Key technological innovations

Distributed ledger technology

One of the top transformative technologies is blockchain technology related to distributed ledgers. Technology of blockchain was used in the development to support the establishment of bitcoin, but after the fall of cryptocurrency, it goes far beyond it.
The file storage system using cryptology has now several business implications because providing a high level of data security. Some of the practical examples where blockchain is able to reshape the future are using it for keeping healthcare records, passport information, for contracting, supply chain management and tracking.

Artificial intelligence

The use of artificial intelligence technology is predicted to become more and more determinative for business and also for society itself.
AI enables generating insight from vast datasheets promptly, therefore the technology might be the basis for the development of several industries in the near future since 90% of all the data in the word was generated mainly in the past two years. Mentioning only some of the latest areas employing artificial intelligence: logistics, natural language processing, material informatics, generative design, autonomous vehicles and robotics.

Extended reality

Augmented reality and virtual reality are usually identified with video games, on the other hand these technologies are now utilized massively for business purposes and their significance is ever increasing.
Augmented reality is now evolved in various applications used by companies for overlaying digital elements into the existing environment thus creating a new artificial environment. The potential of the technology is in cost savings for companies, which are able to replace testimonial actions by visualizing their various products virtually this way.
Virtual reality is applicable for modeling, prototyping, visualizing data and virtual places. The future for VR is supposed to be in conducting simulations for training purpose, which can be used in the health industry for trying new procedures and it is also favourable for training and testing pilots considering safety and economical conditions of using virtual reality.

Quantum computing

Quantum computing is designed to provide solutions to problems, where classical computers cannot break their limits. As data to be stored is ever-growing and the complexity of problems is raising, a significant need appears for quantum computers developed for solving so called intractable problems. Utilizing qubits instead of bits facilitates computing to be more than a million times faster and more efficient than in a case of an ordinary computer. Practically, these “supercomputers” do not substitute regular computers since they are proposed for different functions, such as solving optimization problems and risk analysis.
That is why researchers, companies and governments have an interest in working out the technology. Once the technology is prepared, it will significantly influence all areas of IT solutions, which will boost technological evolution to an unimaginable extent.

Internet of things

IoT as a determinative invention of our modern world allows businesses to gain better insight and a 360-degree view of consumers. It is not only beneficial for customers to get the right product or service at the right moment they need for, but also for companies. As even more devices connected to each other, they are able to improve their productivity through the broad information of their customers acquired. This technology facilitates individualized service creating a competitive advantage through cost reduction and better performance. 

5G technology

All the technologies mentioned above will not be accomplished without the contribution of 5G, which is able to support such a vast amount of data that is generated recently. The next generation of wireless is able to handle thousands times more information than its predecessor did. 5G technology is expected to bring us therefore faster speed, better interconnectability and it is predicted to get broad availability in the near future.

How to create competitive advantage using technical capabilities?

Integrating the latest technologies mentioned above to standard business processes will give the ability to obtain competitive advantage in the market and boost performance. On the other hand, investing only in technologies will not make the difference.
Therefore, the question arise what are those areas of business where the companies can differentiate themselves then? Based on Technological Vision of Accenture of 2019 the critical points of benefiting from leveraging digital competencies are the following:

Creating individualized relationships with the next generation of consumers

Individuals’ habitual use of technologies contributes to the collection of personal data since digital instruments are integrated with everyday lives of people. This way, businesses are able to have a better understanding of consumers’ habits and needs and to use the data as a tool for building trustful relationships for better engagement and increased customer loyalty. The pillars of this partnership are well-timed and individualized products and services based on the proper flow of information gathered and provided back to consumer.

Change the workplace to leverage technology

Surrounded by digital living environment people get more and more technologically mature and we also tend to bring this into our workplaces. When the knowledge of people is added to organizations’ technology the combination of the two can be utilized with the result of increased productivity. On the other hand, in case companies are using outdated systems the phenomenon mentioned is in a position to generate conflict and can grow for the expense of efficiency and effectiveness.
The solution might be the redesign of systems and work processes following patterns of technological solutions used in everyday situations and building up a corporate culture supporting continuous learning.

Using holistic ecosystem approach for data security

Not only individuals but also businesses are exposed to the increase of visibility and therefore the danger of data stealing due to using more and more vectors, digital components, networked systems etc.
Establishing digitally secure partnerships and sharing responsibility for security instead of focusing only on internal data protection and reliability of corporate systems can reduce or eliminate the risks of cyberattacks. In other words, companies should look at data security considering systems as holistic digital ecosystems covering not only internal components but also connections with business partners and the directions of outward dataflow.

Utilizing MyMarkets on the spot

People’s digital identities are not only for the purpose of building a trustful relationship with them but also for high level targeting and fulfilling targeted needs on the spot. It is facilitated by the combination of customization technology and real-time analytics, which might be the weapon for identifying micro “MyMarkets” of the Internet and therefore capturing business opportunities from moment to moment.

Summary

The biggest challenge of today’s technological transformation is handling the tremendous amount of information and opportunities that new technologies offer. That is why businesses have to aggregate their processes and activities around an ecosystem that is supportive enough for leveraging the latest technologies for the purpose of outstanding performance. 
As the digital innovations converge, they will unlock unexpected areas of value for businesses through letting them to provide a customized experience, which is determinative not only for the future of companies but also for customers and employees.

Source: Forbes, Bernard Marr & Co., Accenture, Interesting Engineering