Top 04 technologies driving digital transformation by 2021
Integrating new technology into business models is one of the main drivers of companies to succeed, innovate, and gain a competitive advantage. Digital transformation, defined as the integration of new technologies into any one organization’s processes or operations, fosters optimization and adds value to the entire company. In this competitive technology landscape, data collection and analysis is essential and means new opportunities and connections for companies. Digital transformation is driven by four main technologies of AI (Artificial Intelligence), IoT (Internet of Things), Blockchain and Big Data Analytics – allowing the complete digitization of processes, outstanding business performance, and breakthrough business model approach.
Artificial Intelligence (AI)
Accenture – a company that specializes in consulting and providing global technology services – defines AI as “a set of technologies – from allowing machines to process natural language to perceiving, understanding, acting and learning”.
If businesses from small to global sizes can optimize AI technology for their computer-based execution, they can improve performance more quickly and boost operational efficiency. When AI becomes a mainstream trend, businesses always have to devise a five-year strategic roadmap to ensure they have the ability to integrate and scale new technologies.
In fact, three out of four executives surveyed by Accenture believe that if they don’t scale AI in the next five years, they are going to be on the brink of completing a business outage. One area of AI application and machine learning expected to grow over the next five years is global manufacturing. Check out the example below of how Media Group has integrated AI into the production process:
Midea Group – manufacturer of electrical equipment of China – is a leader in the application of AI in the global manufacturing field. Midea has digitally deployed and applied robotics in the strategic transformation of the manufacturing process. In addition, Media Group also collaborated with Intel to build a cloud platform based on AI technology to increase the accuracy and efficiency of product testing. The use of AI also helps Midea come up with solutions that improve production efficiency while reducing system load and operating costs.
Midea uses AI to optimize the robot’s visual capabilities in the manufacturing process.
Big Data Analytics
Today, the world is observing an explosion of information with the forecast that by 2020 there will be 40 times the amount of data generated per minute, which is more than the number of stars in the sky.
The term “Big Data” refers to an amount of data that is so huge, fast or complex that it cannot be processed with traditional technologies. Big Data is always present in all organizations and corporations. Thousands of corporations globally have to process an enormous amount of data in every second and every minute. Therefore, the problem is to create an algorithm or technology that can store, process and analyze a huge amount of information as quickly as possible, meeting urgent requirements on all sides.
Big Data Analytics is “a term used to describe a wide range of concepts: from technological ability to store, synthesize and process data, to the strong changing of business’s culture in a state of flooding information . ” – according to Andrea De Mauro and Marco Greco.
Big Data plays an extremely important role in modern manufacturing processes, medical, retail, supply chain, finance and banking, etc.
Blockchain is a decentralized blockchain storage technology with many servers (nodes), based on the consensus of the nodes. Blockchain will give companies in the industrial sector the ability to securely use a distributed ledger for everything from contracts and transactions to finance and recordkeeping.
A distributed ledger is a secure database shared by multiple parties and synced across multiple websites, companies, or locations. Blockchain provides an open, distributed ledger that can record transactions between multiple parties in a verifiable and permanent manner.
An area where Blockchain has been proving its worth is in the global supply chain. For example, shipping giants Maersk and IBM have developed TradeLens, a Blockchain solution that helps all stakeholders in the supply chain – from shipper to receiver – collaborate when goods are shipped globally. Blockchain provides a transparent, secure, immutable record of transactions.
Internet of Things and 5G
When 5G wireless is initially rolled out globally, it promises to accelerate solutions using the Internet of Things (IoT) – at speeds 100 times faster than 4G. The Harvard Business Review (HBR) report says that 5G will also “allow next generation networks to compete directly with wired broadband systems, including those built with Fastest fiber optic technology today ”.
Another example of how IoT could change retailing is MemoMi Labs’ digital mirror product – Memory Mirror. MemoMi’s digital mirror uses artificial intelligence and augmented reality to give shoppers outstanding features like comparing products at different stores to sharing their experiences on their social media. Furthermore, customers can use hand gestures to change the product color and background as well as initiate a video conference call using its function.
In addition to providing a truly immersive experience at the store, Memory Mirror not only connects devices, but also enhances direct dialogue between brands and customers. “We are focusing on helping brands solve a more complex problem, which is enhancing customer experience. Most businesses cannot know what users feel when shopping deeply. Therefore, we offer a data analysis at the store, helping the brand understand customers better and building a sustainable relationship.” – said Salvador Nissi Vilcovsky, CEO of MemoMi Labs.
The retail industry is just one example of how 5G and IoT solutions impact the global economy. As Harvard Business Review points out: “Digital transformation is driving innovation and new business models across virtually all industrial and commercial spheres“.
The future of digital transformation
The convergence of AI, IoT, automation, and Blockchain means business leaders need to think about how these technologies can be integrated into the day-to-day operations of businesses.
An organization has a better chance of success when its operating model or the way it creates value matches its strategy. In the future, companies of all shapes and sizes – from startups to established brands – must understand how to use new technology to effectively achieve meaningful digital transformation in their global business ecosystem.
According to the Accenture report, companies that integrate digital technologies can save more than $85,000 per employee. For example, Schneider Electric, a French energy management company, is using AI to help its equipment automatically adapt to changing environmental conditions, reducing overall downtime and improving. the use of property for its customers.
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