All business leaders at all levels and across all industries need to educate themselves on digital technologies and start acquiring a managerial level of digital knowledge and skills.
This is an exclusive interview series conducted by the Editor Team of CIO News with Abdullah Saleem, Group CIO at Omni Hospitals.
Emerging technologies are those that are expected to have a significant impact in the near future. As a leader, it’s important to stay informed about these technologies and consider how they can be leveraged to drive business growth, increase efficiency and competitiveness, and improve customer experiences and satisfaction.
With the growth of the new digital economy, all organizations are going to deal with digital disruption sooner or later at the maximum level. Consequently, all business leaders at all levels and across all industries need to educate themselves on digital technologies and start acquiring a managerial level of digital knowledge and skills.
While leaders do not need in-depth knowledge of technology, they do at least need to have a sufficient level of understanding of it—at least enough to have intelligent conversations and ask the right questions. And to appreciate the roles that different technologies can play in creating new business models and generating new competitive advantages to achieve the business goal at the organization level.
As of my last knowledge update in mid-2023, several emerging technologies have gained prominence and are of interest to technology leaders. Here are some noteworthy emerging technologies that technology leaders should be aware of:
Artificial Intelligence (AI) and Machine Learning (ML)
Artificial intelligence, or AI, has already received a lot of buzz in the past decade. Still, it continues to be one of the new technology trends because of its notable effects on how we live our lives, work, and play, which are only in the early stages. Artificial intelligence is already known for its superiority in image and speech recognition, machine vision, navigation apps, smartphone personal assistants, ride-sharing apps, and many more.
Other than that, AI will be used further to analyze interactions to determine underlying connections and insights, to help predict demand for services like hospitals and hospitality, enabling authorities to make better decisions about resource utilization, and to detect the changing patterns of customer behavior and expectation by analyzing data in near real-time, driving revenues and ROIs, and enhancing personalized experiences. With artificial intelligence spreading its wings across sectors, new jobs will be created in development, programming, testing, support, and maintenance, to name a few.
Especially in healthcare, AI is addressing the clinical adoption issue better, though it is a bottleneck from the clinical user’s application adoption perspective. It is playing a vital role to avoid clinicians entering too much data with a fear of losing eye contact between clinicians and patients at the point of care to deliver the care. I mean to say that AI is enabling clinicians to not worry about which CPOE order sets or what patient education will be activated once the provisional or final diagnosis is parked and confirmed to complete the OPD prescription or IPD case sheet.
Blockchain and Distributed Ledger Technology
Blockchain provides a decentralized and secure way to record and verify business transactions or data. It has applications in finance, supply chain, healthcare, hospitality, fintech, and other industries, offering transparency and trust in data transactions.
Extended Reality (XR)
XR encircles virtual reality (VR), augmented reality (AR), and mixed reality (MR). These technologies are transforming industries like gaming, education, training, and healthcare by creating immersive experiences, and they also offer a wide range of revolutionary experiences.
Quantum Computing
Quantum computing gives advantage to the principles of quantum mechanics to execute complex calculations at speeds unattainable by classical computers. While still in its early and evolving stages, it holds the potential to revolutionize various fields, including cryptography and optimization.
Internet of Things (IoT)
IoT involves connecting everyday devices to the internet, allowing them to communicate and share data. It has applications in smart homes, industrial automation, healthcare, hospitality, and city infrastructure.
As consumers, we are already using and benefiting from IoT. We can lock our doors remotely, set the temperature of the room if we forget to when we leave for work, and preheat our ovens on our way home from work, all while tracking our health and fitness on our Fitbits. However, businesses in different industries also have much to gain now and in the near future on a very large scale. The IoT can enable better safety, efficiency, and decision-making for businesses as data is collected and analyzed. It can enable predictive maintenance, speed up medical care, improve the customer experience, and offer benefits we have not even imagined yet.
Cybersecurity Technologies
As cyber threats evolve, new cybersecurity technologies are emerging, including advanced threat detection, zero-trust architecture, and secure access service edge (SASE) solutions.
Cybersecurity might not seem like an emerging new technology trend currently, given that it has been around for quite some time, but it is making progress just as other technologies are. That is in part because threats are constantly new and growing. The malicious hackers trying to access data illegally will not give up any time soon, and they will continue to find ways to get through even the toughest security measures. It is also partly because new technology is being adopted to enhance security. As long as we have hackers, cybersecurity will remain a trending and growing technology because it will constantly evolve to defend against those hackers.
