The global is converting at an accelerated pace, way to exponential technologies like AI, IoT, automation, and Blockchain. Cloud computing, AR, VR, and ubiquitous smartphones are other drivers of tech alternate. The effect of those structure stacks is discussed inside the new booklet, Wiley Innovation Black Book on Exponential Technologies, released by Wiley India. The material is spread across 344 pages, with contributions with the aid of 17 tech practitioners from India. The book collection editor is Sameer Dhanrajani, Chief Strategy Officer at Fractal Analytics. His different ebook is AI and Analytics: Accelerating Business Decisions (see my e-book assessment right here).
Unfortunately, there may be no govt precis or introductory bankruptcy that ties together key topics from each chapter and suggests how they interconnect. There is a lot of repetition across the chapters, and a number of them are full of wellknown speculation without a single case take a look at or example.
Here are some of my key takeaways from the fabric, additionally summarised in Table 1 (below). See my evaluations of the associated books as nicely: Machine, Platform, Crowd; The AI Advantage; Human + Machine; The Subscription Economy; The Inevitable; The Four; and Industries of the Future.
The e-book begins with a conventional quote with the aid of Ray Kurzweil, explaining what exponential change in era implies: “If I take 30 steps linearly, I get to 30. If I take 30 steps exponentially, I get to 1000000000.”
Machine strengths are pace, accuracy, repetition, resilience, predictive talents, and scalability. Human strengths, on the other hand, are creativity, agility, dexterity, improvisation, judgment, and social and leadership skills. Companies need to locate methods of balancing those sets of skills via augmentation.
AI technologies to be had now consist of ML, deep learning, chatbots, NLP, pattern recognition, and autonomous systems. The subsequent wave of AI will function notion-controlled robots, neuromorphic computing, surgical robots, real-time commonplace translation, and digital companions.
Deep Thomas, of Aditya Birla Group, classifies the AI maturity stages of various industries: leaders (ICT, finance), advanced (retail, fitness), experimental (car, business equipment), emerging (chemical substances, energy) and laggards (F&B, mining, agriculture). The industrial revolution has surpassed via three stages: steam, electricity, and simple digitization, and we’re now in Industry 4.Zero.
Manufacturing affects due to tech innovation are in operational excellence (Mercedes, Fanuc, GM), superior client experience (Lenovo, Komatsu), new business fashions (Volvo, Uber), and agile product development (GE Appliances FastWorks). Digital twins, collaborative machines, and additive manufacturing can enhance production process performance (MPE) and predictive asset renovation (PAM).
“Robots will automate stupid, grimy and threatening duties,” Deep writes. Supply chains will become self-healing and resilient. Micro-factories and nano-materials are different tendencies to observe.
Wearables and AR will remodel the training of operators. Worker protection and security could be improved, but they also need to be upskilled because the manufacturing facility of destiny could be built at the “Internet of Abilities.” Industries will need to turn out to be sustainable through reuse, recycle, reclaim, get better, and remanufacture strategies.
Ajay Kelkar, Co-founder of Hansa Cequity, explains that turbulence and disruption are a lot extra part of a major advertising and marketing officer’s life today than ever before. The venture is to attain customer intimacy via automation at scale, in real-time. Customer research is becoming more tech-centric, and plenty of businesses have become “datavores”.
Companies need to align the internal cultures of departments such as IT (reliability, continuity) and advertising (innovation, trade). Digital media have given customers a “social megaphone,” and new metrics are had to show return on advertising investment (RoI) of campaigns.
Customers appear inclined to share statistics in go back for price addition and relevant services. But demanding situations encompass ensuring information privacy, while additionally competing with the likes of Amazon, Google, and Facebook.
Anees Merchant, of Course5 Intelligence, indicates how rental and subscription models are remodeling the media industry. Consumers are more stressful, and the work-existence distinction is blurring. Corporate demanding situations lie in shifting from the wallet of functionality to quit-to-cease answers.
Creative inputs from AI are emerging in content cataloging and summarization, macro- and micro-packaging, script era, sales predictions, and virtual asset management. Trends to observe are holograms and nano-robotics.
Pramod Singh, of Envestnet significance of banking-fintech partnerships. Enriched transaction facts at the side of behavior pattern evaluation can permit hyper-personalization of services. Governments can stimulate and incentivize the environment as well.
“The charge of innovation in a generation has given InsureTech an extraordinary impetus,” writes Anshu Sharma Raja of Standard Chartered Bank. Millennials choose virtual channels to buy insurance, and the upward thrust of independent motors poses new questions about who must be buying twist of fate coverage.
Connected automobiles and actual-time monitoring through IoT are remodeling coverage practices in transportation. Consumer wearables offer new records to measure the fee of danger. Companies want to combine “range piped” databases throughout sub-disciplines. “To meaningfully participate within the platform economic system, insurers have to embrace ecosystems and be prepared to accomplice with the competition, different industries, and innovation technology-based provider providers,” Anshu advises.