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Improving Business Productivity with Emerging Technologies

Best Emerging Technologies to Improve Business Productivity

The best emerging technologies offer a range of opportunities to improve business productivity. These include generative AI, AWAs and conversational AI. Forrester advises tech executives to pilot these technologies with a view to delivering measurable benefits quickly.

Other notable technologies include natural language processing and blockchain. Natural language processing enables machines to interpret and understand human language. Blockchain offers a secure, transparent system free of middlemen.

Artificial Intelligence (AI)

AI is computer technology that simulates human intelligence processes. Examples of AI include voice recognition systems such as Siri and Alexa, IBM Watson’s victories on Jeopardy and self-driving cars.

AI allows humans to focus on higher impact tasks by automating repetitive and mundane work. It can also process data more quickly than a human and find patterns and relationships that are otherwise overlooked.

AI can help improve cybersecurity, analyze financial data and make predictions. It can also enable businesses to make faster decisions and reduce costs.

Internet of Things (IoT)

The Internet of Things is a network of devices that are connected to each other and collect data. It includes everything from smart home devices and wearables like Fitbits to factory equipment and transportation systems.

It took decades to get to this point, but processors that are small and power-frugal enough to connect billions of devices have made it possible. And wireless technologies like LoRaWAN, Wi-SUN and cellular technology provide low-powered long-range connectivity and wide coverage.

IoT is also enabled by edge computing, which allows data to be analyzed closer to where it was collected instead of sending it to a cloud server. This reduces latency and improves response times.

Machine Learning (ML)

Machine Learning (ML) is a subset of Artificial Intelligence that lets computers learn by mimicking human behavior. It uses algorithms and structural models to analyze data patterns and find solutions.

ML is used by companies to create self-driving cars and detect fraud. It is also used in medicine to make diagnoses and by police departments to prevent jaywalking.

Modern organizations with an ROI window of two to four years should pilot at least one of the following emerging technologies, according to Forrester.

Quantum Computing

The future of quantum computing is the subject of a race among tech companies and countries. The promise is that such machines can perform calculations that would take classical computers thousands of years to solve.

The technology has many applications, including advancing medicine and healthcare, developing new electronics and chemical materials, accelerating chemistry simulations, improving cybersecurity, and creating more efficient traffic control and weather forecasting systems.

One key challenge remains, however, in the form of qubit error rates. This is a major obstacle, but scientists are focusing on it.

3D Printing

3D printing is a unique technology that offers businesses a range of benefits. This includes reducing costs, improving innovation and on-demand production.

It has also removed design constraints that are normally associated with CNC machining and injection molding. For example, it is now possible to print complex internal voids without having to resort to multiple-component assemblies.

The disadvantage of this technology is that it can be used for illegal activities such as counterfeiting or circumventing customs duties. It could also threaten jobs in manufacturing and engineering industries.

Augmented Reality (AR)

AR transforms data and analytics into images or animations that are overlaid on a physical environment. It’s familiar to many users from simple entertainment applications, such as Snapchat filters or Pokemon GO.

AR’s impact on product design and development is significant. Companies can differentiate themselves with AR interfaces that make products more user friendly and increase customer loyalty.

For example, an AR application that superimposes a human-readable display of vein locations can dramatically improve the success rate for blood draws and other vascular procedures.

Virtual Reality (VR)

Virtual reality creates immersive experiences in a digital world. This technology is often used for gaming, but it can also have a number of other applications in the business world.

It can be used in medical training, for example, by helping surgeons to practice surgical techniques in a safe environment. VR is also being used in psychological treatment to help people with phobias and anxiety work through their issues.

Creating convincing virtual realities requires more than just visuals. Audio plays a vital role, too.

Metaverse

As a popular example, gamers use a virtual world called Fortnite to experience concerts and events (as well as virtual real estate). The Metaverse is expected to grow the digital economy and offer limitless opportunities for storytelling and gaming (think Ready Player One).

To access the Metaverse, people will need specialized hardware and software. This includes VR headsets that range from $30 cardboard versions to $1,000 high-end sets with multiple cameras and sensors. All the safety risks of the internet are magnified in VR, including the black market, violent pornography and sex trafficking.

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