In this era, a digital revolution is underway and the onset of COVID-19 has really impacted the way we work and pushed us towards these technologies to resume even the day to day operations. Today, Artificial Intelligence (AI), Blockchain (B), Cloud Computing (C) and Data Analytics (D) are considered to be the ABCDs of emerging technologies that are transforming businesses globally.
Artificial Intelligence is one of the most disruptive technologies, where a lot of research and investments are made, transforming all industries. AI is becoming the future of everything and is the umbrella term for “smart” technologies improving industry processes, fostering innovation, optimizing business efficiency, and improving productivity.
So what exactly is AI? In a nutshell, AI enables machines to sense, think, learn, and perform tasks similar to human intelligence. Most of these smart AI systems are powered by either machine learning or by deep learning algorithms which make them autonomous and contribute more intelligently to all industrial activities.
Autonomous driving in the auto industry, Google maps, and Ride-Hailing Applications, Text-based chatbots and voice assistants, Intelligent scribes, Face Detection and Recognition, Proactive Healthcare Management, Virtual Travel booking Agent, Disease Mapping, Robotics and others, are some of the relevant use cases of AI from across sectors.
Blockchain, referred to as Distributed Ledger Technology, is that technology that underpins Bitcoin and other cryptocurrencies. Blockchain is proving to be a game-changer in numerous industries and has an endless amount of applications across almost every industry and sectors like finance, insurance, e-commerce, healthcare, etc. In other words, Blockchain has a vital role anywhere, where digital information is getting exchanged.
Blockchain provides transparency across asset tracking in the consumer goods sector, and enhances accountability, streamline product recalls, and improve consumer trust. In health care, blockchain can securely share patient medical records between healthcare professionals and can manage the medicine supply chain, and help the healthcare researchers in unlocking the hidden genetic codes. It helps to track intellectual property in business and research areas. And, in the finance sector, blockchain is the rocket fuel boosting the fintech revolution and is applied to track fraud in financial transactions. Thus, blockchain is a revolutionary technology that helps in reducing risk and brings transparency in a scalable way.
Cloud Computing has been consistently growing over the years. Cloud computing is the on-demand delivery of IT resources over the Internet that enables faster innovation, flexible usage of resources, and economics of sale. The main aim of cloud computing is to enrich accessibility. Cloud computing has enabled companies to rent access to storage and applications from a cloud service provider, instead of having their own computing infrastructure. This helps firms to avoid the cost and complexity of owning and maintaining their own IT infrastructure, and instead simply pay for what they use and when they use it. It enhances the IT and technical work for developers and professionals to effectively organize their resources and manage their accounts. So essentially, the entire data is available on every device it is accessed from.
Cloud computing offers a vast range of services which includes Dropbox and Google Drive-examples of cloud backup solutions, Slack designed to facilitate internal team collaboration, Netflix running its video streaming service through cloud computing services, Alexa and Google Assistant are some cloud-based natural-language intelligent bots, Facebook, LinkedIn, Twitter are some social networking sites using cloud computing.
Data analytics technologies are largely used in business to make efficient decisions by analysing and transforming raw data. Data analytics is thus the process of inspecting and transforming data sets in order to find new trends and make solid conclusions from the raw data they contain and support decision making. Data analytics techniques use specialized software integrating machine learning algorithms and automation that help companies to include and analyze historical data and thus evaluate their customers’ feedback and upgrade their strategies to boost business performance, improve operational efficiency and customer service efforts, thereby improving their bottom line.
Coca Cola Company is a real example that uses big data analytics to drive customer retention. Netflix is another big brand that uses big data analytics for targeted advertising. UOB bank drives risk management using big data. Amazon uses big data analytics to target a large market.
Scottish Qualifications Authority, UK
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