5 Technologies to Act On – Now!

So much is happening in the world at any given moment. Innovations and technologies wait for no one! Right now, while you are reading this blog, someone out there is inventing something new, something spectacular, or using existing technology in a way no one has done before. And of course, we understand that it is difficult for you to keep track of all these innovations. But worry not! We are here to help.

While we cannot update you on all emerging technologies and startups in a single blog (for that, take advantage of our scouting platform), our team has conducted thorough research to present you with 5 top innovations and technologies to act on, right away!

Technologies You Need to Act on Now

1. Artificial Intelligence (AI)

While Artificial Intelligence has been around for quite some time now, it still has a lot of potential as it is only getting better. From automation to identifying new strains of COVID-19 and advancing vaccine production — AI’s contribution is impeccable.

No matter which industry you work in, as an Innovation Manager, you need to keep a keen eye on recent AI developments. For example, if you are in the automotive industry, keep a tab on how AI is working towards increasing the safety of self-driving cars. But Artificial Intelligence is disrupting industries in many ways — be it detecting rotten apples for retailers or enabling predictive maintenance for factories.

2. Immersive Technologies

Immersive technologies such as Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR) are used widely in the entertainment industry already. But their application is expanding. Let’s take the healthcare industry as an example. Besides its usage in medical training, AR-guided surgeries provide doctors with better control and visualization, leading to faster as well as safer surgeries.

On a lighter note, did you notice the AR advertisements along the sides of the pitch at the EURO 2020? The LED boards used Virtual Digital Replacement Technology that allowed simultaneous streaming of different advertisements at different locations utilizing the same space. This allowed the organizers to generate more income as the same space was sold to different advertisers. Now imagine the ways in which you can use these technologies to increase your revenue while creating more value for your consumers!

3. Internet of Behavior (IoB)

You already know that the Internet of Things (IoT) has widespread applications — be it in hospitals to monitor patients’ health or advanced sensors used in farm management. But what exactly is the Internet of Behaviors? It involves gathering consumer behavior and preference data mainly through their online activities and utilizing behavioral psychology to interpret them. Now, this is insightful data that you can use to your advantage.

For example, you can gain new insights on what your next product or service should be and how you can advertise it effectively for maximum reach. Not only that, but the IoB also enables your organization to increase safety and improve performance in the workplace. If it is related to logistics, for instance, telematics can monitor if one of your company’s drivers is crossing the speed limit or taking aggressive turns.

4. Everything-as-a-Service (XaaS)

Following the successful pathway of Software-as-a-Service (Saas) and Platform-as-a-Service (PaaS), the next big thing is something way broader — Everything-as-a-Service. It basically means consumers get almost any service they need by requesting it over the internet. One of the most relatable instances is Uber — classic Transport-as-a-Service. Plus, the same company offers Food-as-a-Service in the form of Uber Eats. However, this model expands to various other industries as well.

For example, companies offering investment services, digital wallets, anti-money laundering services, and loan evaluation — sum up to FinTech-as-a-Service. Other industries or aspects include Energy-as-a-Service, Storage-as-a-Service, Battery-as-a-Service, Infrastructure-as-a-Service, Location-as-a-Service, and so on.

5. Blockchain

Whenever someone says blockchain, what’s the first thing that comes to your mind? Bitcoin? Well, you’re not alone. But blockchain is much more than cryptocurrency. It has numerous business applications.

Because you can only add and not modify or delete anything on the blockchain, it ensures security and transparency. And these two aspects are vital for all industries. Through utilizing blockchain, a manufacturer can be sure of the quality of the materials or parts provided by a supplier; a vegan consumer at a supermarket can also be confident that the product they are buying meets their standards. Hence, if you do not want to compromise the quality of your product and increase brand loyalty, start taking advantage of blockchain!

What do you think are technologies to act on? Get in touch & let us know!