Technology is evolving at a breakneck speed defining the next frontier for the modern enterprise, competitors and the industry at large. A recent survey by PWC titled "Navigating the rising tide of uncertainty- 23rd Annual Global CEO survey", highlights that 69% of CEOs are worried about the speed of tech change, struggling to just keep pace. Only 27% of them admitted that they are very confident in their revenue growth prospects in 2020, a record low level since the 2009 economic slump.
Technology will have a decisive role to play, as nations chart their recovery plans post COVID-19. Ground-breaking technology research and development will form the backbone of innovation. Going forward, here are the top 5 Technologies that will battle for supremacy post COVID-19 and create potential investment opportunities and rapid business interest-
For years, artificial intelligence has been the most debated and the most embraced technology touted to be the next big thing in technology. The tech transformation caused by the COVID-19 pandemic may mean the proud moment for Artificial Intelligence is finally here.
In a quest towards business continuity planning, centralization of more data on the cloud is precisely what's needed for the enterprise to give AI a push it deserves. From more accurate predictive algorithms to RPA- the capabilities of Artificial Intelligence are marvellous. Another area of opportunity for AI supremacy comes from the increase in remote working. As organisations struggle with the challenge of getting their employees back, they may be more receptive to AI-based process automation software to handle mundane and rule-based tasks.
Internet of Things (IoT), along with other disruptive technologies like Cloud and AI, may prove to be a gamechanger post the COVID-19 recovery. According to a study by researchers at MIT, IoT technology with its connected sensors can be helpful in monitoring patients who are high-risk and hence pivotal source to mitigate the infectivity spread.
Connected sensors can also help to automate certain processes and minimize the need for humans to perform every activity, use cases include monitoring, surveillance and predictive maintenance.
Cloud is imperative technology not be having been missed from this list. As businesses go digital and employees work from home, cloud servers render servers, collaborating with partners and customers.
Many businesses are quickly turning around with the cloud, moving at jet-fast speed to adapt and transform their operations. Consider YMCA, Planet Fitness and Nike whose offerings include fitness classes online. Schools and colleges are providing online learning, and the OTT content demand has gone up dramatically, courtesy -the cloud. Online grocery retailers have seen new business spike too, all thanks to the cloud infrastructure.
Every enterprise is looking to the cloud – public, private and hybrid to reimagine its operations and make collaboration happen on an unprecedented scale.
COVID-19 crisis has rattled supply chains around the globe creating serious questions about the future of the manufacturing industry. Blockchain and transparency ledgers will be critical to the recovery and economic activity restoration. This pandemic challenge presents an opportunity for the integration of blockchain, which has the power to alter the future of supply chains.
To rebuild disrupted networks, trust and the ability to verify information will be essential. Blockchain technology offers the building blocks to provide trading partners and consumers the transparency of trusted and secured data, and to synchronize processes through a mutually agreed ruleset. This potential is especially attractive for businesses contending with supply chain disruption due to the pandemic.
Robots will be the face of the enterprise after COVID-19, primarily to relieve employees from hazardous tasks; and to achieve quick production timeframes and low costs. To cope with the current crisis, these "machine helpers "will rise to the executive boards.
If business leaders invest aggressively in the right technology, it could prove to be a pivotal moment for the growth of their offerings and the economy in a macro level.
The impact of COVID-19 on the world economy is though temporary, the fundamentals of stable and long-term improvement have been rattled and challenged. The opportunity given to technology is huge, where the success of an enterprise will only come by adopting a flexible and open-minded approach and those who do so will surely enjoy the dividends in the long run
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