Robotic Process Automation (RPA)
Robotic process automation (RPA), also known as software robotics, RPA involves automating repetitive tasks using software robots, freeing up human resources for more complex and strategic activities. It is widely used in business process automation to get the outcome quickly and efficiently. RPA means the adoption of robots or bots that can learn, mimic, and then execute rules-based business processes.
RPA enables users to automate rule-based software to perform business process activities with high-volume data and a repeated cycle of process execution, freeing up human resources to prioritize more complex tasks. RPA enables CIOs, CFOs, and other decision-makers to accelerate their digital transformation efforts and generate a higher ROI from their teammates and staff members.
Robotic Exoskeletons
Robotic exoskeletons are wearable devices that enhance human physical capabilities. They find applications in healthcare for rehabilitation as well as in industries for augmenting human strength and endurance.
Biotechnology and CRISPR
Advances in biotechnology, particularly CRISPR gene editing technology, are revolutionizing healthcare, agriculture, and other fields by enabling precise manipulation of genetic material.
Voice assistants and conversational AI
Voice assistants and conversational AI are technologies that enable natural language interactions between humans and computers. These systems use various techniques from artificial intelligence (AI) and natural language processing (NLP) to understand and respond to spoken or written language.
Voice-activated technologies and conversational AI are becoming integral parts of daily life. Virtual assistants like Siri (Apple), Alexa (Amazon), Cortana (Microsoft), and Google Assistant (Google) are evolving to provide more natural and context-aware interactions.
Both voice assistants and conversational AI contribute to creating more intuitive and user-friendly interfaces, making it easier for people to interact with technology in a natural and conversational manner.
Self-Driving Vehicles
Autonomous vehicles are at the forefront of transportation technology. Companies are developing self-driving cars, trucks, and drones, with potential applications in logistics, delivery, and public transportation.
Self-driving vehicles, also known as autonomous vehicles or autonomous cars, leverage artificial intelligence (AI) and various other technologies to navigate and operate without direct human input. The development of self-driving vehicles involves a combination of sensors, machine learning algorithms, computer vision, and control systems. Here are key aspects of AI in self-driving vehicles:
The development of self-driving vehicles is a multidisciplinary effort involving AI, robotics, engineering, and regulatory considerations. As technology advances and safety concerns are addressed, self-driving vehicles have the potential to revolutionize transportation by enhancing safety, efficiency, and accessibility.
Smart(er) Devices
Artificial intelligence has played an essential role in making our world smarter and smoother, both personally and professionally. It is not just imitating humans but going the extra mile to make our day-to-day lives hassle-free and simpler. These smart devices are here to stay in the year 2024 and even further, as data scientists are working on AI home robots, appliances, work devices, wearables, and so much more! Almost every job needs smart software applications to make our work lives more manageable and faster. Smart devices are another addition to the information technology industry that is in high demand as more companies transform into digital spaces. Almost every higher level of job requires good IT and automation proficiency to thrive.
Biometric Authentication
Biometric authentication in the context of the Internet of Things (IoT) involves using unique biological or behavioral characteristics to verify the identity of users or devices connected to the IoT network. Biometric authentication adds an additional layer of security to IoT systems, ensuring that only authorized individuals or devices can access sensitive information or control connected devices. The current trend is more towards implementing voice-based biometrics, especially in the banking, hospitality, and healthcare industries.
Biometric technologies, such as facial recognition, fingerprint scanning, and iris recognition, are being increasingly used for secure authentication in various applications, from smartphones to access control systems.
Voice authentication is very vital for healthcare enterprise applications to incorporate to remove the difficulties of getting duplicate EMR, PHR, and EHR records. Most of the leading enterprise application vendors have started evolving this technology, which enables the organization to maintain a single longitudinal patient record; otherwise, it was too difficult to have multiple clinical record sets for one patient, and as a result, it was negatively impacting the patient and clinician experience of getting and delivering quality care at POC.
Datafication
Datafication is simply transforming everything in our lives into devices or software applications powered by data. So, in short, datafication is the modification of a human routine task into a data-driven technology. From our smartphones, smart gadgets, industrial machines, and office applications to AI-powered appliances and everything else, data is here to stay for longer than we can ever remember it. So, to keep our data stored correctly, securely, and safely, it has become an in-demand specialization in our economy, irrespective of the industries.
Digital Trust
With people being accommodated with devices and technologies, confidence and trust have been built towards digital technologies. This known digital trust is another vital trend leading to more innovations. With the digital conviction, people believe that technology can create a secure, safe, and reliable digital world and help organizations invent and innovate without worrying about securing the public’s confidence.
