Emerging technologies are quickly revolutionizing the world as we know it! From self-driving cars to virtual reality, new tech has transformed and will continue to transform our lives in unimaginable ways. In areas ranging from healthcare to retail, these are cutting-edge solutions that improve user experiences and elevate service quality. Even things like facial recognition technology have already been integrated into various applications most of us use every day, like unlocking phones and even using biometrics to board airplanes. Emerging technologies offer us countless exciting possibilities for the future, so let’s see how they can solve business challenges.
Digital Transformation Is a Critical Growth Factor
Through emerging technologies, businesses can gain a competitive advantage over rivals and increase productivity, efficiency, customer satisfaction and even revenue. Digital transformations like artificial intelligence, machine learning, the internet of things, augmented reality, and so many others, have quickly become crucial factors in successful businesses’ innovative strategies. For 60% of senior business executives, digital transformations were the most critical growth factor in 2022.
What are emerging technologies? Emerging technologies cover a wide variety of technological advancements, including the next-level tech that has yet to hit the mainstream but is sure to make a huge impact once it does. Think of emerging tech as a sort of introduction to the possibilities of what things like artificial intelligence, robotics, augmented reality, machine learning, and others can do to benefit us.
Access to new digital capabilities also accelerates progress toward other high priorities. Businesses can leverage emerging technologies to develop new products and services for ever-demanding consumers, improve supply chain flexibility, hone pricing strategies and pursue mergers and acquisitions. Exploring the latest and most advanced technologies like AI, ML, AR and IoT, to name a few, can have an impact on organizations achieving innovations far beyond anything imaginable. Not only do these systems pave the way for increased resiliency and efficiency, but also provide new pathways of growth through product development and increased revenue streams. Let’s look at some examples of how emerging technologies have solved business challenges.
How Emerging Technology Solved Business Challenges
Artificial Intelligence and Machine Learning
Amazon has been leveraging the use of AI and ML for a few years to power multiple products and functionality aspects of the company. Amazon used multiple tools and emerging technologies to operate in harmony with humans in warehouses like autonomous robots, sophisticated control software, computer vision, language perception, machine learning, object recognition, and others. Some of these technologies solve multiple business challenges and enable Amazon to not only store 40% more inventory but also more rapidly fulfill Prime one-or-two day shipping orders—a key industry advantage for their e-commerce sales.
The experience of leveraging emerging technologies has been so profitable and positive that Amazon is even building multiple businesses that run on machine learning-based systems like:
- Amazon Lex builds chatbots that engage with customers.
- Amazon Rekognition is a deep learning-based image and video analysis tool.
- Amazon Transcribe for automatic speech recognition.
- Amazon Polly for natural-sounding text-to-speech.
- Amazon Comprehend discovers insights and relationships in text.
- Amazon Translate for fluent translation of text in different languages.
Ultimately, exploring the viability of one emerging technology has splintered into an expanded business model for Amazon’s global operations. AI has changed the way we interact with technology and holds many promises for the future. Artificial intelligence and machine learning are enabling technologies being used to solve many business challenges. Some other examples include:
Vision algorithms: this technology can detect manufacturing defects, identify shoplifters, and navigate autonomous vehicles.
Natural language processing (NLP) can be used for multiple purposes like reviewing customer sentiments on social media, reviewing legal documents for contract completion, evaluating resumes and CVs, and determining financial trading opportunities.
Medical transcription algorithms use speech recognition and transcription.
After a significant dip in overall sales, IKEA migrated toward e-commerce with a higher focus on digital sales. Through this digital transformation, sales grew by nearly 50% and accounted for almost 10% of total retail sales. This led the company to shift their focus toward something they referred to as the ‘phygital’, a combination of the physical and digital world, and develop “Place.”
“Place” is an augmented reality function that provides personal product recommendations through which customers can use the app to view pieces of furniture directly in their homes. This technology includes a click-to-buy feature and even sends targeted communications to customers based on what they are doing online. IKEA Place became the second-most popular free app built on Apple’s ARKit!
What started with the implementation of emerging technologies and a shift towards innovation has been developed over time and continues to solve business challenges. Ikea’s Kreativ the latest AI-powered iOS app is a big leap in capabilities from Place. The app can scan the user’s home with LiDAR and build a 3D replica of the different rooms – it even goes so far as to let the user delete existing furnishings and add or try out IKEA’s different furniture options.
The Internet of Things
IoT is a global infrastructure for the information society, according to the Joint Coordination Activity on the Internet of Things. Apple was called an IoT Pioneer back in 2016, and the iPhone is considered the original Internet of Things device! Fast-forward to 2020 and Apple continued to introduce new software, hardware, and services that laid the foundation for the rise of IoT.
Different Apple hardware using IoT:
- Airpods, iPad Pencils, and Smart Cases
These products are standalone devices that extend the functionality of one another and connect directly with Apple’s software iOS, which is Apple’s core operating system. From an IoT perspective, iOS is loaded with tools users can take advantage of. Through the focus on IoT Apple has been able to remain ahead of competitors and not only pioneer this emerging technology but also leverage it to cross-sell products, increase revenue, and continue to beat competitors and grow their product offerings.
Fast-forward to today and Apple will continue to improve IoT integrations in 2023. Including the potential addition of Matter, a device ecosystem for smart home and voice-activated products. We can look forward to some exciting new things including numerous features in iOS 16 and Apple’s new tools for developers.
- Through emerging technologies businesses can gain a competitive advantage over rivals and increase productivity, efficiency, customer satisfaction and even revenue.
- AI, ML, AR, and IoT systems pave the way for increased resiliency and efficiency while also providing new pathways of growth through product development, and increased revenue streams.
- Exploring the viability of one emerging technology has splintered into an expanded business model for Amazon’s global operations. AI has changed the way we interact with technology and holds many promises for the future.
- A shift towards innovation has been developed over time and continues to solve business challenges. Ikea’s Kreativ the latest AI-powered iOS app is a big leap in capabilities from Place.
- Through the focus on IoT Apple has been able to not only pioneer this emerging technology but also leverage it to cross-sell products, increase revenue, and continue to beat competitors and grow their product offerings. We can look forward to some exciting new things including numerous features in iOS 16 and Apple’s new tools for developers.
- Solving challenges by implementing emerging technologies can require a combination of different innovations for better results – as no one tool is a silver bullet.
Looking to implement meaningful innovation? Go Studio can help. We are a comprehensive innovation studio with the sole focus on keeping your organization’s technology ahead of the curve. We combine a lean startup model with enterprise-level assets to offer unique solutions to your technical challenges and leverage emerging technologies to help drive your business growth.
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