Here are six areas of innovation that are already having, or will soon have, an impact on managing and doing business in our increasingly digital world:
– Cybersecurity –
As organizations cope with the risks and vulnerabilities posed by the digital transformation, cybersecurity must continue to improve to keep pace with the ever-evolving and increasingly sophisticated methods of cybercrime. Artificial intelligence, machine learning and process robotics (RPA) can help detect malware and ransomware. For example, advanced algorithms contribute to tighter security, especially when combined with automation tools.
– Artificial Intelligence –
As a component of the aforementioned cybersecurity, AI has a much broader and deeper impact on other areas of business, and its market size is projected to exceed $126 billion by 2025. At a high level, AI-powered business tools allow organizations to forecast more accurately, which in turn helps improve operations, better estimate future sales and revenues, and recognize market trends faster.
– Natural Language Processing –
Based on the interaction between computers and human language, NLP is one of the most interesting and widely used AI technologies (famous examples are virtual assistants). However, NLP is still in its infancy, and as it continues to evolve, companies will create machines capable of interacting with humans in ways that will disrupt many aspects of our business and personal lives in ways many believe are unimaginable.
– The MetaWorld –
A virtual world in which people can work, play and interact with each other through immersive online experiences will continue to gain popularity and evolve. AR/VR games and digital marketplaces including real-time shopping, virtual art galleries and digital real estate (the latter worth over $500 million in 2021 and expected to more than double to over $1 billion in 2022) will continue to expand and integrate with social media over the next few years. And again: AI and MO technologies will contribute to the development of the meta-universe.
– Web3 –
As a kind of rebranding of blockchain technology, Web3 offers benefits to businesses and individuals, including full ownership of data, the ability to give users access to their data across multiple applications, and full data encryption for increased security and transparency. Decentralized systems created with Web3 will also benefit creators and artists, who will be able to use non-interchangeable tokens (NFTs) to sell their products, earning a fair income, shared ownership and autonomy. As the creative economy evolves along with Web3, more people will be able to create and create.
As the digital transformation continues to fundamentally change the way businesses do business, organizations need to stay abreast of new technologies so they know what to adapt and when, as it makes a big difference in their organizational roadmap and vision.