Technology is already having and will continue to have a tremendous impact on our lives. This includes our personal lives as well as professional lives and is amply evident through latest information technology news updates. For example, tracking of shipments or creating ‘smart cities’ where traffic-light-control can reduce traffic jams and increase smooth traffic flow. This is possible through a combination of Blockchain and the Internet of Things. Further, these two combined with Application Programming Interfaces/APIs will allow secure data access. In addition, robots and Artificial Intelligence/AI will greatly impact our professional lives by becoming part of the workforce. Further information and a more in-depth description of the top 10 technological growths in 2018 are given below.
- The Internet of Things/IoT Combining with Blockchain and becoming BIoT
The Internet of Things involves the connecting of devices with on/off switches to the Internet. This is a very basic definition, and the word device includes all devices from mobile phones to machine parts. It specifically works by the adding of particular sensors called “smart sensors” to devices.
Blockchain, on the other hand, is a type of technology and described as a “distributed ledger system”.It constantly updates as well as maintains the records of transactions under specific categories. As a result, when a new transaction is made, it is added to a specific category. Each record is called a “block” and if there are previous records, then the new one is linked with them. But once the link is established, it cannot be changed or withdrawn. Furthermore, Blockchain is the technology through which cryptocurrencies work.
But when combined with the Internet of Things/IoT, Blockchain vastly increases the usefulness of the IoT-devices. In addition, it significantly reduces the chances of hacking by creating numerous records across devices. It also leads to the creation of a variety of new businesses as well as services.
Additionally, Application Programming Interfaces/APIs in combination with Blockchain Internet of Things/BIoT enables easy but secure access to data. APIs are described as ‘software intermediaries’, which connect databases or websites and allow two applications to communicate with each other.Data can also be accessed in real-time and reveal new and valuable information/tips.
- The Internet of Things/IoT and Edge Devices and Edge Computing
There has been a rapid growth in the IoT-technologies over the years. This, in turn, has resulted in a diverse array of technology-related innovations in edge devices. Edge devices are hardware, which controls the flow of data between networks at the network perimeter/boundary. The devices serve as “entry and exit points” and examples of functions are routing, filtering and processing.
Such innovations in edge devices enable different companies, organizations, and institutions to attract clients faster than before. It also facilitates them in retaining old clients and as a result steadily growing their client-base and network. In addition, edge computing is an important consideration in this regard. Edge computing optimizes cloud-computing systems by performing data analytics, processing and knowledge generation at the network’s edge. The network’s edge means close to the source of the data, which in turn reduces bandwidth requirement. This results in what is called “competitive advantage” and is something CIOs/Chief Information Officers must know thoroughly.
- Blockchain Acting as a Disruptive Technology and “Distributed Trust System”
The blockchain is described as a disruptive technology that has and will continue to affect transaction settlements, finance, and logistics. A disruptive technology is defined as one that displaces rather than builds upon existing technology. It is a revolutionary and innovative product that creates a new industry around itself and stirs-up or agitates existing industries.
The blockchain is also a “distributed trust system”, which is defined as a system of methods, technologies as well as tools. This system ensures the transaction process’s integrity by ensuring that it is conducted in a tamper-free, distributed and reliable manner.
- The Connection Between Technology and the Payment System
In this regard, Fintech/Financial Technology requires special mention as this is going to remain prominent and become more energy efficient. It includes both computer programmes and technology that support/enable banking and financial services. An example is payments and banking through smartphones, which have become more and more popular. This new innovative technology is here to compete against the traditional ways in which financial services are delivered.
At some point, voice identification or fingerprints or facial recognition through smartphones will become a standard method of payment. But through quantum computing, Financial Technology will be made more energy efficient. Quantum computing is the harnessing of quantum phenomena (defined by quantum mechanics laws) and using it to process information/data. This has the potential to constantly make investments and earnings in addition to payments, a lot more energy efficient.
- The Diverse Role of Augmented Reality/AR
Provided by Heads Up Displays/HUDs, Augmented Reality/AR is going to have an even greater impact on 2018 progress. The major areas of focus are shopping, playing and working, that is, the way in which these are accomplished.For example, in the area of playing/games, video games are provided through Augmented Reality. Soon, Heads Up Displays/HUDs will become the glasses/sunglasses we all use and conveniently through which all signs/names are understandable.
