CTOs may be considered as the gatekeepers of
technology adoption. In this role, they are required to fight the constant
bombardment of hyped technologies, to choose the ones that will likely provide
long-term benefits for the company. Technology infatuation is difficult to
resist, especially with the massive influx of exciting technologies over the
past decade.
So, here is a list of four emerging technologies
that hold the promise of transforming business landscapes. Although a great
deal of advancements has already taken place in these technologies, they can
still be termed as “emerging’ since their full potential is yet to be
unleashed.
- Internet of Things (IoT) and Data Analytics
IoT means different things to different people. To
some it means smart cars and intelligent appliances. To leading CTOs, on the
other hand, IoT-enabled systems represent a powerhouse of data generation. M2M
(machine to machine) communication makes processes more efficient by reducing
the need for human intervention. Not just that, it removes human biases from
the equation and eliminates human errors.
With this, IoT offers businesses the most powerful
currency for growth – Data. The estimate of IoT data generated in 2019 stands
at more than 500 zettabytes (with one zettabyte being equal to one trillion
gigabytes)! And, this is expected to grow exponentially. No wonder then that
thought leaders like Bill Gates and Dr Judith Dayhoff say that IoT has given
the inanimate world a “digital nervous system”.
The magnitude of data represents a huge opportunity
as well as a major challenge for companies. This data can be used for anything,
from market research to predictive analytics. It can empower businesses to find
a competitive edge and target new consumers. Within a business, leaders will be
able to gain comprehensive horizontal and vertical views.
While businesses have acquired data for many years,
they haven’t been able to leverage it completely. Large parts of data remain
unused, which should be a concern for CTOs. Data is worthless if it cannot be
presented in consumable formats.
- 5G Connectivity
Devices communicate over the internet, which means
the role of cellular technology is vital. With speeds typically around 200Mbps
and up to 1Gbps, 5G promises not only to be super-fast but also to provide
increased network capacities and lower latency. This means thousands of
internet-enabled devices and IoT sensors can run simultaneously and smoothly.
The results could be revolutionary. Businesses
could live-stream events for millions of people at one place. Manufacturing
robots could be empowered to ease tasks like assembly, packaging, and
construction by communicating with one another. Driverless cars could become a
reality. Technologies like Augmented Reality (AR) and Virtual Reality (VR)
could change the way we educate students or train employees.
5G could act as a catalyst for easy adoption and a higher
number of use cases for these technologies. In India, 5G is expected to
constitute 11% of mobile subscriptions by 2025, according to the 2019 Ericsson Mobility Report.
- Cloud Computing
Since vast quantities of data will be generated by
devices, supported by 5G, most companies will be compelled to transition to a
cloud infrastructure. If data is to be the new currency, businesses need to
focus on storing this valuable asset and make it accessible to people from
anywhere and at any time, while also protecting it from unauthorized
access.
Doing so will dramatically lower operational costs,
lead to smoother infrastructure management, and offer flexibility to scale
according to changing business needs. Everything from bandwidth to processing
power can be scaled inside a cloud infrastructure. This will be important for
businesses to manage fluctuating demand due to seasonality or economic cycles.
The security of data remains a top concern for
global CTOs. The onus lies on the CTO to forge relationships with trusted
partners that offer robust data protection solutions.
- Facial Recognition
With devices already poised to provide such
tremendous benefits, technologies like Facial Recognition can be brought into
workplaces to enhance security, such a system called facial recognition based visitor management system. Companies can use this technology to provide a rich
employee experience. This technology has multiple benefits from Visitor
Management to Employee attendance through facial recognition. Instead of card
punching, facial co-ordinates can become the source of attendance rolls,
helping the HR/admin to prevent abuses like ‘buddy punching’ and increase the
reliability of data related to productivity, wage theft, and absenteeism.
CTOs will increasingly feel the pressure of
choosing the right technologies and ensuring acceptance within their
organization. Even the most promising and fascinating technologies fail if they
are not accepted by employees. The key to increasing technology effectiveness is
ensuring they align seamlessly to employees’ everyday work habits.
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