Disruption is a vital element of the evolution of technology- new technologies enter the market to bring about a new pattern. David Cearley, distinguished VP Analyst at Gartner stated in an interview that “Technology will be embedded in everything in the digital business of the future.”
The upcoming technologies have a major capability to disrupt different industries at a huge scale. All CIOs and executives are realizing that it is the right time to invest in similar technologies in order to expand their business and stay competitive.
Let us see the business impact of some key technology trends and how they help bring digital transformation:
- In a 2016 book called “Blockchain Revolution” co-authored by Don & Alex Tapscott, it is mentioned that “Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Now after more than 300 million transactions, assets worth more than $270 billion are being managed by this distributed ledger technology.
- Hospitality and leisure companies dealing in gaming and sports facility, commercial banks, asset management organizations, and capital markets, are the leading investors in blockchain technology. Through it, they reduce the dangerous risks, forgery and operational costs for different transactions and record keeping.
Blockchain is seen as a groundbreaking technology, most importantly for the financial industry because of its potential for various operations like cross-border payments, smart contracts, and online identity management.
ROBOTIC PROCESS AUTOMATION
- Businesses are being increasingly benefited by RPA. They are experiencing reduced operational costs, enhanced speed, agility, and quick ROI. Moreover, when RPA is integrated along with the core existing systems, it delivers enhanced process control and visibility.
- A research conducted by “Grand View Research” states that the current global market for RPA is worth $125.2 million and is expected to rise to a humongous amount of $8.75 billion by 2024.
- RPA technology has particularly delivered quantifiable successful results most importantly for Banking and Finance, Insurance, Manufacturing, and Healthcare industries.
But the reality is that no technology remains static, even RPA is moving to the next level of evolution in digital labor, based on intelligence and sophistication which is known as Intelligent Process Automation (IPA). IPA is an amalgamation of both Artificial Intelligence and Machine Learning that permits intelligent bots to comprehend from the user’s existing decisions and auto-adjust on their own.
According to Gartner Inc, if we discuss the business value of AI across the enterprise vertical sectors, there can be 3 different sources;
- Customer Experience
- New Revenue
- Cost Reduction
Did you know that High-Tech, Telecom, and Finance are the industries that have become the leading adopters of AI technology, with the most aggressive investment intentions?
- Financial Services would have more tendencies to use AI in functions related to customer experience. All other firms in retail, healthcare electronic necessities, manufacturing and education are making use of AI to refine their forecasting and sourcing as well as optimize and automate core business operations, build a specific target market, create monetary plans, and take the user experience to an entirely new level.
If you have started your digital transformation journey and are analyzing disruptive technologies for business growth, get connected to PureSoftware. Our customer-centric approach and flexible processes create engagement models and deliver digital services that “drive cost and time reduction” in projects while maintaining the highest software engineering standards.