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Last updated on Nov 07, 2023
Artificial Intelligence (AI) is referred to as machines with intelligence. Machines use a set of algorithms and make decisions based on data. It processes huge amounts of data more quickly than a human brain can. This is the highly adopted technology by many organizations. Everyone might have used AI in one form or the other.
Let me tell you an example where we use AI regularly. When you click a picture using your phone, it will get added to Google photos. Image recognition will get automatically applied to it, and it will be tagged with labels based on the content of the photo. So you can search through your photos based on color, person, etc.
AI has changed the dynamics of our future. From home personal assistants and fully autonomous cars to building homes on Mars, AI is continually giving excitement to people around the world. AI can be applied in almost all industries. By integrating AI into applications, a person doesn't have to search for information. The information will find the person instead.
Like AI, Robotic Process Automation (RPA) is a trending technology that automates processes. It quickly became popular in the finance industry. RPA is mostly for automating swivel-chair work. Like when an employee in an organization has to get some information, he might have to interact with multiple systems and copy the data to multiple applications. Using RPA in this process will automate interacting with multiple sources and gathering information. RPA will automate boring, repetitive, tedious, and mundane tasks.
RPA eliminates swivel-chair work and reduces the time taken to execute the process. Organizations are tending more towards RPA to automate their repetitive, rules-driven, and back-office works. We can drive results with less human intervention, thereby reducing cost. So the employees can focus more on value-added tasks. RPA works 24/7 and increases throughput. It creates a roadmap of your organization to achieve digital transformation.
Augmented Reality (AR) and Virtual Reality (VR) are gaining a lot of traction these days. It is set to change the way that we do business. So what exactly are AR and VR?
Augmented Reality - It overlays computer-generated input over the real-world objects (user environment), ranging from sound to video. So it adds to the user reality instead of replacing it.
Virtual Reality - It creates a new user environment, i.e., a computer-simulated environment. Users will be immersed and get to interact with the 3D world on a head-mounted display.
AR and VR give a 360-degree immersive experience that completely takes user experience to new lengths. Organizations have early adopted the AR & VR technology to stay ahead of the competition. This technology has helped online shopping, so the users can try on clothing virtually to see how it looks on them before buying it. Users can also place furniture virtually in their houses to see how they fit. It is also widely used in video games.
With data increasing in volume day by day, transmitting it to a cloud or data center for processing is difficult. Transfering huge amounts of data take up too much bandwidth and result in compliance challenges. Computing data right at the source reduces latency and bandwidth use.
Edge computing is referred to as computing data on the edge of the network without having to transfer all the data to storage. Since it processes data right at the location where the data is being generated, users can take instantaneous actions.
It provides speed at which data can be acted upon. So the organizations can give an upgraded experience to their customers. Edge computing will be hugely beneficial to the manufacturing plants to identify problems right at the edge and avoid line shutdowns. It reduces operational costs and less storage to hold the data. It benefits a lot of industries giving a competitive advantage in the future.
The Internet of Things (IoT) is providing the devices with the ability to transfer data over a network without human intervention. It simply means connecting all the devices to the internet and having them communicate with each other. It provides organizations with better insight into the control of the devices. It not only changed the methods of business operations but also changed the way people live.
Smart home automation is one thing that comes in mind when we talk about IoT. Imagine your garage door opening as soon as your car arrives at your home. When you step into your home, the AC will already be turned on for you. Isn't it cool? This is all possible by connecting your car, AC, and a lot of other sensors to the internet, and of course, implementing IoT.
IoT is helping businesses to intelligently track and monitor inventory by giving automatically-controlled options. IoT with devices allows large-scale tasks to be implemented faster. This increases productivity and efficiency. Organizations that have adopted IoT are showing a higher growth graph.
With increasing internet activity, there might be a rise in a variety of security risks. Data loss or information breach are some of the common security risks. So it is very important to secure the transactions and keep them away from hackers. Blockchain provides the safest and secure online transactions. It is a huge breakthrough for organizations to go far beyond cryptocurrencies.
It works in a distributed fashion, i.e., when a transaction is made, it is broadcasted to all the systems connected to the network securely. The systems connected to the network run complex cryptography algorithms, and they seal the information to a block. This block will be added to the existing blocks. Hence the name blockchain.
If anyone wants to access the transaction, they must be verified by the entire community. Since blockchain is distributed and decentralized across many systems, no one can breach or take it down. This makes your confidential and private data highly secure. Blockchain has been widely adopted by finance industries across the world.
Conclusion
Technology is shaking the world as we know it. It has become the revolution that everyone talks about. With the world changing every day, organizations have to learn and adapt the change to meet their customer needs. They have to choose the technology that resonates well with their purpose. Leveraging new and innovative technology lets them stay ahead of the competition.
The new cutting-edge technologies are changing the face of industries making the world a technological reality. Although there are many technological advancements in the world, these are the 6 technologies that stand out for the foreseeable future. They provide a promising career to the technical aspirants. It is a matter of innovation for both people and organizations.
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