5 Technologies That Will Change The World

by Sawaram Suthar    Feb 05, 2016

change

The world of technology is ever-changing, with more innovative solutions hitting the market every year. If current businesses do not adapt, they are at risk of becoming redundant. For 2016, analysts believe, those technologies that will mark integration and amalgamation of process and devices are the ones to thrive.

In the process, this year will see some of the revolutionary technologies that will bring an exorbitant shift both in the consumer behavior and the industries. Here are some of these technologies.

Cloud ERP  

Cloud ERP services are provided through cloud computing platform, which is more suitable to business with diverse and flexible operations.

 Cloud ERP makes the operations easy, as it is neutral to host infrastructure, whether the desktop/mobile is from Apple Inc or Microsoft or some other, Cloud ERP will provide similar experience and usage. Cloud ERP allows employees to work, retrieve data from anywhere in real-time, allows scalability and reduces hardware costs for the client companies.

Cloud ERP adds zing especially to small and midsized companies, since cloud ERP reduces hardware and installation cost, unlocks the business flexibility and offers financial stability and highly precise customization.

As per Gartner research, by 2017, approximately 70% of the organizations working on hybrid ERP will face limited scalability issues and will not be able to improve cost-benefit outcomes unless ERP is converged with cloud applications and thus by 2018, at least 30% of service-centric companies will move the majority of their ERP applications to the cloud.

IoT (Internet of Things)

The very idea of appliances discussing with each other, only to smoothen our life, itself is fascinating; and this idea is a cusp of reality; with IOT. Internet of Things OR Internet of ‘Everything’ is actually M-2-M, Machine to machine sharing, assimilating, analyzing and recording of data collected.

 IOT by using various technologies such as censors, cloud computing, and networking among few others will converge the physical and virtual domains to get machines to talk to each other.

Gartner estimates that IoT will support total services spending of $69.5 billion in 2015 and $263 billion by 2020. By 2020, the amount of Internet-connected things will reach 50 billion, with $19 trillion in profits and cost savings coming from IoT over the next decade. By 2019, companies will ship 1.9 billion connected home devices, bringing in about $490 billion in revenue.

Companies are already in the race to devise IOT strategies to remain ahead in the market curve, with Google and Samsung already taking first few steps in the direction.

For example, Google bought smart thermostat maker Nest Labs last year for $3.2 billion, and Samsung purchased connected home company Smart Things for $200 million. IBM has already made alliances with Airbus and Cummins to reap the benefit of IOT. GE estimates that convergence of machines, data, and analytics will become a $200 billion global industry over the next three years. There are many more such examples.

Verizon in its report, “State of the Market - THE INTERNET OF THINGS 2015”, provides few possible scenario of usability of IOT, where LED smart street lighting doesn’t need regular maintenance, but can automatically report when it needs to be repaired. Utility companies are eliminating costly and inconvenient home visits to read meters by introducing smart meters that report more granular usage data without human intervention.

In 2015, few technologies were connected to each other, which will soon change (drastically), for example the self-driving car is already turning out to be a reality.

Augmented reality (AR)

Augmented reality is more of blurring the line between the real and virtual world, Where AR will assimilate the information available digitally to the real environment of the user. Projections suggest that AR apps will generate 5.2 billion dollars in revenue by 2017. Market research indicates that as many as 2.5 billion AR apps will be downloaded onto smartphones and tablets by 2017. 

In the early days of MIT study, Pavan Mistry (Presently Global VP of research for Samsung) along with his colleague had demonstrated Sixth Sense, a device which is amalgamation of mobile, sensor, camera among few others, where with four different colored capped fingers, digital information can be relayed as desired by the user.

For e.g. While reading a magazine, one notices an interesting picture of certain construction, with gesture recognition the information of that construction is relayed on the space next to it, where magazine page is made projector (assimilating the digital information on the physical device, here paper).

Moving ahead, devices of augmented reality will be far more useful, especially amongst tourists, where while wandering among the unknown paths, a device with the help of GPS will bring back the information in front of the person about the places to go next  or the best restaurants nearby.

Artificial intelligence (AI) 

Artificial intelligence in an ideal scenario is the “intelligence shown by the devices/machine”, based on the various algorithms and probable scenario that is fed by the creator of the device. Artificial intelligence to a certain extent was always around, for instance, “Google search Engine” offering the options of search based on the past surf history of the keywords punched in.

However, the new age artificial intelligence is on its way to integrate the gesture recognition as well. With much of the information already available and now with gesture recognition, devices are almost equipped to carry out activities with no or limited human intervention.

Robotics is the logical next step of Artificial Intelligence. As per the experts, the new improvisation in AI will have limitless interaction between human and machines, to an extent that the difference will be limited to near zilch.

According to Andrew Moore, AI that can detect human emotion is, perhaps, one of the most important new areas of research. And, Yampolskiy believes that our computers’ ability to understand speech will lead to an “almost seamless” interaction between human and computer.

AI is a boon especially to the healthcare industry, where detecting disease and follow- up diagnosis by the vast information fed in device or robot due to artificial intelligence has become quicker and has been providing more positive results. With Speech and Handwriting recognition, safety features can be enhanced.

AI is hugely going to affect the enterprises as it will facilitate a higher level of work efficiency, increased productivity and lower downtime. Robots are already a common thing in big industries and no marks to guess that we are soon going to see more of them. IOT and AI, when put together can work better and bring about great changes in both the consumer market and the business.

Wearable Technology

To put simply - “Wearable devices are the tiny computers that can be worn on the parts of the body” The consumer wearable devices are in vogue in the healthcare industry, fashion, entertainment, media and business community. And, it is going to get only stronger in terms of sales, revenue and profit. For 2019, the global retail revenue from smart wearable devices is expected to reach 53.2 billion U.S. dollars.

However, if you thought that it is something new in the market then think again. It’s only the hands that have changed- healthcare professionals and military have been using wearable technology for a long time now but the smart wearable devices that are ‘consumer-savvy’ is the new flavor.

The wearable technology can revolutionize the enterprises. They can be used to increase the efficiency and get an access to the data in no time, streamline the process, increase the productivity and thus, helps in saving some good amount of money.

The wearable technology can be put to action in the retail, manufacturing units, oil drilling sites, transportation field where the utility is far clearer than the consumer market. It is the enterprise/business where the wearable can be actualized the most. For e.g a worker standing in the assembly line having the real-time access to real-time data without leaving his place would be so impressive and time-saving. Less time, more work and that’s what exactly any industry needs.

Angela McIntyre, research director at Gartner said, “In the next three to five years, the industry that is likely to experience the greatest benefit from smart glasses is field service, potentially increasing profits by $1 billion annually. The greatest savings in field service will come from diagnosing and fixing problems more quickly and without needing to bring additional experts to remote sites.” 

(Sawaram Suthar is a digital marketing geek. Currently, he is a marketing consultant at Skyward Techno Inc that provides CRM and ERP. You can reach him @sawarams or via his blog thenextscoop.com)