With regard to shopping, a mannequin inside a store with your exact body-type will demonstrate all selected items. This will be the same as trying out all clothes in a trial room before buying. But a huge advantage is that Augmented Reality/AR will eliminate the time wasted in waiting in queue for an empty trial room. In addition, a video demonstration could be a part of products and start if you press a button. This could give you a better idea about the product and how to use and maintain it.
Augmented Reality/AR can be very useful while buying a car, which requires careful thought and consideration. For example, when you visit a showroom, in one go you can see multiple options for any type of car(s). Though not physically present, you can see the color, model, features and your custom-made features. You can then make a final decision, after thoroughly looking at every aspect and taking needs and preferences into consideration.Similarly, in the case of sports, Augmented Reality/AR could literally make the experience ‘more real’. This includes the experience provided when you are at the stadium/arena or if you are viewing it at home. In addition, you could see and access information about the players or the sport.
- The Increasingly Important Role Robots will Play in Personal and Professional Lives
Robots have already started playing an important role in our lives and will continue to become more important. A good example is chat-bots or robots that chat with customers to provide assistance or solve issues to lessen grievances. They are very efficient at promptly solving issues and as a result, steadily increase customer satisfaction.
Automation/automatic control is technology that allows processes and procedures to be performed without human assistance. This will become progressively more prominent in the form of robot workforce working side-by-side with humans. In addition, home-based robots will assist with everything from reminding you about medicine times to helping with finances. They will become personal nannies, advisors, assistants and practically a family member who helps out in all aspects of life.
7.Employee Experience will Continue to Play an Important Role in Determining and Improving Customer Experience
Employee Experience/EX is very important as it increases commitment towards work and as a result productivity levels. For companies or organizations or institutions, thisin turn steadily increases retention levels.But there is an important connection between Employee Experience/EX and Customer Experience/CX, that they can take advantage of. For instance, for applications/apps, if employees enjoy using them then customers are likely to do so as well. In this way the applications/apps can be tested and if necessary improved or redesigned based on Employee Experience/EX. This, in turn, ensures that Customer Experience/CX also improves and increases, and helps the company, organization or institution to succeed.
8.Artificial Intelligence/AI will Also Play an Increasingly Important Role in Companies or Organizations or Institutions
Artificial Intelligence is the intelligence exhibited by a machine and is also called machine intelligence. This is different from natural intelligence, which is demonstrated by natural organisms including human beings. But Artificial Intelligence has a number of advantages including the fact it can be programmed in a specific manner. Meaning that it can be made for accomplishing a specific task or set of tasks or responsibilities.
However, certain technologies including deep-learning platforms along with natural language generation and speech analytics can lead to further significant improvements. This will allow Artificial Intelligence to learn and adapt on their own and re-train themselves when necessary. This will automatically increase their performance and productivity levels, without employers having to continuously update them. As a result, employers would be able to fully focus on expansion and success of their company, organization or institution.
9.The Insight-Driven Businesses will Succeed Far Better and at Greater Heights
An Insight-Driven Business is one that transforms data into insights or an in-depth accurate understanding of their customers’ experience.This allows them to see areas that require improvement or products that need upgrading or redesigning. It allows them test whether a new product will be successful and if necessary replace or redesign it if unsuccessful.
Here, data analytics and other related techniques and software play a crucial role. They provide a complete picture of customer experience in relation to various products. From this, employers can make all necessary analysis, deductions, required improvements and innovations, and steps for moving further ahead. This leads to increased success and at a faster pace.
- Immersive Experiences for Customers will become Routine as it Does Provide a Competitive Edge
Immersive experience engages all your senses and quite literally surrounds you to make you feel a part of it. Technology blurs the boundaries between the real world and the virtual world or the physical world and the digital world. By providing a connecting link between objects, places, people and data/information, they vastly increase and improve Customer Experience/CX. This results in a continuous increase, in customer satisfaction and in the number of new customers. It helps businesses to increase their customer-base, network, and contacts. This, in turn, leads to increase in profits and success and further expansion for businesses.
Thus, as is evident from above, technological growth will continue in various areas and in various ways. The latest information technology news will be helpful in providing information about the current and latest developments. This will help businesses, customers, employers, employees, companies, organizations, institutions to fully benefit from the inevitable technological growth and development.
