The digital transformation has already wrought significant changes in the corporate sector, and we’ve compiled a list of the technologies we believe will have the biggest future influence. (the greatest impact on business and society)
Traditional products and services are being displaced by new digital alternatives, new market possibilities are emerging, and incumbent organizations are being forced to adjust their strategies and business models to stay competitive.
“Knowit has produced products that variant people within the Nordic nations use daily supported technology and innovation,” says Christian Hartman, Head of Knowit Insight in Norway. “Even though we’ve come an extended way, we believe the foremost significant advances and opportunities are still before us; we are entering exciting times, with technology and digitalization being one in all the foremost important megatrends of our time and a key driving element during this respect.”
The 8 Technologies (the greatest impact on business and society)
- Personal digital assistants
- A.I. (AI)
- Augmented & virtual reality
- Creating three-dimensional objects (3D printing)
- Automation and robotics
1. Personal digital assistants
Digital assistants are several forms of software that can carry out rule-based job activities and communicate with humans via text and speech. Digital assistant technology includes robotic process automation (RPA), chatbots, and voice assistants. These digital assistants will help future organizations meet productivity and accessibility requirements, as well as enable the transition from “performing tasks” to activities that generate value for analogue employees.
Businesses that wish to enhance accessibility and quality, as well as reaction times in connection to their consumers or workers, might consider digital assistants.
A digital workforce will be able to automate much of what is presently done manually. Employees are now handling a large number of procedures related to finance, reporting, customer support, and HR since IT solutions are insufficient. This means that a lot of time that could have been spent addressing more difficult problems is being spent on job duties that could be done by digital assistants. Do you have enough money to hire your first virtual assistant?
| By 2020, the chat will account for nearly 90% of all consumer interactions.
| Automation is possible for 45 per cent of all labour tasks.
The Internet of Things (IoT) is a collection of identifiable items, such as electronics and sensors, that can connect with one another and share data via the Internet and cloud solutions. Third parties occasionally join this network and can provide users with information and services. A sensor that monitors a pump in a manufacturing plant to the smartphone you use to unlock your car or residence is all example of an IoT item.
The Internet of Things (IoT) is bringing up possibilities that go beyond just improving and digitizing particular operations. Businesses must be willing to establish new business and operational models based on networks of connected devices in order to prosper.
The possibilities for IoT applications are nearly endless. The Internet of Things (IoT) lies at the heart of concepts like smart homes and Industry 4.0. IoT sensors may also be used to create self-regulatory systems for monitoring and controlling a variety of commercial and manufacturing operations. Various analytics systems that employ IoT data to deliver important insights and new user interfaces for equipment or goods, “Wearables” for animals and humans, as well as the environments in which they live, are becoming more popular.
| By 2020, IoT will be included in more than half of all significant business activities and systems.
3. A.I. (AI)
Artificial intelligence (AI) is a wide phrase that refers to the ability of a computer program or computer to look intelligent. AI can generally gather information about its surroundings and learn or adapt in order to achieve a specific goal. and detects the most challenging parts that are in various sizes and shapes, accurately pick them, and stably place them at their designated locations. This is also known as Robotic machine tending. To create an AI system that provides value, vast amounts of data and an algorithm that is appropriate for the system’s goal must be employed. The system may make judgments depending on the information it has gained after ingesting the data.
To enjoy the benefits of AI, you’ll need a clear strategy and plan for collecting and analyzing data, which will serve as the foundation for improved decisions, enhanced understanding, and process improvement.
Data is known as the “new oil,” and it, like oil, must be handled in order to optimize its value. Norwegian firms save financial data, customer data, sales data, product and service data, sensor data, and other forms of data. This data has a significant amount of latent value that AI algorithms may use to produce insights and automation opportunities.
| The value of AI is predicted to be between USD 9-15 trillion across sectors.
| A defined AI strategy is used by 47% of digitally mature firms.
4. Augmented & virtual reality
Virtual reality (VR) is a technology that enables users to interact with a computer-simulated replica of a real-world environment. Augmented reality (AR) is a type of virtual reality in which reality and a computer-simulated environment are combined, as seen in Pokemon Go and Snapchat lenses. AR is utilized in industrial settings to provide blueprints or status information for equipment that you are shooting or seeing through glasses or a tablet/iPad.
The application of virtual reality and augmented reality technologies improves customer journeys and improves the quality and efficiency of manual job procedures.
A variety of businesses are already being impacted by the technology. Potential clients, for example, may already “try” things like automobiles, furniture, and houses before they are manufactured. In addition, computer game businesses are releasing new gaming platforms, educational institutions are changing their approaches to traditional teaching, and industrial organizations are now adopting VR and AR technologies to perform maintenance on complicated production equipment.
| The usage of AR-based picking tools resulted in a 46 per cent boost in picking efficiency.
