Introduction
The rapid advances in emerging technologies in the last few years have created a chasm between business leaders committed to exploring new markets and those not. New innovative technologies have disrupted traditional industries, creating new opportunities for growth and innovation. However, these emerging technologies do not just offer opportunities for businesses; they also present challenges that must be addressed quickly if successful outcomes are to be achieved.
The rapid advances in emerging technologies in the last few years have created a chasm between business leaders committed to exploring new markets and those not.
The rapid advances in emerging technologies in the last few years have created a chasm between business leaders committed to exploring new markets and those not.
At one extreme, companies like Google and Amazon actively use emerging technologies to create innovative products and services for their customers. In contrast, other companies believe emerging technologies have little or no role in their businesses.
What are emerging technologies?
Emerging technologies are familiar. Some of them have been around for a while but are just beginning to gain traction as more people become aware of their existence and incorporate them into their lives. While emerging technologies are merely a fad or gimmick, they represent much more than that: they represent the future of our world.
For example, let’s say you’re reading this article on your computer now—that would be an emerging technology! As recently as ten years ago, computers were not nearly as widespread as they are today; however, thanks partly to their growing popularity among consumers (and perhaps also due to advances in internet speeds), they have become more accessible and cheaper than ever before. This leads us to our next category of emerging tech:
Digitalisation, digitisation, and digital transformation
This article explores the differences between digitalisation, digitisation and digital transformation.
- Digitalisation: This refers to converting analogue data into digital format. For example, when you have a phone conversation with someone in your office, and they are unable to hear you very well because of background noise or noises from other people talking nearby—you could use your mobile phone to record your voice during the call (this is an example of digitalisation).
- Digitisation: Digitization refers to the process where information is converted into binary format (1s & 0s). A typical example would be taking pictures through a camera or scanner, which scans images into binary numbers based on how light reflects off them.
- Digital Transformation: Businesses need to embrace this era because it’s going beyond just digitising processes—it involves rethinking business models around integrated technology platforms designed around customer needs rather than product features alone!
Why is it essential for businesses to understand emerging technologies?
Businesses need to understand emerging technologies to use them to their advantage and avoid being disrupted by emerging technologies. Companies also need to identify opportunities that introducing new technology may create.
Emerging Technologies
Emerging technologies are new and have yet to be widely adopted. They are often disruptive and transformational and can change entire industries. Emerging technologies can be defined as those in their early stages of development and adoption but have the potential to become mainstream.
There is a need for companies to understand how emerging technology will influence their business models, products and services as well as their workforce needs.
Drones
Drones have become increasingly popular in recent years. In the tech world, drones are used for everything from aerial photography and videography to search-and-rescue missions, but they’re also catching on with consumers. So if you’re interested in buying a drone for yourself or your family, here are some things to know about this emerging technology:
- Drones can be used for good or evil purposes. On the one hand, these devices have been used to deliver medicine to people in need of medical care; on the other hand, they’ve also been used by criminals and terrorists seeking to carry out attacks on innocent civilians.
- If you plan on purchasing a drone yourself or as a gift for someone else (and this is legal where you live), make sure it’s safe before using it outdoors!
Augmented Reality (AR) and Virtual Reality (VR)
Augmented reality (AR) and virtual reality (VR) are related but different. AR is a real-world environment enhanced by computer-generated sensory input, while VR is an artificial environment generated by computer hardware and software.
The term “augmented reality” was first used by Tom Caudell in 1990 to describe his vision of PDAs as a way to supplement memory and extend our ability to interact with data in the world around us. The term “virtual reality” was coined by Jaron Lanier at VPL Research in 1987, who defined it as “the direct manipulation of lived experience”. Finally, in 1994, Ken Perlin introduced the concept of “pervasive computing”, which can be seen as an early precursor to both augmented reality and ubiquitous computing.
VR applications are often viewed through head-mounted displays or headsets, including Oculus Rift or Google Glasses. These devices allow users to engage with virtual worlds while still on their own—sometimes even crossing into the real world!
Robotics
Robotics is one of the broadest and most significant technological fields, encompassing various disciplines and innovations. In its simplest form, robotics is about building machines that can duplicate or interact with human beings intelligently. To achieve this goal, roboticists have created many different categories of devices:
- Mobile robots – these can move around on their own (e.g., self-driving cars)
- Intelligent industrial robots – designed to perform various tasks in a factory setting (e.g., assembly line workers)
- Service robots – used by consumers to perform daily tasks like vacuuming the floor or making coffee (e.g., Roomba).
