Humans invented technology to introduce innovative products in the market. Technology’s relentless cycle of innovation has now touched humanity, redefining what it means to be a human, a meaningful change that is impacting business priorities and is expected to do so in the future.
The most important tech investment for C-level executives relates to digital transformation, artificial intelligence (AI), Internet of Things (IoT) and cybersecurity. With 71% of the world expected to use mobile phones by 2024 and the successes of mobile banking in developing countries, experts predict that mobile and blockchain technologies will also join to bring about more financial inclusions.
Here are five things that C-suite business people should invest in.
As one of the weapons in the arsenal of business innovation, digital transformation has become such a buzz word that it turns people on. According to a report by Forrester, 90% of the executives believe digital transformation is a necessity for their business, and around 60% believe they lag behind in digital transformation. By the end of 2020, a company would either have transformed or will be on its way to adapt to digital transformation.
Business implementation of IoT and blockchain are very popular these days. However, if we look to enterprises it’s a different story. Costs, security and current political climate are the major hurdles for the enterprise-level implementation of IoT. To get the most out of this innovative technology, businesses need to determine what stands in their way and then work on strategies to sort things out. So until the issues are dealt with, IoT will be seen as a promising technology that’s not ready for prime time.
Every so often a technology comes along that has the potential to completely change everything around it. The last such thing was cloud computing. Like cloud computing, AI has been around for a long time. AI, machine learning and deep learning are catching up with the initial promises and it will become more evident in the coming years.
Most common usage of AI and machine learning will be seen in business intelligence, automating the repeated tasks, and making future prediction using the previous data. Previously, AI has been used for decision making using data analytics and this is expected to increase in the coming years with more businesses investing in the AI-driven decision-making system. Another use of AI that will be more common is digital identity verification for online businesses.
Ultimately, AI/machine learning and deep learning will be seen more frequently in the years ahead. However, the promises it brings are far fetched and it’s worth waiting to see the true potential of AI.
Currently, in R&D, quantum computing will open new ways by solving problems that require a lot of computation. Google’s investment in quantum R&D is expected to grow and more researchers will shift their focus from AI to quantum. With the emergence of 5G, the quantum research industry will see a boom.
According to the Forrester report, firms will embrace a customer-centric approach as the DevOps speeds flatter. DevOps continues to impress the heart and minds. However, with a slow-release speed, engineers are experiencing a stress point. DevOps teams must see this as an opportunity to approach DevOps differently. Within the next six to 12 months, DevOps adoption will change and the team will implement new strategies. Testing will revolve around previous radical methods and new technology will help developers to learn new skills.
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