More than 800 million people have downloaded the augmented reality game Pokemon Go.
A blockchain is a distributed transactional database in which all parties have access to the same transactional information at all times. A majority of participants must agree that the modification meets the requirements set for a transaction to be authorized before it can be changed in the database. As a result, a blockchain enables safe transactions between numerous parties without the requirement for the transaction to be confirmed by a third party (such as a bank). Blockchains foster confidence among the participants in a network.
Although it is unclear when blockchains will have a significant influence on the corporate sector, there is little doubt that technology has the ability to play a key role in value creation and innovation.
Today, blockchain is most commonly linked with cryptocurrencies, which allows for the transfer of monetary values between parties, but the applications and prospects in areas like consumer goods, real estate, logistics, health, energy, and insurance are thought to be significant. Despite its enormous potential, the technology currently has just a few well-documented uses cases.
| When compared to traditional information technology, 84 per cent of CXOs believe that blockchain delivers greater security.
| In 2014 and 2015, more than USD 800 million was invested in blockchain start-ups by investors.
6. Creating three-dimensional objects (3D printing)
3D printing is a digitally controlled manufacturing process in which a 3D printer prints actual items based on the specifications of a digital 3D model. The manufacturing technique is additive, which means that rather than milling or reducing a bigger thing down to the required shape, an object is created layer by layer. The use of a 3D printer allows an object to be printed in consecutive horizontal layers of materials such as plastic or metal until the product is completely finished. Each of these layers may be thought of as a thinly sliced horizontal cross-section of the item to be manufactured.
3D printing uses a high-speed, high-precision gear to produce complicated three-dimensional things of exceptional quality.
3D printing has huge promise for all production-based businesses, as the technology may help reduce both prototype and manufacturing costs significantly. Furthermore, because the technology allows you to generate what you need when you need it, and where you need it, 3D printing can decrease the need to store components as well as dramatically cut wait times. 3D printing is also being used in the healthcare industry to create artificial organs such as hearts, teeth, skin, and ears.
| 3D-printed engines and components will be used in 75% of new commercial and military aircraft.
| One out of every four businesses in the world is looking into the possibilities of 3D printing.
A drone is an unmanned aircraft that can either fly (or dive) autonomously or be controlled remotely by humans. Drones can be used for a variety of tasks, including searching, surveillance, and transportation. Several Norwegian firms are at the forefront of drone technology research and commercialization, and the Norwegian government has developed its own drone policy to create favourable conditions for the use of drones and the expansion of the drone industry.
Businesses are investing in drone technology in order to see how the technology might help them enhance operational efficiency and get access to new and improved data.
Several Norwegian and international retail and logistics organizations are already investigating how drones may aid in more efficient and cost-effective distribution. Drones are also being used by a variety of firms in the oil and gas, energy, and industrial production sectors to monitor and gather essential data from infrastructure like refineries and power lines networks.
We can save USD 50 million by deploying drones to complete the last kilometres of their delivery instead of cars.
In Norway, there are now over 4,000 registered aerial drone operators.
Several Norwegian and worldwide retail and logistics firms are already looking at how drones may help with more efficient and cost-effective distribution. Drones are also being used by a variety of firms in the oil and gas, energy, and industrial production sectors to monitor and gather essential data from infrastructure like refineries and power lines networks.
| We can save USD 50 million by deploying drones to complete the last kilometres of their delivery instead of cars.
In Norway, there are now over 4,000 registered aerial drone operators.
8. Automation and robotics
Physical work task automation is growing more common in a range of sectors. As a result, physical robots and machines are progressively taking over labour tasks that were formerly performed by humans. Currently, this development has progressed the most in processes related to warehousing, logistics, and surveillance, but it is spreading to a variety of other industries.
Physical automation of work processes increases quality and uptime while freeing up human resources for higher-value jobs.
Employees’ present tasks are only completed within agreed-upon working hours, and the quality of the job is frequently inconsistent. Physical robots can operate 24 hours a day, seven days a week, without taking vacations, and provide on a consistent, high level. As a result, businesses in a variety of industries are looking at how robots might help them achieve higher quality and delivery capacity at a cheaper cost.
| By 2020, 1.7 million industrial robots will be in use.
International Federation of Robotics (IFOR)
“We’ve identified eight technologies that we expect are fascinating and have the potential to rework society, business, and our daily lives.” These are most likely the best ones to look into for your company, but you should think about it further. However, we would want to express our belief that curiosity is a good thing, and we hope that we have provided you with some food for thought and ideas to work on. We know that new technology is impacting us to a bigger extent and at a faster rate than ever before. “Since there is no way to acquire a license for digital transformation, it comes down to how adaptable clever firms and each of us is, and if we are capable of embracing the opportunities that occur in a digital environment,” Christian Hartman says.