Technology is rapidly changing and evolving, bringing with it a lot of new opportunities for businesses. Keeping pace with these cutting-edge developments is important for enterprises that want to maintain relevancy and stay competitive within their market. Innovation is key to growth, so you want to be able to optimise your organisation’s IT infrastructure with market-leading tech tools.
Rubicon 8 has its finger on the pulse of innovation. Let’s investigate the importance of this, and discuss the tech trends we expect to make their way into the market sometime soon.
Why investment in innovative technologies is important
New technologies make for new capabilities and efficiencies that can accelerate the data capacities, speed and scale of your business. With increased computing power, bandwidth, and insightful analytics, you can open doors to new opportunities that were previously unheard of. In turn, this can help to reduce your business costs while streamlining your processes and service delivery.
According to management consultants, Bain and Company, in the financial sector alone companies utilising modern technology can serve three more customers per employee. The more innovative technologies you leverage, the easier it becomes for your teams to access this same level of productivity. Neglecting this opportunity, or sticking to traditional legacy systems and processes because ‘they’ve always worked’ means you risk being left behind. Besides, if you don’t take advantage of this tech someone else will, meaning they could generate better returns and provide better customer experiences.
Of course, the technology landscape is vast, with a lot of different applications and systems available. It can be hard to know which innovations are worth investing in. That’s why we’ve identified the innovative technologies and emerging technology trends in Australia and beyond that are worth keeping an eye on.
Innovative technology trends
AI transforming business
Google CEO Sundar Pichai names Artificial Intelligence (AI) “more significant than fire or electricity” in regard to its impact on human civilisation, and we are already seeing its effects on the business world. In fact, according to research from software company, Salesforce, 69% of IT leaders are reporting that using AI is transforming their businesses.
Advancements in this space as well as machine learning can offer new services and products, including things like self-driving vehicles. Companies are also able to create synthetic content, using AI’s creative power to create images, sounds, and info that previously didn’t exist. There are even natural language algorithms that allow computers to recreate human language and communications.
All of this works to change the ways customers interact with businesses. Interest and loyalty can be heightened thanks to the new experiences offered by AI’s innovative technologies and the new ways customers can engage with organisations. Not only that, more personalised experiences can be offered thanks to advanced AI-powered data analytics.
With the ability to harvest and analyse larger sets of data, companies can gain a more advanced understanding of their customers. This then allows them to offer hyper-personalised experiences that are based on who they are and how they’re feeling in the moment. For example, this can be done by using accumulated data to create customer profiles and then running automated AI experiments to see how they would respond to certain circumstances related to your offerings.
The rise of the metaverse
The metaverse refers to an immersive digital world that is expected to be the future of the internet. Experts are predicting that it will contribute $5 trillion to the global economy by 2030, and that 2023 is the year that will define how it will be used over the next decade. Though there is some disagreement about what it could look like, the most likely iteration will be a decentralised platform that consists of immersive virtual and augmented realities (VR/AR).
The idea of the metaverse has emerged in recent years, spearheaded by Mark Zuckerberg, and many businesses are choosing to invest in its creation. More and more in the banking, fashion, entertainment and video gaming industries are jumping on board, and this is expected to increase in 2023. This is largely due to the fact that companies are keen to demonstrate to shareholders that they are ready to jump on emerging trends, while also looking for new ways to engage audiences that are becoming harder to impress.
As the metaverse emerges, businesses will need to think of ways to build products and services that leverage its immersive capabilities. It could be a matter of building more engaging and efficient internal processes, with increased capacities around collaborative remote working, training, onboarding, and project management. Otherwise, it could provide an avenue for new customer engagement, with AR and VR allowing customers to digitally trial products – whether that be clothing, furniture, accessories, or construction.
Regardless of which industry sector your business is from, exciting opportunities will soon be possible in this space, so now’s the time to think about how you can use it to your advantage.
The use of digital twins
Digital twins offer a way for businesses to test new ideas and strategies in a safe, foolproof environment. Engineers and designers can create a virtual simulation of your organisation’s real-world processes, operations or products and test out a variety of conditions. This alleviates the need for costly experiments in the physical world. From there, things can be tweaked and edited until they’re ready for implementation in the real-life workplace. If the digital twin is a product, it can be easily brought to life with 3D printing technology.
In 2023, we expect to see even more digital twins used in factories, machinery, and even precision healthcare. It will be especially useful with supply chains since digital copies of factories can be created in order to anticipate pressures and events that could cause impacts or inefficiencies. It can also help in the creation of all new materials, with features like self-healing paints and water-repellent clothes able to be tested.
Talk to the innovation experts
Though these tech trends aren’t yet widely available, it doesn’t mean you can’t start preparing for them. Rubicon 8 can facilitate your adoption of innovative technologies and exciting digital tech by prepping your infrastructure for their implementation. We’ll discover how your business operates, and find the best solutions to enhance and optimise the way you function. Get in touch with us today.