3 Mega-Trends that will Transform Enterprises of Tomorrow
The world is changing real fast and business world is catching up with new trends that are going to reshape our globe. The world we knew a few years back would not remain same anymore.
We will have new technologies, new ways of living, new growth opportunities, and much more. Here we bring 3 mega-trends that are going to change our future. In fact they are already changing things fast and we will watch them going more in near future. These technologies and trends are going to have a huge impact on how enterprises operate and serve the world.
1. Big Data
Data is no more just a set of numbers but it has turned into a gold mine which gives enterprises information that they are looking for. This information when extracted from huge data sets, using Big Data technologies, can deliver insights that would assist enterprises in taking critical decisions, understanding consumers, bringing innovation, and do a lot more. According to a prediction by International Data Corporation, revenues gained by enterprises from Big Data would reach $203 billion globally by 2020.
How Enterprises use Big Data?
Amazon uses Big Data analytics to predict products that are most likely to be purchased by specific users based on their purchasing patterns and search behaviour. This allows company to come up with most targeted recommendations across consumer touchpoints pulling them to make purchases. Moreover, the analytics also reveals insights on what consumers like and what they do not appreciate based on which Amazon keeps changing its interface components and product placements to enhance customer experience.
How Big Data will reshape enterprises
A survey conducted by McKinsey in 2018 on enterprises revealed a few patterns in which Big Data has brought about changes in enterprise operations. While earlier companies believed in volumes of marketing trying to increase the conversion rates, today, with Big Data, they are able to use highly targeted marketing with high accuracy that helps achieve better results. They can now understand the consumer preferences and can even predict their behaviour.
Customer Service has become more proactive with employees being more aware of what is happening in the consumer world. We can now see more targeted services, refined products meeting consumer needs, and streamlined customer service that brings happiness to customers. Enterprises today are more customer-focused and better understand them through Big Data analytics.
Bitcoin is an increasing list of transactional records that are linked to each other through cryptography. It is a form of decentralized system of records that presented secure , cost effective, and efficient way of record keeping. The concept of blockchain was first introduced to the world in 2008 but was accepted only in 2010 after initial hiccups with its first application as Bitcoin which companies started to use for financial trading. Later, Ethereum introduced Blockchain 2.0 that enabled peer-to-peer exchange of value between users.
Cryptocurrency, which is a decentralized digital currency, dwells upon the concept of blockchain which is used for building security and privacy in transactions. It is not regulated by any centralized authority. Blockchain has now been widely accepted in many applications for giving value adds to businesses. As per Gartner, business coming from blockchain value additions will reach $3.1 trillion by 2030. Today, more than 100,000 users are added to cryptocurrency exchange every day and $50billion is traded daily using cryptocurrency in the world.
How Enterprises use Blockchain?
Blockchains are used by enterprises for creating decentralized applications and mechanisms. A number of benefits are achieved by them such as scalability, maintenance of privacy, trustworthiness, easier governance, regulatory oversight, and fault intervention.
Large corporates are using blockchain cryptocurrencies as a tool for treasury management which can optimize their working capital and vendor settlements. HUL, Reliance Industries, and HDFC Bank are among the large corporates that use blockchain for their trade finance, record keeping, and internal treasury.
How Blockchain will reshape enterprises?
Blockchains are transforming the world finding its application in multiple industries including insurance, finance, music, healthcare, food, telecommunications, smart appliances, IOT, asset management, and personal identification to name a few.
In future, blockchain will turn into core processes in supply chain and payment systems. In food industry, you can see blockchains used for enforcing industry standards and verifying ingredients. Enterprises would be able to trace component suppliers in industries so that root of problems can be detected. Blockchain would standardize most processes in future enabling firms operate more effectively.
3. Autonomous vehicles
As per a recent study by BCG research group, there will be 12 million and 18 million fully autonomous and partially autonomous vehicles operating in the world by 2035. Most of these vehicles would be used in construction, manufacturing, and farming applications. US department of Transport has invested $40 million on autonomous vehicles that would connect Ohio residents living in Linen neighbourhood to nearby job centres. Over 5,700 patents for autonomous vehicles have already been registered and soon the technology will commercialize on large scale bringing fully autonomous vehicles on road. The trend will reshape the cities making them smarter.
How Enterprises use Autonomous vehicles?
Dominos is planning to use autonomous vehicles for their product deliveries. BMW already has advanced autopilot systems in their cars and is planning to launch autonomous vehicles in near future. Many Tech giants are working on driverless technologies such as Apple which is running Project Titan targeting development of advanced electrical vehicles and Cisco that is building an autonomous driving infrastructure in Michigan.
Some automobiles companies are also keen on bringing autonomous models on road. Audi had came up with its self-driving A8 model. Volvo has a series of self-driving passenger vehicles under its project “IntelliSafe”. Ford has plans to roll out its autonomous vehicles under its “Smart Mobility Plan” by 2021.
How Autonomous vehicles will reshape Enterprises?
Most autonomous vehicles are targeted to be used for industrial work that is tedious, dangerous, or repetitive. However, if autonomous vehicles get acceptance among masses, it would affect automobile manufacturers. Tech giants such as Google and Apple are already exploring the arena trying to develop autonomous vehicles. If autonomous vehicles become the trend in future, automobile manufacturers such as General Motors would have to cut down their production by 50%. However, the technology will benefit several other industries with applications such as ride-sharing, delivery transportation, construction work, and more.
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