The Technology development as business support to leverage business opportunities has been widely discussed in several discussions, forums or international business articles. The infrastructure readiness supports mixed several technology trends ( Artificial Intelligence, AI , Analytics , Internet Of Things and Big Data .) that applied (customized) in solving problems also achieving business goals.
Those trends collaborated to give values of range of product technology start from upstream to downstream (such Input – Processing – OutPut, I/O process). For example, the implementation of technology trends in the car insurance industry, that assisting car insurance companies to monitor and predict some data obtained through car-mounted smart devices (IoT). This data required in the decision-making process for the its evaluation in the future. Let’s break down how these technological trends used in the future (cross-industries), from upstream to downstream.
Internet of Things (IoT)
By Internet of Things (IoT) technology utilising devices even in small shaped, but compact equipped with sensor function (input), processing and sending output as smart device applied in various fields from the side tracking (used in transportation, alarm and sensor commonly used for security purposes in residential, office or vehicle), measuring and statistical data (health, transport), remote machines (communications for control and machine monitoring, and remote access to information that can be used to remote monitoring power grids, gas, households etc., reporting stock of vending machines). As the following video demonstrates the comprehensive solution of IoT technology starting in households, vehicles and offices, public places etc.
Big Data collecting and processing various data in large quantities at once, collecting, sorting and selecting (grouping and filtering) to provide robust processing and presenting in comprehensive system supporting operational activity and decision-making quickly. In Big Data system, taking input from tools in the field including from IoT devices, then sorted and selected based on the purpose of data processing. Big Data becoming leading technology in integrating (processing) various data sources.
Implementation of Big Data technology in the insurance industry for example, various data sources that can be integrated such as vehicle data in the database of highway patrol unit (traffic monitoring) , current vehicle condition (monitored and sent via IoT device installed each car), the data of the insurance policy holder in the insurance company database. More complete data needed for precision decision making. Important data parameters supporting assessment for future insurance such reconstructing driving patterns (speed, acceleration, including engine temperature, other high-speed car (distance among others car). This solution can applied in other business e.g. banking industry credit card in analysing transactions and track record transactions, retail business and else. The following video shows implementation Big Data on the retail industry that supporting to increase the level of customer experience (level of customer experience)
Analytics and Artificial Intelligence (AI)
The next important step after IoT & Big Data applied, analytics. The analytics come along with digitalisation in every aspects, giving benefit in analysing large amounts of data and increasing process’s speed and be autonomous (working without human intervention).
Artificial Intelligence developed to adopt a method of human brain intelligence being able to make predictions for things that are likely to happen. The more new input into the brain and then correlate with previous relevant input, the more intensive the brain works. The more complex things the brain can solve, the more the brain’s ability increases. This also applies to Artificial Intelligence, more over the progress of IoT technology, Big Data, Analytics provides AI data input more advanced and comprehensive. Still relate with example of solutions in the insurance industry, the application of Artificial Intelligence with the input data from IoT, Analytics, Big Data so Artificial Intelligence to predict driving patterns, accident claims patterns, payment transactions in upcoming year.
The development of Artificial Intelligence might raise concern about AI will take the portion of the white collar worker role, refer to the news such quite surprising in early 2017, there are around thirties employees of an insurance company in Japan on layoffs and its role was replaced by Artificial Intelligence financial analyst etc.
In the previous decade the automation (robotic ) function replacing the role of the factory operator , took over the blue collar worker portion in the robot automation factory. About concerns that Artificial Intelligence might also takes over the role of white collar workers (office workers) like analysts, administrative workers etc.(see the previous example above). Better to look in a broader perspective of Artificial Intelligence with its ability to solve complex problems become quite short (time efficient), supported by things or technical data, in this case related to the data required as input, then processed, thinking, predicting patterns, symptoms, trends that can help in giving the future view ( insight ) related to the problems.
But its application, not a hundred percent applied and replace the role of human (human brain). If we look for some tasks that also need nature competency such intuition related to subjects/problem that quite deeply affected by subjectivity such related to the experience and value of different backgrounds (e.g. culture, education etc.) put intuition role more strategic. For example in recruitment process not merely technical only, but recruiter intuition aspect also plays an important role. Intuition become getting sharpened depend on also how experience s/he is . Relativity of every single person uniqueness especially in recruitment process, so the way to proceed so far more dynamic that human intuition still get its place. Below, another example video application of Artificial Intelligence on outlets without cashier (cash register) named Amazon Go.
Other technologies, some not really new but its implementation continues to grow, adopted, especially in business such as:
– Cloud Computing
Cloud Computing provides new business model option in utilising applications / software in the form of leasing a service (service) without having to include cost components in the capital cost structure (reducing CapEx). Which means no need to have equipment or applications that are physically installed in the office, as long as it can use them in the form of renting cloud computing services within the network [cloud] service providers, by this advance technology support more growing business model Sharing Economy .
