Five hot trends in technology innovation? (Part 1 of 2)
As a technology consulting firm, we are often asked to help companies and assist them on the hottest technologies. In our CxO interactions, it is amply clear that businesses wish to invest in the 'biggest technology disruptions' to maintain a competitive edge in their businesses. We also often hear the words - mobile, cloud, big data and social media - peppered in conversations, loosely and interchangeably, expectedly so.
So we decided to share our thoughts head-on through this post. In this post, we attempt to share with you a super simple cogent articulation of the top five technology trends that impact today's businesses. We use the word impact, after a lot of thought. Impact can mean competitive advantage for one, while it means coming out of red for the other. In yet another case, it may mean the bare-minimum entry criteria to play in the market. Across the spectrum, even within your industry or business segment, you will see that your competitors operate at varying levels of 'play' across these five technologies.
IoT, Social, Mobile, Analytics, Cloud (ISMAC)
Internet of Things (IOT), Social, Mobile, Analytics, Cloud (ISMAC) are the five areas in the technology industry that are driving innovation and hence valuations for businesses.
Let us address this one by one. In this two part series, we will cover ISMAC in its entirety. In the first post we will summarize the overall ecosystem and touch on the role each of these technologies play. Subsequently, we will highlight the evolution of each of the technologies, its current state and the future that technology holds for consumers and businesses. The next article will also provide an integrated view and sum-total impact of all these technologies in a futuristic sense.
ISMAC delivers an ecosystem to help businesses have maximum reach with minimal costs. It also helps business to be present in front of the customer without being intrusive. We are all creating peta-bytes of data both in structured and unstructured formats. In today’s day and age, anything that we do on the internet is captured in more than one way. This explosion of structured and unstructured data is generated through literally, zillions of devices, channels and services - mobile devices, wearables, social networks, data sensors, trackers, customer loyalty programs, Utility bills, Online browsing foot prints, Phone call traces, Voice intonations, Satellite imagery, CCTV cameras and much more. Each of these devices are big industry sectors (comprising of hardware, software and services) in their own right. Companies are building hundreds of new business models on top of this user-generated data. Even a simple integration between handful of devices is enough to disrupt this space beyond recognition. The challenge is not in identifying these opportunities, but in actually bringing them to market in a financially feasible manner. The ability of a company to upsell such opportunities is critical in generating business traction and profitable ventures.
+ISMAC – This term was coined at FUTRLABS (The Innovation Hub of Futureshift)
1. Internet of Things (IOT)
The concept of software inside appliances is well accepted. So is the ability to operate them without moving an inch (remote). The Car, Television, Air Conditioner, Audio System are just a few of the daily-use devices that are already intelligent and automatic. Internet of Things is the technology that builds on the fact that every device and equipment ranging from your watch to fan, fridge, dog-collar, mop, shoe, tennis racquet, wardrobe could be personalized to work intelligently depending on your preferences. And why not? Your mop may want to dispense an extra ounce of cleaning fluid considering the condition of the floor. You may like your socks to be a certain temperature as you step out in the chilly winter. Your shoe may add an extra cushion of air as you go hiking up a rocky surface. The grip of your tennis racquet may adjust to the atmospheric humidity and your sweating pattern. After all, sky is the limit to your imagination. IOT promises just that.
Social Media has provided billions of users and thousands of businesses new ways to reach and interact with customers and also among customers. With the explosion of platforms, content sharing has become child's play. Customer's have figured out ways to use these tools to voice their concerns publicly and effectively. The challenge is for business to effectively use this channel to improve overall customer experience and customer service engagement.
Mobile access of websites has increased over 70%. Financial and Commercial transactions on mobile phones has been incredibly quick and timely. A number of ecosystems have developed around payment processing, electronic wallets, devices and operating systems, mobile applications, voice and telephony, user experience etc. Businesses have no choice but to adopt a mobile-first approach in all their discussions and decisions.
Analytics allows businesses to understand how, when and where people consume goods and services. While this has been the way smart businesses performed since time immemorial, explosion of data and multiplicity of channels has shifted this problem into a technology-driven one. Changes in customer expectation have necessitated businesses to be one step ahead of demand. Technologies are expected to crunch multiple terabytes of data in near realtime and propose the next best action to convert the customer
Cloud computing lowers the barrier of entry for businesses to adopt any of these technologies. Ability to spin up BigData instances in hours (instead of weeks or months) flattens what was once a competitive advantage. Hardware and Computing Resources can be procured, setup, expanded and contracted to changing demands at the finger tips. Mainframes and PC's have given way to this standardised way of setting up business infrastructure and operations
In summary, ISMAC is no longer a pie-in-the-sky. It is real and it is the NOW...
In the next post, we will dive deeper into each of these technologies and also provide a sample of potential business opportunists that span multiple of these technologies.