Friday, July 19, 2024

Digital Disruption and Emergence of Artificial Intelligence

Digital disruption and emergence of artificial intelligence will change our businesses and our lives

Any business model that we see around us today was created by understanding the needs, wants and desires of the consumer base, product to be offered, the market competition, macro and micro-economic indicators of the region and the capital invested into the business for short term and long term for a sustainable business growth model.

The world is flattening because of the technology revolution taking place at a lightning pace and as we move on the global economies of the world are trying to calculate its impact and take the right course. With the emergence of 5G data network speeds exceeding 20Gb/s it’s no more a gimmick but now a reality. The change will depend how much data is collected in Milliseconds and processed and how it is used in digital framework.

The digital age will shorten the timespan for whatever we do today it will take place at lightning speed from making business decisions, all industrial sectors at large will automate based on technology-controlled gadgets with artificial intelligence and machine learning systems. This rapid change will affect our social behaviors, business strategies and personal lifestyle too.

The world we live in today will be changing very soon. The way we do things today and live together do businesses is created by our own personal choices made at individual level and we will very soon see artificial intelligence in action. The great variety of sensors controlling all the systems in place that are collecting precise information and data created by us and by applying machine learning principles the data will be processed to impact all that is happening around us. As we are becoming more and more digital natives this change is inevitable and surely will happen as we have already entered the digital era.

The world is transforming itself into a global village. We live together in a new world where long distances or borders will not matter as everyone is having access to data and no matter where you are sitting in the world the people can exchange data, new ideas, knowledge and any information needed in real time. They can now well understand each other because of digital platforms used to communicate and surely with advent of time all the cross-cultural barriers will be eliminated as well.

We are entering into the digitization era, it’s a transformation process moving towards the new world order. As we are entering the age of digitization the systems across the board are changing. The businesses are trying to compete in the digital space and as we are trying making new business models for how we do our businesses in future.

We have to act timely and move towards digitization and adapt to the new reality to build new business models as technology is changing consumer buying behavior patterns in a complex manner. The e-commerce platform is already in place and is essential in every business that we do today.

From the research and development phase to product commercialization the digitization eruption is creating a new space that is changing how we create new products based on the changing consumers needs and how we create the right product at the right time with the right placement and with the right communication for the targeted audience.

Once we do have the system learning processes in place and gathering the data that is accumulated in digital space it will help us find the right data needed for understanding customer’s needs and we can come up with the right product or services that will serve the new consumer base created by the digital revolution.

Today we have over three billion people over the internet and in the next ten years seven to eight billion people will be connected to the internet, almost 75 to 80 percent of the world population. What will happen is there will be a huge amount change in innovation and consumption what the people can do when they have access to so much information collected to take advantage off. The online education is already there. It will be open to anyone at any budget in the coming ten years.

The Colombian university has published a research that if you have fleet nine thousand autonomous cars correlated with cloud and mobile devices inside New York you can get rid of all the taxis with average time waiting for only thirty-six seconds and the fare will be 50 cents per mile for every passenger that needs to travel inside the city. We do not need so many cars inside the city yet we have sorted out the biggest problem of transportation through technology and connectivity.

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What it means is that we are going to have digitization, automation, virtualization and robotization.

The business will not be done in a conventional manner the way it was done before, we were never so interconnected by digital and social platforms, the bio sensors that go much deeper how we eat sleep and what we do all day this digital eruption and our interaction with technology and all the data that is collected for precise analyses and once and once its transformed into useable information for creating the right product and services we are all set on the right course.

The businesses and human mind will be depending on the data gathered by various digital input devices across all digital platforms and how that data changes the decision-making process across all the systems and domains. It will happen in a digital space where the role of artificial intelligence and machine learning principles will lead to business optimization and developing new products based on the data gathering and then understanding the data collected to create new products.

The consumers will be influenced and will see only that data which seller needs to provide such that the consumer decisions will be influenced and at this level the sales process is completed and customers created and retained by a competition happening in a digital space. The consumer buying process will be controlled by the digital platforms and the human interaction will not matter at all as the buying process will be initiated, controlled by artificial intelligence and machine learning processes.

We are depending on technology more than ever. The digital space is taking its course and digital space will soon overtake conventional space as it diminishes over the period and digital space will eventually will be a space where all businesses will compete with each other soon the tech savvy generation-Z will become CEO and businesses led by millennials will be getting in hands of the younger counterparts. All the businesses at large must understand this new reality that they need to invest now if they want to remain competitive in the market and the only way the distinctive advantage can help is adapting to the new reality of a shift towards digital space.

Digital disruption is coming very fast although the way businesses are done today are indeed complexed but soon the digital disruption will change every industry. It means whatever we do today how we do it today will be organized, collected and processed to optimize the business potential. Disruptive technology will bring in change in automation of knowledge work, robotics, autonomous vehicles. The economic impact of this type of digital transformation is approximately thirty trillion dollars a year and it is all happening at an overwhelming pace.

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Category: Technology

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