According to an Accenture survey, emerging technologies have boosted organisations' innovation pace in the previous three years, with 94 percent of IT and business professionals agreeing.
Winning This Decade in the Context of the Next Normal
This decade continues to witness further development in technology, as innovation transforms industries such as insurance, banking, and healthcare. It is crucial to look beyond seeking operational efficiency and decreasing cost — particularly as customer expectations, regulatory requirements and business landscapes are rapidly evolving.
Take a look at six vital technology trends that have gained momentum in today’s hyper-digital world:
Trend 1: Artificial Intelligence (AI), Machine Learning (ML) – Integrating Intelligence
Technologies like AI and ML have existed for some time, but only now have they started maturing from their perception of “interesting” to “organizationally effective.” Artificial intelligence and machine learning are digital transformation catalysts, and some of the capabilities that fall under this technology include pattern recognition, natural language processing and sentiment analysis. Artificial intelligence has become increasingly important because it provides companies with a competitive edge, is cost-effective and allows them to future-proof themselves.
Trend 2: Predictive Analytics – Harnessing New Opportunities
In this digital-savvy environment, it has become crucial for organizations to employ tools like predictive analytics. An advanced form of data analytics, it’s used to extract information and predict trends, behavior and activities with precision. It is increasingly being introduced across industries as it optimizes productivity, helps understand customers better, identifies revenue opportunities and areas of attrition. Financial institutions have already begun to deploy predictive analytics, helping them customize the product offerings, detect fraud and identify new opportunities for cross-selling.
Trend 3: Low code – Accelerating Innovation
Gartner forecasts that low code application platforms will be responsible for 65% of application development activity by 2024. Organizations are rapidly leveraging low code to cater to the growing needs of the digital-first customers, deliver mission-critical and enterprise-grade applications quickly and respond rapidly to unforeseen scenarios.
Trend 4: Intelligent Process Automation (IPA): Unifying Processes
Another technology trend that has paved its path in the digital world is intelligent process automation (IPA). IPA is a group of technologies that work together to organize and digitize the end-to-end business processes and the customer journey. The key drivers of IPA are the need for continuous improvement, retaining data consistency and bridging existing silos. The technology offers several benefits to an organization, such as reducing error rates, unifying operations, and accelerating processes, but more importantly, assisting in streamlining employee and customer-facing journeys.
Trend 5: Contextual Content Services – ECM: Leveraging Context in Content
Contextual content services, an evolution of traditional enterprise content management (ECM), play a key role in powering automation initiatives. The right tools in ECM like intelligent taxonomy and cognition can bring context to business processes. Empowering users to make smart decisions with relevant information ensures accurate data extraction, and mitigates risks by managing the overall content lifecycle.
Trend 6: Robotic Process Automation (RPA): Improving Productivity
Robotic process automation is rapidly becoming an integral cog in the wheel of the end-to-end digital journey of organizations. RPA can be the last mile of process automation — or in between — but is key to streamlining and optimizing customer-facing and back-office tasks. The use of bots helps automate repetitive tasks and liberate knowledge workers to focus on other value-added tasks. The capabilities of RPA offer several benefits, including faster turnaround times, process optimization, sustaining consistency and increasing employee productivity.
Future-proofing the Enterprise
A close eye on the different technology trends can help enterprises leverage the right tools to optimize their business processes and adapt to the changing market needs. Technologies like low code platforms, advanced analytics, AI, and ECM are already being implemented by some organizations to stay ahead of the competition. Ensure your enterprise is tapping into these technology trends to thrive in the next normal.
(This is a slightly modified version of an article originally published in DevOps.com. The original article can be found at https://devops.com/6-top-devops-technology-trends-to-watch/)