Technology, as we all know, is the biggest driving force for the developments in business throughout the world. In today’s fast-moving era, the world of business is working solely on the trade-offs between disruptions and sustainability. Here are some of the game changers that are definite to turn the world upside down.
XaaS
The changing consumer preferences and the increasing importance of convenience have led to the growth of the XaaS or “anything-as-a-service” model. From the entire retail industry transforming into online retail and the subsequent shift of other industries from physical to digital, all businesses are making a drastic shift to the online platform. This has not only created value for consumers in terms of a variety of substitutes, ease of access to a wide range of products and services but also has helped businesses to automate several business processes by integrating an IT infrastructure and reducing operating costs. Anything and everything from Analytics-as-a-service, Business-as-a-service to Computing, Data, Gaming, Jobs, Knowledge, Network, Utilities, Virtualization and more, the A to Z of services is available under the umbrella of the XaaS. XaaS has indeed extended way beyond the reach of Cloud Computing!
Prescriptive Analytics
By applying multiple algorithms and making several mathematical computations, prescriptive analytics has the power of analyzing not only what might happen but also what solution needs to be adopted. One example to highlight the importance of prescriptive analytics is as follows:
Imagine you are driving a car. On realizing that the car right in front of you is slowing down, you apply brakes in order to avoid a possible mishap. This is foresight. Now, as a result of braking, you get hit by the car right behind you. As a result, you get into an accident while trying to avoid one. This is the difference between descriptive and prescriptive analytics. The latter allows you to make informed decisions without compromising vital factors.
This is proving helpful in smart data discovery, automation, machine learning and managing huge volumes of information.
Blockchain technology
Blockchain technology represents a trustless electronic payment system that facilitates transactions between two parties without the inclusion of a financial institution such as a bank. The blockchain technology combined with mining of Bitcoin successfully solved the double spending problem. Blockchain has also made transactions more secure as it is unsusceptible to malicious attacks. Blockchain has found applications in Finance, Advertising, Decentralized computing, Smart Contracts, Medical Record Processing and Citizenship identification. Undoubtedly, blockchain technology has the potential to revolutionize a multitude of sectors and completely transform the world.
Increasing diversity
Most organizations throughout the globe were facing diversity deficiency at the beginning of 2017. A culturally diverse workforce is known to foster the decision-making process as it allows for myriad opinions and ideas. As a result, the considerable focus was laid on building a diverse workforce and an equally diverse boardroom. This is because diversity is a driver not only for innovation but also for market growth. Leaders who value differences in the organization unlock out of the box thinking as a result of acquired diversity. This builds a sustainable competitive advantage for the organization as a whole. Consequently, cultural diversity has become not just a challenge, but a deciding factor when it comes to business strategies of the new age organizations.
Shift towards AI
The shift from all-mobile to Artificial Intelligence represents changing business thinking. The former senior manager at Alexa AI, Amazon, Mr Ashwin Ram, was roped in by Google Cloud as a technical director for their AI research division. Google also acquired DeepMind, an AI-based startup from the UK for more than 500 million dollars. Microsoft too has integrated AI into every product from MS office to Xbox. Microsoft’s Cortana is said to have more than 150 million user database across all platforms. Business giants like Microsoft and Google are heavily investing in AI and hence, it is no surprise that AI is set to be the next big thing!