Tech Report of 2020: Switching To Latest Technologies That Can Upgrade Your Business
It’s the end of the year 2020 and as we look back, among the several certain lessons this year taught us, was the guaranteed and overwhelming reliance of humans, institutions, and businesses on technology.
In a similar discussion undertaken by Bain & Company, it named the Covid-19 pandemic as the ‘unanticipated catalyst’ and rightly so, given the accelerated nature of digitization that even small and medium businesses were forced to adopt, across various industries. Whether it’s the unexpected depth to the quantum tech commercialization or the unprecedented application of AI in the healthcare sector, this year took a leap into technological development.
It is crystal clear now more than ever, that a business’s progress, scalability, and ability to survive the competition will depend on how they implement technologies that can be best optimized for their business practices. As we are wrapping up this rollercoaster year of 2020, we are having a look at the 7 technology trends that are set to dictate business behavior in 2021.
Find out what’s in store for these technologies and how businesses can use them to gain a competitive edge.
7 New Technologies You Should Adopt To Advance Your Business In 2021
We have handpicked the below-discussed trends by evaluating the drive of several technologically driven enterprises and start-ups towards being a part of Industry 4.0. The technologies have already been leaving striking influence over different industries and are most likely to drive the technological wave in 2021.
1) AI on The Edge
The technology quite literally operates ‘on the edge’, meaning that AI algorithms run closer to the devices collecting data, or sometimes even on them. This has developed an entirely specialized branch called edge computing which helps in preserving bandwidth and improving efficiency by eliminating the step of getting data processed in central locations in the cloud.
Businesses that are setting up the infrastructure to implement this technology will be able to ‘steal data from the cloud and bring it to machinery’. This will help them to prevent connectivity losses, make real-time smart decisions, and operate on continuous learning models.
2) Internet of Behavior
One of the biggest technological changes observed through this year was moving on from ‘IoT’ to ‘IoB’. Internet of Behavior, a technological trend that works on data obtained from people’s regular behavior is taking the center stage as the innovation that will lead the change in people’s behavior.
In 2020, we saw the best possible demonstration of IoB in the form of COVID-19 protocol monitoring wherein the employees coming back to work were analyzed for their behavioral activities spanning sanitization, hygiene, health maintenance, and more. In 2021, the technology is predicted to enter industries like marketing, automobiles, where consumer buying or driving patterns can become useful data for respective industries to influence their behavior.
Internet of Behavior aims at influencing behavior through feedback loops, although the method and extent to which personal data is obtained can raise ethical and privacy concerns.
3) Distributed Cloud
Often attributed as the future of cloud computing, Distributed Cloud is an empowering service that enables you to run a public cloud infrastructure in multiple locations while keeping the governance, operation, and evolution to the public cloud provider. This technology is set to facilitate synced, parallel execution of applications using the data file partitions called chunks which can be stored on remotely located machines.
2021 onwards, this can prove to be a technology of strategic importance for organizations to manage data costs more efficiently, better corroborate with the laws pertaining to data’s geographic anchoring, and help improve performance in low-latency scenarios.
4) Cybersecurity Mesh
With greater digitization and automation, businesses must naturally level up their cybersecurity control, and cybersecurity mesh is the next-generation distributed architectural approach that businesses need for ensuring scalability and flexibility in that control.
It is one of the technologies that Gartner exclusively pointed out, and needs to be looked out for in 2021. The technology decentralizes access to assets so that any person can access them from anywhere, regardless of the location of either. This especially helps to keep attack vectors in check when work is being operated remotely and data needs to be controlled minutely.
5) 5G Revolution
5G is not just a faster alternative to 4G, but a 100 times faster technology that offers a highly stable and reliable connection. The 5G revolution is often interpreted to help us load web pages faster and stream smoother, however, in terms of industrial advancement, a 5G revolution can make futuristic technologies like Augmented Reality and Virtual Reality a practicable solution, anytime, anywhere. This stands true for 5G or any other higher-speed network that can drastically empower automation and boost connectivity.
6) XR or Extended Reality
The technology we discussed above is what will make Extended Reality possible -- any technology that helps us communicate and connect through glasses, headsets, or a projection of computer-induced imagery.
The best-identified reason why XR is the future of modeling, simulation, manufacturing, and supply chain management is that it can help us identify and tackle challenges that wouldn’t have been possible had we resorted to conventional planar tools and technologies. Clearly, right from conceptualization of a product to user experience, technologies like AR, VR, and XR will steer an experience enhanced by multitudes.
Finally, this one’s more of a technological trend than a new technology in itself. Taking automation a few steps forward, hyper-automation refers to the emerging practice of automating any or everything that can be automated in a business, of course, by keeping feasibility and cost-effectiveness in consideration.
What’s crucial about this technological trend is that companies should have their business processes streamlined to be lean, well-connected, optimized, and explicit. Because when done right, hyper-automation can complement human intelligence and bring about fundamental changes like simplifying data analysis and process discovery to create far-reaching impacts for businesses.
If you have a closer look at the implications of these technologies, you would realize that they are all focused on creating business models that are more automated, augmented, user-focused, privacy-focused, and democratized.
The industrial trends in advancement clearly indicate an accelerated drive towards a full-fledged technological revolution, and each business is going to ride the wave sooner or later. However, it is crucial that the focus of companies be on an efficacious implementation with long-term outlooks rather than faster implementation destined to fail. Because a pandemic may not have managed to slow a revolution down, but hasty contrivance can.