3 min readGartner predicts that by 2020, 75% of enterprise organizations will be investing in custom technology applications that support digital transformation. To remain competitive in today’s marketplace, business leaders must encourage innovation and endeavor to develop the next round of industry-disrupting solutions.
Blockchain Technology
Already a key consideration for enterprises in the financial services industry, blockchain technology is considered by many experts to be a disruptive force with the potential to transform not only the world’s financial system, but also government, healthcare, and other heavily regulated industries.
Bloomberg says, “The cost of settling trades in the finance industry runs as high as $80B a year. If each transaction that requires human verification is included, the figure is much larger. With digital ledgers, it would be a fraction of that. Not to mention the time taken would drop from days to minutes, or hours at most…”
A relatively new approach to security, blockchains rely on decentralization and immutability to protect data. In addition to fintech, blockchains are also particularly applicable in the sharing economy and IoT, where security is of increasing concern, and considered a good system for distributing computing workloads, which would impact infrastructure as a service (IaaS) providers as well as providers of other Cloud services.
Artificial Intelligence
Last but not least, Artificial Intelligence (or AI) is a popular buzzword and widespread phenomenon, especially in industries that have already been transformed by machine automation. AI will not only introduce new sources of growth and enable cost savings, but also change our perception of work and daily tasks.
Artificial Intelligence will change our perception of work and daily tasks.
While the first disruptors were driven by smartphones and Cloud technology, the next ones are likely to be summoned by AI. In a world of universal connectivity, Artificial Intelligence is unlocking the power of data in real-time and removing the need for human interaction for applications like driverless cars.
Leading the charge for this change will be those companies, which will be able to improve services and products faster than organizations relying on legacy technology. Tech giants like Facebook, Google, Apple, Microsoft, IBM, and Amazon are already building AI solutions, which illustrates the potential competitive advantage this technology represents for enterprise organizations.
Soon every digital system will be measured on its cognitive abilities. Like Experience design prioritizes human convenience and usability, AI and cognitive computing will lead a revolution that brings us closer to digital humanism.
Once you begin introducing significant digital investments to your business, the process is continuous and a digital mindset starts to naturally take shape. The first step is simply to start. Technology is developing rapidly, and if you wish to remain relevant for years to come, now is the time to embrace digital transformation.
Looking for more insights on technology, innovation, and industry disruption in the new year? Take a look at our guide exploring “Digital Strategies for Future-Proofing Your Business in 2017.”