– 3D Printing
Especially for this 3D Printing, portable [smaller] 3D-printer technology has been adopting since two years ago, giving fresh air to more absorption 3D Printing on market. If the steam engine became of industrial revolution driven. This 3 D Print technology creating opportunity for anyone even with minor capitalisation (not huge as factory capital such number of machine units). Designed in variety of purposes, as well as in the form of 3D moulding and also support for remote area/remote distance (e.g. applied in space station). Another example, design (cake / doll) in the form of minimal quantity affordable by kind of this portable 3D printer. This promising approach to create more development of this 3D print customisation business no matter in the limited number of units. A great leap after a century of industrial revolution, with customisation minimum limits of quantity and high precision that supports achievement of economic efficiency and also adopted for industrial manufacture. Here’s an example of 3D Printing that is capable of working on human replica prototypes in the form of icon figure
– Augmented Reality
This Augmented Reality technology, a breakthrough technology compared to its predecessor Virtual Reality, which not only produces a 3 dimensional view, but also provides more intigreted visual data. The adoption of this technology can be utilised for visual guide (tourism), visual training including the entertainment industry etc. as we can see in the video below.
Biometric has long been known as the unique identity of human such as retina, finger print, sound, face shape. Its prior use is only for matching the identity of the perpetrator of the crime or the accident victim with the electronic identity of the finger print stored in the database. However, in its implementation can be utilised on face identification (face recognition) among the crowd, as well as the identification of the customer when entering retail store connected to database displaying customer’s shopping preferences as shown in the video below.
– Energy Conversion
Environmental still become central issue in the midst of forest destruction, any destruction activities. Reuse, Reduce and Recycling (3R initiative) toward product material is a long-standing solution and keep and keep becoming main business driven. Business taking responsible roles to keep its business environmentally-friendly (eco friendly) as part of its operating platform,to continue growing and evolving with everything from business lines and delivering environmental conservation even for long run. Reducing the use of non renewable energy also replaced with renewable energy by creating more business model such producing electrical supply solutions by solar, wind, geothermal energy. Manufacturing breakthrough solutions such using its thermal output to be an input (recycle input) for the other process that need heat energy.
However, this approach quite common for solutions in large scale energy (large customer). But now, this renewable energy supply solution targets small-scale customers (households / individuals) with a power grid business model for housing as seen in the video below.
– Electric Vehicle and Driverless Car
In the previous decade robot as an automated tool helping and also ‘replace’ human resources in some production lines manufacturing industry. Then followed an independent machines that serves customers such as ATM, vending machine provides products such as beverage etc., then in the coming years will continue with technology and infrastructure readiness of electric vehicle (electric car, truck even electric motorcycle) and also car without driver. (driverless car). Tesla pioneered the electric car and continues to lead the era of electric cars, where Toyota has previously launched a hybrid car as a bridge into the transportation of energy-based electrical. And one collaboration between one of prominent educational institution in Indonesia (Institute Technology of Sepuluh Nopember, ITS Surabaya) and partner from industry (Garasindo) to launching Garansindo Electric Scooter ITS (GESITS).
Google and several car vendors both Tesla, Mercedes, Honda, Hyundai and even Apple, Uber and Baidu also participate work on cars without driver that continue to be tested and to become future mass vehicle solution. The development of vehicles without drivers quite useful in the operational use of special, dangerous, remote or difficult terrain for human such as airports, in areas of war (full of land mine) for combat vehicles, land mine detector unit purpose and and also mission vehicles on the planet Mars etc. Here is an example of a car test without drivers with an explanation of the work process.
The technological development trends help to seizing businesses opportunities, but don’t forget the urgency to look at two things especially if running on internet platform that are sometimes overlooked by both provider and consumer businesses such as:
First , the development of payment tools and its compatibility factor in business transactions, where many giant platforms developed their own payment platform (Apple Pay, Ali Pay, etc) beside universal payment platform such Paypal, BitCoin that quite widely accepted platform for many entity of ebusiness , ecommerce ecocystem.
Second, another concern in the transaction such security. In this case the growth of personal business transactions lately. This concern relates to the security of transactions through internet platform by using many technology and IT tools that quite need concern relate to its secure transaction. The business support to private (personal) business as new niche market for public figures, politician etc. that use their existing communication more in digital world (personal sites/social media) , which could be a business opportunity such as business consulting and online security services; beside another exisiting corporate business (corporate client).
By understanding the potential technology and precisely to look the potential of this future technology, will supporting business development, even starting a new business unit precisely toward those technology options.
Hopefully it might impact for you also.
*image credit: Naypong,freedigitalphotos.net
About the author: JM Zacharias (@jmzacharias) currently works as a business strategist, professional career in the fields of product, sales and marketing more than a decade. His professional career experience in various industries including retail, consumer electronics, information and telecommunications technology both Business to Customer (B2C) and Business to Business (B2B). Having diverse experience in national, multinational companies, and startup; in the areas of technology, marketing and sales management, cross-culture climate among nations in his career portfolio in the Asia Pacific region and Southeast Asia helped him enrich and widen preperspective to continue to learn and share. Communicating ideas and business strategy are some of his activities beside writing article,delivering training and consultancy activities. Detailed information can be viewed on JMZacharias.Com Business Strategy & Technology www.jmzacharias.com. You can also contact him through this link