The history of robotics dates back centuries; Leonardo Da Vinci was believed to have created what would soon become known as “helper bots” for his workshop in Milan during 1513 AD. These machines were thought to be capable of performing simple mechanical functions such as pouring liquids into containers and moving items from one place to another with minimal programming involved on behalf of Da Vinci himself—but it wasn’t until much later that this technology truly began taking shape within mainstream society thanks primarily towards advancements made during World War II with regard towards building military equipment such as missiles & aeroplanes via robotics technologies such as hydraulics & pneumatics systems; by 1945 however, there were still not any commercially available products being sold throughout North America at retail stores which could utilise these complex systems effectively enough without causing severe injury upon contact between humans misusing them due mainly because they were expensively priced out too high even though they worked perfectly fine–what needed fixing was improved accessibility!
Internet of Things (IoT)
With the advent of IoT, there is a rapidly growing interconnected network of devices. This technology enables you to connect any device with Internet access to your home, work, and other places.
This can be useful if you want to monitor your house while away or keep track of your pets at work.
The more connected devices there are in the world, the better our lives will become, thanks to all kinds of benefits such as energy efficiency and new ways to improve health care by monitoring patients remotely.
3D Printing
3D printing is a process of making a three-dimensional object of virtually any shape from a digital file. 3D printers are used to make prototypes and can also be used to create final products.
Artificial Intelligence (AI) & Machine Learning (ML)
Artificial Intelligence (AI) and Machine Learning (ML) are two of the most exciting new technologies in the past decade. AI is defined as a system that performs tasks that usually require human intelligence, such as visual recognition, speech recognition, decision-making and translation between languages. ML refers to computer programs capable of learning from data without being explicitly programmed. AI applications are already used in many industries, including healthcare, insurance and financial services. These technologies can help businesses make better decisions, reduce costs and improve customer experience by enabling them to predict future events based on historical data.
Blockchain
Blockchain is a new platform that allows for secure and anonymous transactions. It’s also a distributed digital ledger that records all cryptocurrency transactions. In other words, it’s the underlying technology behind cryptocurrencies like Bitcoin and Ethereum.
Businesses can use blockchain to create decentralised applications (dApps), which run on the blockchain network instead of being hosted on individual servers. This means they’re cheaper to maintain and don’t require third-party interference or control over your data—you own it!
Industry 4.0 and 5.0 – the concept of intelligent factories and collaborative robots – the next industrial revolution is here!
As a digital-first company, we know that the future is here and fast. Industry 4.0 is not just another concept but the next industrial revolution.
To understand what exactly this means for you and your business, let’s take a look at the concept of intelligent factories:
- Smart factories are equipped with sensors, embedded controllers and mobile devices to optimise production processes while reducing energy consumption and CO2 emissions waste. In addition to these benefits, they also allow companies to increase their competitiveness by improving quality control processes through real-time information exchange between machines, operators or other facilities (e.g., logistics).
- Predictive maintenance helps avoid downtimes caused by breakdowns, while machine learning algorithms help identify weak spots within complex production processes – all reducing costs while increasing quality standards!
Bottom-Line
Emerging technologies have become an essential part of the business landscape. These new tools and processes can dramatically improve existing products and services and create new ones. They also bring opportunities for companies to innovate and expand into new markets with new business models that weren’t possible before. But no matter how exciting they may sound, it’s important to remember that these technologies are still in their infancy stages – which means there will be plenty of challenges along the way before they become mainstream solutions!
Who am I?
I am Dotun Adeoye, a Business Growth Strategist & Author of the 5 Pillars of Business Growth.
I’ve built up my experience via serial entrepreneurship, consulting leadership roles in business growth, business development and product innovation in large companies worldwide in the last 29 years.
Today, I consult with large businesses on how to sustainably grow their businesses, sustain infinite growth, ensure business continuity and achieve a legacy.
Hire Dotun Adeoye to Speak Virtually or In – Person at your company’s event to cover this or other topics. You can also get in touch via +44 203 097 1718 or dotun at dotunadeoye.com.
