How Advances in Disruptive Technologies are Transforming the Global Economy

Over the last few years, organizations have made tremendous leaps, forward, in the way they operate, interact and communicate with each other and with their clients as well. And this is all done by the increased use of technologies disrupting businesses from the core. Though not every emerging technology might have the transformative capability, some truly have the potential to disrupt the status quo of the business or social landscape and alter the way people live and work.

Today, artificial intelligence has received a lot of buzz around the world, and it continues to grow as its effects on people's daily lives will constantly increase. Its other branches including machine learning, RPA, and deep learning, have also impacted the current business and social landscape, with a rapid and increased deployment rate across all kinds of industries. These days, we are seeing more of AI-enabled solutions leading the market with automated data analytics and communication solutions like email and chatbots, virtual personal assistants, automated research reports and information gathering.

The availability and easy accessibility of these novel and exciting technologies have now, opened various new ways, where staying competitive for businesses has become crucial. Disruptive technologies also have the ability to change the game for businesses, creating completely new products and services, along with shifting pools of value between producers and from producers to consumers. So, organizations will often need to use business-model innovations to seize some of that value. And leaders will need to plan for a wide range of scenarios, yielding assumptions about where competition and risk could come from.

Currently, the world is at the beginning of a new and accelerating phase of technological innovation that may change the development path of emerging markets in particular. This new phase is supercharged by the convergence of rapid connectivity and digitalization, which is creating an unprecedented trove of data.

In the coming year, new and evolving ways of wrangling data will take center stage across enterprises. The ability to decouple data from applications enables organizations to embrace operational and digital transformation. As the huge amount of data is being collected at the most granular level from IoT devices and digital platforms, it has become critical for next-generation technologies as they heavily rely on data platforms. Some of the common and highly adopted disruptive technologies include machine learning, digital twins, spatial computing, deep analytics and new applied versions of prevailing technology.

Organizations that don't implement these cutting-edge technologies around data will find themselves saturated by its scale rather than stirred by its potential. Thus, the continuing parade of new and emerging technologies is unfolding on many fronts, and it is anticipated that the list of next big things grows ever longer. Understanding the key trends will allow decision-makers and businesses to prepare and grasp the opportunities. It means they need to stay up-to-date with disruptive tech trends.