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5 key emerging technology trends which will transform business

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Companies are adjusting to the new world order where people want things immediately, want brands to represent their personalities and want easier ways of communicating with large multinationals. Innovation and emerging technologies are both driving this change and enabling it. According to Accenture’s Technology Vision 2019 survey, 45% of businesses surveyed report the pace of innovation in their organisations has significantly accelerated over the past three years due to emerging technologies. In this blog, we report on Accenture’s top 5 emerging trends that are expected to shape businesses over the next three years.

 DARQ Power
DARQ refers to Distributed Ledger Technology (DLT), Artificial Intelligence (AI), Extended Reality (ER) and Quantum Computing. The world is moving into a post-digital era whether businesses like it or not. Companies are “setting their sights beyond their organization’s digital transformation, moving toward shaping how governments, business partners, employees and individuals interact with the world through technology”. DARQ is the next set of technologies that business leaders will need to leverage in order to remain competitive in an ever-changing digital landscape. Companies should be asking themselves how they can access these new technologies, will they have the necessary skills and experience to properly utilise DARQ technology and how DARQ may transform their relevant industry?

 Get to Know Me
Companies all around the world are unlocking new ways to access previously untouched markets and customers. According to Accenture’s Technology Vision 2019 report, 83% of business and IT executives “agree that digital demographics give their organisations a new way to identify market opportunities for unmet customer needs”. For example, SlicePay has found a way to access unbanked students in India. They run “credit” checks by examining applicants use of technology. The company examine how often they post photos on vacation or check into restaurants on social media, which offers a useful insight into spending patterns. These “technology identities are part of an emerging enterprise feedback loop, one that first began to show its potential with the personalization efforts of the digital era”. Through digital technologies, companies are gaining new, direct touchpoints with customers and using the data they find in order to create new, personalized products and services.

 Human + Worker
Businesses have been going through a digital transformation together with their employees. Today’s workers “are equipped and empowered by technology, incorporating it to perform existing roles in new ways and to adapt for new roles that did not exist in the pre-digital age”. Across many industries and sectors, businesses are incorporating technology to enable growth and meet market challenges in a “human+” way. Today’s workforce is “evolving at rapid pace, incorporating new technology-driven abilities and skills to deliver value for the company”. However, the rapid digital transformation that has occurred over the past few years has inadvertently created a digital divide between organisations and the workforce which has helped them to grow. However, industry leaders are thriving to close the gap. For example, at Swisscom employees were “struggling to collaborate across siloed teams”. Swisscom is Switzerland’s leading telecom provider and “someone within its 21,000-person workforce would certainly have the answer a colleague needed to solve a problem”. Now, using an AI-powered solution from Starmind, employees can “Ask the Brain” that identifies industry leading experts and share the relevant inquiry. This shows how AI and emerging technologies can be actively used within organisations to assist human-led tasks and not replace them.

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 Secure Us to Secure Me
As data becomes more and more valuable, the number of cyber-attacks is expected to increase in frequency. Companies are taking a more cooperative approach to managing security risks. For example, in October 2018, JP Morgan Chase, Mastercard, Fidelity and other global payment entities came together to participate in a joint cybersecurity exercise. Throughout the exercise, “the companies found they have very different approaches on how to respond to threats, when to engage law enforcement, and even hold varying definitions of what constitutes a breach”. The major outcome of the exercise was that firms uncovered “ways they could better coordinate responses and improved their ability to respond to threats”.

 My Markets
We now live in a world where companies, workforces, consumers and industries are profoundly linked by technology. Being digital is no longer in itself enough of a differentiator. However, it “does give organisations a foothold for their next big opportunity: capturing moments”. According to Accenture, “85% of executives agree the integration of customization and real/near time delivery is the next big wave of competitive advantage”.

(Source: ‘Accenture Technology Vision 2019: The Post-Digital Era is Upon Us’)

Crios Group is a cluster of Irish Business Process Outsourcing (BPO) companies who provide customer contact solutions, sales support, financial services & multilingual support. Find out more here: http://www.criosgroup.com/about-us/