Digital trust refers to the confidence and reliance that individuals, organizations, and societies have in the secure, reliable, and ethical use of digital technologies and services. In an increasingly digital world, trust is a critical factor that underpins various aspects of online interactions, transactions, and relationships. Digital trust encompasses a range of elements, including security, privacy, transparency, reliability, and ethical considerations. To create a safer space for digital users, cybersecurity and ethical hacking are the major specializations you can check out, which may lead you to be a good professional in the information technology industry.
Digital trust is foundational to the success and widespread adoption of digital technologies. Organizations that prioritize and invest in building and maintaining digital trust are better positioned to establish lasting relationships with users and stakeholders in the increasingly connected digital landscape.
Why is it important to be updated with the new emerging technology trend?
Staying updated with new emerging technology trends is crucial for individuals, businesses, and industries for several compelling reasons:
Innovation and competitiveness
Awareness of emerging technologies allows individuals and organizations to stay at the forefront of innovation. Those who embrace new technologies gain a competitive edge over peers or competitors, positioning themselves as leaders in their respective fields.
Business Opportunities
New technologies often create opportunities for businesses to explore novel products, services, and revenue streams. Being aware of emerging trends enables entrepreneurs and business leaders to identify and capitalize on these opportunities, fostering business growth.
Efficiency and productivity
Adopting the latest technologies can enhance operational efficiency and productivity. Automation, improved processes, and innovative tools contribute to streamlined workflows, reducing manual efforts, and saving time.
Adaptation to Changing Markets
Markets are dynamic, and consumer preferences evolve. Staying updated with technology trends helps businesses align their products and services with changing market demands, ensuring relevance and customer satisfaction.
Risk Mitigation
Awareness of emerging technologies allows organizations to anticipate and mitigate potential risks. Understanding the technological landscape helps in addressing security concerns, compliance issues, and other challenges associated with adopting new tools or systems.
Talent acquisition and retention
Individuals with updated skill sets are more attractive to employers. For businesses, staying informed about emerging technologies is essential for recruiting and retaining top talent, as employees are drawn to organizations that invest in their professional development.
Cost savings and resource optimization:
Early adoption of technologies can result in cost savings and resource optimization. For instance, implementing efficient and cost-effective solutions can reduce operational expenses, especially when compared to outdated or inefficient technologies.
Global Connectivity and Collaboration:
Emerging technologies often enable global connectivity and collaboration. Individuals and businesses that leverage these technologies can participate in a connected global economy, fostering collaboration, partnerships, and access to diverse markets.
Economic Growth and Job Creation:
The adoption of new technologies contributes to economic growth. Industries that embrace innovation are more likely to create job opportunities, stimulate economic development, and contribute to the advancement of society.
Future-Proofing Skills
Continuous learning and adaptation to new technologies will future-proof individual skills. In a rapidly changing job market, individuals who stay updated are better equipped to navigate evolving career landscapes and remain valuable contributors to their organizations.
Environmental Sustainability
Some emerging technologies contribute to environmental sustainability. For example, innovations in renewable energy, resource-efficient technologies, and eco-friendly practices can have a positive impact on environmental conservation.
Enhanced Customer Experience
Implementing cutting-edge technologies can lead to improved customer experiences. From personalized services to innovative solutions, businesses that prioritize customer-centric technologies enhance satisfaction and loyalty.
Health and safety advancements
In industries such as healthcare and manufacturing, staying informed about technological advancements can lead to improvements in health and safety standards. This is particularly relevant in the development of medical treatments, safety protocols, and preventive measures.
Social and cultural impact
Emerging technologies often influence social and cultural norms. Being aware of these trends allows individuals and organizations to engage thoughtfully with societal changes, foster positive contributions to communities, and address potential challenges.
Conclusion
It’s important for technology leaders to stay informed about these emerging technologies, as they can have significant implications for business strategies, innovation, and competitiveness. Additionally, the technology landscape is dynamic, and new developments may have occurred since my last update.
In other words, staying updated with new emerging technology trends is not just a matter of convenience; it is a strategic imperative for success and sustainability. Whether at an individual or organizational level, the ability to adapt, innovate, and leverage new technologies is key to thriving in today’s rapidly evolving digital landscape.
Staying updated with emerging technologies enables organizations to be more agile and responsive to changes in the market. Those who are slow to adopt new technologies may find it challenging to adapt to shifting industry trends.
To stay informed about emerging technology trends is crucial for remaining competitive, efficient, and relevant in today’s rapidly changing world. Whether on an individual or organizational level, the ability to adapt and leverage new technologies is often a key factor in long-term success.
In professional and personal contexts, not being familiar with emerging technologies can strain relationships. Communication and collaboration often rely on digital tools and platforms, and being out of sync with current trends may hinder effective interaction.
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