dynamic, forward-looking brand would aspire to ride this wave.
The aforementioned list is not exhaustive. There are other technologies such as additive manufacturing, hyper-personalization, internet-of-things, nanotechnology, and many more that businesses must watch for in the near future. Adoption of any new technology brings its own set of challenges in implementation. Clarity of thought on the business purpose and openness towards adopting new ways of doing business should help firms to navigate through fast-changing technological landscapes.
