The role of technology in achieving digital transformation has become more prominent. With technology becoming more intelligent and responsive to users’ needs, it has shown its presence in almost all sectors of business. Moving from the research and development department to that requiring quicker communicating with the end-users, technology has changed the way the companies operate.
Emerging Technologies for digital transformation :
Listed here are the top emerging technologies that have enabled the digital transformation of businesses and made them somewhat future-ready.
IoT is an emerging technology and it is emerging faster as compared to others in this list. ‘Sensors-embedded devices connected and operating in response to each other’ – this sentence offers a layman’s explanation of IoT. This emerging technology has managed to disrupt the industries and brought more automation in their way of working even in its nascent stage. Logistics, storage solutions, home appliances, and many other fields have improved their efficiency with its use. Some of the revolutionary changes leading to digital transformation are:
- Reduced cost of operation
- Better productivity
- Seamless operations
- Timeliness in the delivery of objectives
Apart from increasing productivity and better automation, the IoT is offering safer and more cohesive working environments. Though some see it as a threat to the men’s job, one cannot neglect its role in making the workspaces safer. In 2020, the use of IoT devices has been increased. Some IoT devices are Google Home Assistant as well as Amazon’s Alexa Voice Assistant and WebCams.
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Machine Learning :
Machine-led algorithms introduce the virtues of speed and accuracy in the product development process. Machines are free from human bias, a factor responsible for inaccurate results in many areas of working. With the help of machine learning, the data and its behaviour in response to various changes in the environment can form the basis of digital transformation. The machines-led algorithms are offering better ease in analysis and deliver values such as:
- Bias-free predictive modelling
- Comfortable handling of humongous data
- Faster results generation
- Collection of all data in a space-efficient manner
Blockchain is at the helm of various affairs happening in the technology field. Smart contracts are the outcome of blockchain technology. These tools bring added seamlessness in business transactions and make them more secure, faster, and unchallengeable than ever. Blockchain has reportedly managed to help a leading Bank in the UK save $20 billion a year; such is its impact on improving digital economy space. Blockchain is a more sophisticated version of cloud technology. This technology has proved its worth in:
- Suggesting better routes for oil pipelines and make their journey weather-proof
- Easier, more secure and faster transactions leading to reduced losses in frauds and scams
- The emergence of better data usage in-stock pricing activities and trading
Blockchain is also responsible for the existence of cryptocurrency like bitcoin. As blockchain is popular for its security, cryptocurrency relies on it.
5G will be the main helper in IoT devices as IoT devices are depended on the internet, the 5G network will help it with the high speed of internet. Everything is dependent on high-speed data transfers in the present times. Companies are managing workers stationed at remote locations, and businesses need to reach the audiences right at the fingertips faster than ever. The exchange of a lot of information through data chunks surely requires a lightning-fast connection. 5G offers the ease and reliable technology of communication for doing so.
Mentioned above technologies are the emerging technologies that are no less than pillars of digital transformation and these emerging technologies are being used but they are much broader than we use them now. Even 5G smartphones are here as it is the new technology for people it is not cheap than the older one but it is also available at a better price. 5G network has also been deployed in many countries but it is yet to be diverse as it is not available everywhere.