Nobody knew how 2020 would end when it started. The coronavirus pandemic has forced businesses to adopt digital transformation more than ever before. The number of businesses that have moved online in the past six months alone is more than those in the last decade.
Artificial Intelligence, or AI, has already received a lot of buzz in the past decade, but it continued to improve operations for many companies and businesses. The pandemic even made its usage more common. AI, data, and machine learning have played an unmatched role during this coronavirus period.
We have seen how AI has helped in the suggestions customers get when shopping on Amazon, or even when they are watching movies on Netflix. More companies will benefit from AI since the cloud continues to enable access to the rising computing power, software, and frameworks. It’s estimated that 45% of companies using artificial intelligence have increased their total spend per customer, and their ASPs.
Like AI and Machine Learning, Robotic Process Automation, or RPA, is another technology that is automating jobs. RPA is the use of software to automate business processes such as interpreting applications, processing transactions, dealing with data, and even replying to emails. RPA automates repetitive tasks that people used to do.
For you as an IT professional looking to the future and trying to understand new technology trends, RPA offers plenty of career opportunities, including developer, project manager, business analyst, solution architect and consultant. And these jobs pay well. An RPA developer can earn over ₹534K per year – making it the next technology trend you must keep a watch on!
All that talk and hype around 5G will become real in 2021. The need for a reliable and fast connection became urgent only a few months earlier. When digital collaboration, remote work, and videoconferencing became a part of our lives, we had to get ways to boost speed.
It was already clear enough for telecommunication companies that 5G was the way to go. The deployment of this technology will be important for different tools like IoT. About 51% of companies using IoT have noted an improved insight into customer needs, behaviors, and preferences. The value of 5G, therefore, will skyrocket in 2021.
IoB is an upcoming trend that you’ll hear more of in 2021. Companies and businesses are taking advantage of technology to monitor consumer and customer behaviors. Some of the effective technological tools here include location tracking, big data, and facial recognition.
According to a prediction by Gartner, more than half of the global population will be under an IoB tool by 2025.
With the cybersecurity mesh, you can access any digital security asset – no matter its location. The benefit of this technology is that it allows people to place the security wall around individuals rather than the entire organization.
The sudden rise in remote workforces and cloud technology has affected the security of company assets outside the company’s perimeter. Thanks to the help of the cybersecurity mesh, the security perimeter goes beyond and covers individuals working remotely.
An anywhere operations model will be vital for businesses to emerge successfully from COVID-19. At its core, this operating model allows for business to be accessed, delivered and enabled anywhere — where customers, employers and business partners operate in physically remote environments.
The model for anywhere operations is “digital first, remote first;” for example, banks that are mobile-only, but handle everything from transferring funds to opening accounts with no physical interaction. Digital should be the default at all times. That’s not to say physical space doesn’t have its place, but it should be digitally enhanced.
Next remarkable technology trend is quantum computing, which is a form of computing that takes advantage of quantum phenomena like superposition and quantum entanglement. This amazing technology where quantum computing is finding applications is banking and finance, to manage credit risk, for high frequency trading and fraud detection.
Quantum computers are now a multitude times faster than regular computers and huge brands like Splunk, Honeywell, Microsoft, AWS, Google and many others are now involved in making innovations in the field of Quantum Computing. And to make a mark in this new trending technology, you need to have experience with quantum mechanics, linear algebra, probability, information theory, and machine learning.
Hyper Automation is the idea that anything that can be automated in an organization should be automated. Hyper Automation is driven by organizations having legacy business processes that are not streamlined, creating immensely expensive and extensive issues for organizations.
Many organizations are supported by a “patchwork” of technologies that are not lean, optimized, connected, clean or explicit. At the same time, the acceleration of digital business requires efficiency, speed and democratization. Organizations that don’t focus on efficiency, efficacy and business agility will be left behind.
Many banks and financial services providers are utilizing RPA to automate manual tasks involved in report generation and are able to realize an immediate return on investment (RoI). Automating the report generation process includes a range of activities such as optimizing data extraction from both internal and external systems, standardizing the process of data aggregation, developing templates for reporting, review, and reconciliation of reports.
The end-to-end account closure activity involves a range of manual tasks such as checking documents’ availability in the bank’s records, sending emails to clients and branch managers, and updating the data in the system. RPA Bots can automate all of these manual tasks so that the knowledge workers can focus more on productive operations.
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