From when we get up in the morning to when we sleep, technology has a presence in most aspects of our daily routine. The potential of what we can achieve with technology is limitless. New breakthroughs are taking place at an exponential rate. Whether it be for sustainability, data analytics or artificial intelligence (AI), technological innovations is projected to touch every business and every life on the planet.
While future is unpredictable, we can make an estimate on how advancement in the technological space will make life easier.
Here’s a run down on top future projections in the field of technology.
AI-enabled manufacturing
Many industrial organisations today face tremendous pressure, to stay ahead of the competitive curve while establishing themselves as leaders in their segment. In such a scenario, the challenge to achieve Top Quartile operational performance feels like a distant dream. Added in this mix is the pressure to complete projects on time as well as on the approved budget. Studies suggest that industrial enterprise incur $50 billion annually due to unplanned downtime costs.1
Cloud technologies offer a way forward. Accelerated in part by the disruptions caused by the COVID-19 disruptions, companies that employ cloud can rapidly design and build projects from their manufacturing lines to their supply chains. In a few years, cloud will enable companies to stream data and continuously optimise towards higher levels of output.
Energy transformations
With a majority of the population contained indoors for months at end due to the pandemic, we had a glimpse of what the environment can look like in the absence of heavy pollution. Much like drunk driving today, carbon footprints would be deemed socially unacceptable in a few years. The COVID-19 pandemic has shifted the public focus on the need to preserve our health-preserving our environment is one way many have started looking at it. This renewed attention is also driving policies and rules, not only by governments but also by private bodies.
Clean energy has been put under limelight. Technological innovations and new financing methods are making renewable energy accessible and affordable to the masses. According to a report by the Bloomberg New Energy Finance, clean energies such as solar, wind, hydropower and various sustainable sources will account for half of the world’s energy mix by 2030.2
Rise of preventive healthcare
The rising adoption of technology in healthcare is leading to the growth of a connected healthcare ecosystem that will reduce or eliminate hospital stays. The growth in preventive healthcare can be attributed to the increasing penetration of smartphones, tablets and other mobile platforms. It is estimated that by 2025, healthcare systems across the world will adopt more preventive-based approach. This includes the utilisation of plant-based diets which have been scientifically proven to be rich in various nutrients.
Technological breakthroughs will lead to further innovations in the sector. Armed the power of data analytics and biology-based tech, industries working in the healthcare segment will develop a much better understanding of natural defences. The global food industry can respond faster by offering a broader range of products options that is integrated with the benefits of phytonutrients.
Driving innovation with Robotic retail
According to a report by the Boston Consulting Group, the global robotic market is estimated to reach $87 billion by 2025.3 It is also estimated that about half of this will be employed by the retail market. Amazon’s warehouse in New Jersey (USA) is a good example of artificial intelligence can successfully automate manual monotonous tasks, leading to operational efficiency.
But this is not the only facet that can be optimised with the use of robots. While AI can surely free staff of many manual tasks, giving them more time to enhance customer interaction, the real benefit lies in tapping into the granular data on consumer buying patterns. This will lead to better accuracy in inventory management. Retail robots can act as data collectors, gathering voluminous data which will then be analysed in the cloud.
Tackling the wealth gap
While digital technology was not built to tackle inequality, it is well on its way to do exactly that. E-commerce is a clear example of how technological innovation is boosting the society. In India, and across the world, various e-commerce platforms are equipping small and medium enterprises (SMEs) to take their products to the masses. With such platforms, many small-time retails, who otherwise don’t have the resources to expand their digital presence, can retain a higher customer base and boost their sales.
Looking ahead
We live in an age where technology and science can assist us in almost all facets of our lives. And the tech we are already exposed to can pave the way for us to ideate and innovate.
References:
1. https://techwireasia.com/2021/01/how-predictive-maintenance-is-changing-the-industrial-enterprise-for-good/
2. https://www.goldmansachs.com/insights/new-energy-landscape/low-carbon-economy/clean-energy/
3. https://www.wns.com/insights/articles/articledetail/515/robots-in-retail-driving-innovation-one-aisle-at-a-time