With technology growing every second, we now have inter-networking of physical devices, vehicles, connected devices and smart devices, buildings, etc. and embed the same with electronics, software, sensors, actuators, and network connectivity. We can now collect and exchange data even without requiring human-to-human or human-to-computer interaction. The facts say that by 2020, 40% of all data in the world will be data resulting from machines to machines communication (M2M). The per minute spending and selling of technologies is increasing. Just for an example, the Industrial IOT (Internet of Things) market is estimated at $60 trillion by 2030. Technologies will play a big role in not only saving the consumers, but also businesses when it comes to maintenance, services and consumables.
Cloud Computing infrastructure is also expected to grow annually. It has obtained a mass appeal, especially in small businesses and corporate data centers. A lot of enterprises have failed to achieve success with cloud computing as a result of a failed strategy in ensuring profitable outcomes. There is a growing need of replacing uncertainty in business forecasting, advance prediction of trends is a key towards improved decision making. Businesses are seeing techniques from data mining, statistics, modeling, machine learning, and AI to analyze the current data and make prediction and thus gain a greater value from their data. The facts say that over 80% of data/information that businesses generate and collect is unstructured or semi-structured and technologies are Big Data Analytics helps in making this data productive. Big Data investments are predicted to reach to $72 billion by the year 2020.
The digital revolution is the disruptive transformation of the 21st century to a new economy, a new society and a new era and innovations are heavily required in the digital transformation road map. Some ways are:
- Increase customer innovations by making the data available to market participants,
- Have services available through apps,
- Increase customer participation, etc.
Digital technologies are transforming the way we do business. As technology changes so do the expectations of members and it’s vital that cooperates find ways to incorporate technology into their formal governance. Even more important is the opportunity it provides to businesses to get closer to their customers and use a range of channels to get their input, ideas and feedback, on everything from strategic decisions in daily matters.
Thus, technology is all about improving the accuracy and usefulness of information; changing how the business is done. Along with these opportunities come challenges as well. One has to ensure on how the processes are executed. You should know how to deal with this huge volume of business information these technologies can generate. Who could have imagined 20 years ago how deeply our lives would change because of the spread of digital technologies? Governments are rapidly migrating online, cutting the cost of delivering services and simultaneously making previously time-consuming interactions much more convenient for citizens. Digital is disrupting the world of business in a multitude of ways, from creating new online competitors to helping companies that operate in the physical world gain scale at extraordinary speed. The pace of change is accelerating: digital platforms are proliferating and combining with one another. Network effects and lower costs are fueling waves of innovation that are becoming shorter and quicker.
We use necessary and (optional) analytics cookies on our websites to analyze traffic and personalize content.
do not want us to use optional cookies. We will set a cookie on your device to remember and honor your preference.1