World is witnessing a wide spurt of innovation. Why? There’s constant demand for better productivity, transparency, and agility. This has forced companies to add new frontiers in technological innovation. Such as artificial intelligence has gained popularity for the reason that it can replace humans with automated systems, while blockchain has added more security and transparency to business transactions, which makes processes more seamless.
In a bid to scale faster, companies are now looking at ways to hire top talent irrespective of their nationality, building global workforce. Technology has streamlined communication among workforce, which has made work easier, leading to smaller, but distributed workforce. And productivity has been tremendously increased. Overall, technology has changed the landscape of industry and continues to do so….
Some of the current prominent technologies have taken charge of pushing innovation—artificial intelligence, Blockchain, and data science. Let’s see how these technologies are influencing the industry.
How emerging technologies are revolutionizing industry
Artificial Intelligence is advancing at a rapid rate. According to UBS, the total market is expected to grow to 12.5 billion industries in revenue by 2020. This represents a 20 percent annual growth. How is this influencing industry?
Image and cognitive recognition – Are used for identity prediction. Ever opened your phone with your face as the password? Well, there’s AI. Do you use a workflow management tool at your office, AI is right there! Driverless cars and recommendation from your favorite ecommerce websites—AI is now everywhere.
Traditional ways of decision making have been over taken by data-driven decision making processes. All thanks to data science. It has completely changed how companies used to make decisions. Companies are now hiring Data Analysts, Data Scientists, and Big Data professionals. The emergence of data science has also been due to the incessant increase in data due to increases of internet-based tools and devices.
Data Scientists today are one of the highest paid professionals around the world. Their work demands them to work with huge amount of data and use a sophisticated set of technologies.
Disease prediction – AI has been playing a crucial role in healthcare. Certain algorithms have been developed which can predict deadly disease such as cancer, rare disorders etc.
Industrial automation – Robots have replaced manual work in manufacturing plants. These robots don’t just perform pick & drop, but carry out complex functions upon programming. Amazon’s new plants plans to have more robots than manual labors.
All this change has made companies to hire AI experts and build their in-house AI teams. Unfortunately, there’s shortage of talent in this space and has consequently to professional demanding high salaries.
Blockchain has brought a revolution in the financial industry. First, cryptocurrency and now smart contracts. Blockchain has transformed how finance industry used to operate. With cryptocurrency, blockchain has shown the industry how there can be more transparent and more secure monetary transactions that can reduce the risk of fruads and other malicious activity in the name of business transaction.
Smart contracts, built on Ethereum, a prominent blockchain technology, has changed how supply chain used to operate. It has made transactions more transparent where the consigner and consignee party clearly see how the delivery happened and how much it will exactly cost.