This is an exclusive article series conducted by the Editor Team of CIO News with Abhishek Mitra, Director – Information Security at PepsiCo.
The pace of technological advancement has skyrocketed in the last few years of human existence. While the wheel, a foundational invention, took millennia to evolve into a complex transportation system, the leap from the first transistor to the smartphone occurred within mere decades. Today, we’re witnessing an exponential acceleration; new technologies are emerging, becoming mainstream, and becoming obsolete within a few years while transforming industries and societies at lightning speed. Some of these technology trends are industry-specific, but some cut across sectors and are relevant no matter which industry we work in.
Here are five such tech trends:
Artificial Intelligence (AI) and Machine Learning (ML)
Things are moving so fast that this may not be called “emerging” much longer. AI and ML are still maturing as they transform technology and business across industries by automating processes, enhancing data analysis and predictive analysis, and enabling personalized experiences. Global usage of AI has now exploded with generative AI, and we are still in the initial stages of utilizing its capabilities.
However, the use of AI, including Gen AI, requires careful consideration. Ethical use of AI, understanding bias in AI, risk of data leakage from unmanaged use, and IP rights infringement need to be carefully considered and managed as it is used within the organization.
Quantum Computing
While this is still in its nascent stage due to technology constraints, skill shortages, and cost, it can revolutionize various fields, including optimization, data science, drug discovery, and information security, to name a few. We are still scratching the surface of understanding its potential. Once commercial usage becomes feasible, technology leaders will be able to recognize its impact, and the right time to start getting educated on its potential is now.
Extended Reality (XR)
Extended reality includes virtual reality (VR), augmented reality (AR), and mixed reality (MR). XR is transforming how we interact with digital content and with one another. providing new ways to train employees, visualize data, and engage customers. Technology leaders should explore XR applications to enhance engagement and operational efficiency. However, while we review options for XR, it is essential to understand that the use of this technology can be addictive. Prolonged usage can cause health and safety issues, and privacy and security concerns related to data collection must be considered.
Blockchain
While the headline news related to blockchain is generally about cryptocurrency, blockchain is essentially a secure and transparent way to record transactions, and it’s now finding its usage in many areas, including supply chain, healthcare, smart contracts, and digital identities. Technology leaders should look at options to include blockchain to improve trust and reduce intermediaries, but its usage should be reviewed carefully. In many cases, traditional solutions may also work, and not all solutions that can use blockchain necessarily require it. In some cases, blockchain networks can also face scalability challenges as the number of transactions increases, raising environmental concerns due to high energy usage.
Edge Computing
Just a few years ago, cloud computing was considered an emerging trend. Technology is moving so fast that it is now mainstream, and almost everyone is centralizing data in the cloud. As data volumes increase, along with the demand for instant responses and real-time interactions, edge computing is gaining traction, especially with the increased use of the Internet of Things (IoT), another emerging technology.
Edge computing reduces latency and improves performance by processing data closer to the source. Leaders should explore how edge computing can enhance real-time applications and support new business models. However, deploying edge computing infrastructure can be expensive, and managing data generated at the edge can be complex. Cyber-attack exposure may also increase due to increased attack surface unless appropriately handled.
For technology leaders, it’s important to proactively address emerging trends by cultivating a culture of innovation within the organization and encouraging risk-taking, experimentation, and continuous learning. However, the changes are too fast and widespread to address within an organization. Partnership and collaboration with startups, research institutions, and industry peers are critical to stay on top of these waves and drive sustainable growth.
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