We live in a very exciting era where advanced innovation used to be a once-in-a-century thing but the gradual technological advancements is also bolstering the acceleration of research and development to create new products. Due to the covid-19 pandemic, businesses are now trying to lower their operational costs, optimize business processes, and enhance customer experience with process automation. Resulting advancements in technologies such as Artificial Intelligence, Big data, the Internet of Things (IoT), Cryptocurrencies, etc. that also offers a glance into what the future holds.
The outcome of people’s increasing comfort and reliance on digital business models are echoing around the globe. If we take a glimpse on economic recessions that happened in the past shows that companies like microsoft and google were born from the economic recession of 1975, ipod was launched in 2001 after 1999s dotcom bubble crash, iphone and ipads were launched after 2008s economic recession. It would not be wrong to presume that new investments are already in place to create new products which will give rise to potential unicorns of the 2030s. However, which tech trends are ready to change our lives for the better?
Which Tech Trends Will Boost the Economy?
Technology and its trend are continuously evolving. At the time when society is thrilled by different external activities, it becomes important to understand the future world empowered by technology. Key technologies that are set to impact the economy in the upcoming years include:
1. RPA
Robot Process Automation or RPA is a technology application that is controlled by business logic and structured inputs to help automate business processes. It is majorly used for automating repetitive tasks. Note that not all processes can be automated.
For example, with RPA in HR, hirers don’t have to go through a ton of resumes for open positions instead software robots easily gather all the files and check if the resume matches the job requirements or not. Moreover, the suitable candidates will also get the notification for further processes which saves a lot of time wasted in the complete process.
RPA is also useful in other processes like invoice processing, customer onboarding, payroll, Fast Refunds, and so much more.
2. IoT
Internet of Things simply refers to the millions of devices that are connected to the internet to collect and store data. It enables devices on privately closed networks to communicate with each other and share information.
Under Armour is the biggest example that uses IoT at a whole new level. It not only owns sports apparel but three health-tracking companies as well. It is a one-stop-shop for tracking and sharing information. If you want to track your footsteps, map your run, or see nutrition information that is recorded by clothes, then Under Armour is your perfect partner.
3. Robotics
It is an interdisciplinary area at the alliance of engineering and computer science. It includes the construction, design, use, and operation of robots. You might have heard about Tesla. It has become a leader and explorer in the electric vehicle market. As a tech pioneer with immense interest in autonomous vehicles and manufacturing, it is so much into robotics and artificial intelligence. Tesla is using robotics for mass production and has succeeded in the same so far. It has made the future of tech-based manufacturing clear to all.
4. Reinforced Learning
Reinforced learning is a part of machine learning focused on the way intelligent agents work to maximize the concept of accumulative rewards. It is the training of machine learning to help in making a decision sequence. Simply put, together with the simulations it becomes an exceptional tool for AI model training that increases automation efficiency.
You must have Amazon’s Alexa at home or would have seen it at your friend’s house. It is the best example of tech tools that uses reinforced learning. Every time you make a request and it mistakes in understanding your request, that data is used to make it smarter and efficient. It uses complex algorithms to revolutionize how we do everyday tasks. Soon enough more advanced products like Alexa would be seen in the market.
5. Crypto Currencies Pegged to Fiat Currencies
Governments are minting fiat currencies to fuel the economy in this recession triggered by the coronavirus that has laid unaccounted inflation on people. Such action has once again shaken the trust of people in centrally controlled fiat currencies that's why stable cryptocurrencies are in demand now. For your information, cryptocurrencies tokens are only issued at the time of ICOs(Individual coin offerings) after that they can be only mined by validating transactions, and the maximum amount up to which that cryptocurrency can be generated is also defined which prevents currency holders from unaccounted inflation.
Cryptocurrencies such as Bitcoin’s price highly fluctuates which lures traders as it provides them trading opportunities to make good profits. When it comes to our day-to-day lifestyle and regular sales or purchase of products, cryptocurrencies do not work well because of their volatility. Businesses and shopkeepers need a stable currency to buy or sell goods and services. Dai tokens are the best example of stable cryptocurrencies, this currency has been pegged to USD which makes it suitable to be used in place of USD globally.
Future of Tech Fueled Economy
The transition in businesses is a continuous process where tech trends emerge to solve problems however economic recessions fast forward this process because entrepreneurs recognize it as a pivotal moment for transforming their business and making new investments.
The financial crisis of 2008 fostered technological innovations as it was the need of the hour and there were tech giants, unicorns which were born in that era. The above discussed tech trends are the ones on which the IT industry is working heavily to deploy business benefits as early as 2022.
If we talk about the future, within 10-15 years there will be several new technologies that we might not imagine at this moment. However, with the Coronavirus epidemic, brands and businesses are working towards the advancement of their process and services through the help of popular techs. The global workforce is undergoing a massive transformation and shift in technology which is also known as the fourth industrial revolution. While working with technology trends out there, businesses will acquire more automated and intelligent processes. Overall, these technologies are set to transform the way we look at this world while boosting the economy.