Tuesday, March 29, 2016

Ten IT-enabled business trends for the decade ahead


Right now, 99% of physical objects are unconnected to the ‘Internet of Things’ (IoT, as it is called), and this will not last. Going forward, more products and tools will be controlled via the Internet – say the directors at McKinsey, and all kinds of data will be generated as a result. Another much-hyped additive manufacturing has yet to replace the traditional manufacturing technologies – that is the 3D printing. It could redefine the sale and distribution of physical goods. These are only a couple of technological trends that tend to shape our future. And, there are many more technologies which are constantly evolving and maturing. From businesses to individual consumers, everyone is connected to everyone, everywhere and all the time. The possibilities for where these technologies will take us and how they can impact our lives are endless. For example, two students from a British Columbia school used a classroom 3D printer to create a little wheelchair for a formerly feral kitten who lost it legs shortly after birth.

It is interesting, yet intriguing to know whether in the future, will there be any work left for people to do? – The Watson’s Jeopardy. They say driverless cars are safer than human-driven ones. Computers can now predict Supreme Court decisions better than legal scholars. What’s next? – There’s nothing stopping computers from excelling at other knowledge work, ranging from legal discovery to sports coverage – that is the Automation of knowledge works, says reports from McKinsey. Cloud and ‘Big Data’ have emerged as biggest game changes in the technological space – their exponential growth will change just how much small businesses and startups can accomplish. The authors of Fortune.com writes – “Small companies will get IT capabilities and back-office services that were previously available only to larger firms—and cheaply, too.”  Gartner notes the strategic technology trends of 2016, and it states ten years from now. One of them being The Device Mesh – refers to an expanding set of endpoints people use to access applications and information or interact with people, social communities, governments and businesses. The device mesh includes mobile devices, wearable, consumer and home electronic devices, automotive devices and environmental devices — such as sensors in the Internet of Things (IoT).

The companies are now investing in what is called the ‘quantified self-movement’ which has gathered steam in past couple of years, and how the world is willing to share data (personal data) using wearable technology. It aims to measure all aspects of our lives with the help of technology. Building on life sciences, technology (super computers) can make the enormously complicated process of genetic analysis much simpler. Authors from McKinsey note that we foresee the world in which genomic-based diagnoses and treatments will extend patients’ lives by between six months and two years in 2025. There are more than 10 IT-enabled business trends that will alter that lives of the people in the coming decade, and therefore, leaders must plan and prepare strategies for their businesses to handle the technological disruptions.

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