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Importance of Emerging Technologies

With the fast-growing world and technologies advancing in every industry, our lives have become a lot convenient than they were in the 20th century. The world has encountered extraordinary organization development during the most recent decade, and further development is approaching. Since 2001, the beginning of the IT revolution, information science has innovated and given birth to some of the most world-renowned technologies. Newer technologies have been coming up ever since. Let us take a look at the top four emerging technologies, and how beneficial they have been to us.

 

1.  Artificial Intelligence (AI) 

Artificial Intelligence commonly known as AI is an integration of a variety of machines and the human intelligence. It is an interdisciplinary science with a few methodologies yet progresses in AI and profound learning are delivering worldview changes in virtually every field of the innovation business.

Numerous associations are utilizing AI innovation to attempt to decrease working costs, increment efficiency, increment deals and improve the client experience. Some of which are Amazon, Apple, Google, Microsoft, Facebook, Tesla and so on. These business giants have inculcated AI to its fullest extent. For example, Amazon’s AI using a recommendation engine generates 35% of the company’s revenue.

Research has shown that deploying AI technology in your business may help it gain the ability to:

  • Utilize time and money effectively
  • Increase efficiency
  • Avoid mistakes and ‘human error’
  • Mine huge amount of customer data
  • Generate data which can be used to analyze for maximizing sales

 

All things considered, AI is developing at a quick movement and may introduce some surprising difficulties but is always a great topic to study and read up about.

 

2.  Big data 

Big Data is data that includes a greater variety that arrives at rising volumes and ever-increasing velocity. This is known as the three Vs. Simply put, big data is larger, more complex data sets, particularly from new data sources. These data sets are so huge that conventional data processing tools cannot handle them.

Companies like Netflix and Procter & Gamble use big data to envision client interest. Netflix used this disruptive technology to completely replace Blockbuster. Netflix saves around $1 billion a year from customer retention by using big data analytics.

Big data can help you handle a variety of business operations, from customer service to analytics. Here are only a handful of them:

  • Product development by classifying key attributes products or services
  • Predictive maintenance to predict machine or system failures
  • Customer experience
  • Machine learning
  • Operational efficiency
  • Drive innovation

While new technologies for data storage have been developed, data volumes are doubling in size every two years, making it difficult to fully utilize its true potential.

 

3.  Cloud Computing

Cloud Computing is the on-request accessibility of PC framework assets especially information stockpiling and figuring power, without direct dynamic client the board. Cloud computing has become a modern buzzword for small and medium-sized companies in business circles. Although not all small businesses have started using cloud computing, many find that the cloud provides them with extra resources or storage space for their projects or files.

Instagram, Pinterest, Apple, Xerox and many more companies have taken cloud computing by storm and show us that we need to extend our thinking on how valuable the cloud can be.

There is a range of good reasons to add cloud computing to your resource list:

  • Infrastructure as a Service, clients can use your infrastructure easily
  • Platform as a Service
  • File Storage can be alternatively used as back up or disaster recovery
  • Increasing Collaboration
  • Testing out New Projects

Even though cloud computing is high on demand and is very resourceful by cutting cost in hardware purchase, it is still prone to challenges like cyberthreats and espionage attacks.

 

4.  Blockchain Technology

Blockchain technology is a structure that stores transactional records, also known as the block, of the public in many databases, known as the "chain," in a network linked by peer-to-peer nodes. Usually, this storage is referred to as a 'digital ledger.' Each transaction in this ledger is approved by the owner's digital signature, which authenticates the transaction and prevents it from being tampered with. The information found in the digital ledger is therefore highly secure.

Apart from its use in Cryptocurrencies like Bitcoin, Blockchain technology is widely used in FinTech where it helps in cost reduction, it is also used in the food supply chain which makes connecting farmers with distributors very cheap and effective.

Blockchain is an emerging technology that has many advantages in an increasingly digital world:

  • Highly Secure
  • Decentralized System, no approval required from the third party
  • Automation Capability
  • Fast and efficient

Blockchain is a fast-growing technology that is here to stay. Nevertheless, like everything else some challenges like its scalability and Interoperability need to be addressed before deployment.

These are some of the technologies which have revolutionized our lives and as long as technology is advancing our lives will become much easier as the days go by.

  •  December, 15, 2020
  • Sriya
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