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Business Context

• Emerging Technologies: The presentation emphasizes on the substantial impact that new and emerging technologies have on organizations today.

Learning Objectives

• By the end of this session, learners should be able to:

  • Discuss the impact of new and emerging digital technologies on organizations.

  • Explain various current and emerging technologies influencing organizations.

  • Discuss approaches for embedding new technologies for organizational efficiency.

  • Consider safety and security aspects of utilizing new technologies.

  • Analyze the role of technologies in communication.

  • Evaluate ways organizations can remain updated with continuously evolving technologies.

The Impacts of Technology

• Rapid Change: Technology has long been present in business. However, the pace of change is accelerating with the emergence of new technologies.

• Types of Emerging Changes: Emerging technological changes can be classified into three categories:

  1. Products: Innovations in research, development, and customer experience.

  2. Processes: Changes in operational methods and required skills.

  3. Communications: Transformations in information dissemination and message exchange.

• PESTLE Analysis: A PESTLE analysis should incorporate potential impacts and costs of changes as well as new products and processes.

How Emerging Technologies Impact Organizations: Part 1

• Product Availability: Technology enhances the availability of products and services for customers. Examples include:

  • Online banking,

  • Online shopping,

  • Medical devices,

  • Home automation,

  • Online learning.

• Customer Experience: Organizations must respond to the evolving customer experience (CX) and the need for user-centric digital products (UX).

How Emerging Technologies Impact Organizations: Part 2

• Demand for Innovation: There is a growing demand for new products as technology advances. Companies need to continuously research customer needs. Key research includes:

  • Customer insights,

  • Search engine optimization (SEO),

  • Integration of new hardware/software,

  • Product improvement to match customer expectations.

• A focus on technology that meets customer needs can drive accurate marketing and product development strategies.

How Emerging Technologies Impact Organizations: Part 3

• Production Processes: The manufacturing sector often leads in adopting emerging technologies. This includes:

  • Robotics for efficiency and productivity,

  • AI logistics for optimizing shipping routes,

  • Cost and time savings.

• According to a study by the McKinsey Global Institute, 70% of companies are predicted to utilize at least one type of AI technology by 2030.

How Emerging Technologies Impact Organizations: Part 4

• Automation in Business Processes: Automation significantly influences business processes like:

  • Money management (invoicing and transfers),

  • Secure file sharing,

  • Legal documentation management,

  • Calendar and availability management,

  • Real-time data consolidation.

• Organizations adopt new technologies predominantly where significant opportunities for improvement and growth exist.

How Emerging Technologies Impact Organizations: Part 5

• Enhanced Communication: The advancements in technology facilitate easier and global communication. Highlights include:

  • Conducting business with suppliers worldwide,

  • Teleconferencing and virtual office setups,

  • 24/7 customer relations managed by chatbots,

  • Interactive displays for presentations.

• The efficiency of technology enables effective tracking of conversations and enhances customer service quality.

Emerging Technologies

• The pace of technological advances shows no signs of slowing down. Organizations are adapting to new applications, though some still resist due to costs, skill deficiencies, or uncertainty about value.

• Key emerging technologies include:

  • Artificial Intelligence (AI)

  • Virtual Reality (VR)

  • Internet of Things (IOT)

  • Robotics

  • 3D Printing

  • Drones

  • Biometrics

  • Big Data

  • Cloud Computing

  • Cyber Security

  • Blockchain.

Emerging Technologies: Internet of Things (IOT)

• Definition: The IOT comprises interconnected systems of computers and devices equipped with embedded software and sensors, facilitating data collection and sharing.

• Four Pillars of IOT: To ensure effective IOT functionality, the following pillars must exist:

  • Data,

  • Device,

  • Analytics,

  • Connectivity.

• Applications: Originally used by manufacturers, the IOT now influences various industries, including agriculture and smart cities.

Emerging Technologies: Augmented Reality (AR)

• Definition: AR overlays visual and auditory information onto the physical world to enhance user experience.

• Business Applications include:

  • 3D modeling in design fields,

  • Training simulations,

  • Medical applications in surgery,

  • Virtual makeup applications.

• Comparison with Virtual Reality (VR): Unlike VR, which creates a fully virtual environment, AR enhances the real world with virtual elements.

Emerging Technologies: 5G

• Importance: 5G is designed to offer high-speed, reliable mobile network connectivity, facilitating the growth of applications like AR/VR in business.

• Potential Applications: Such as driverless cars, smart city management, and renewable energy systems.

Emerging Technologies: Drones

• Definition: Drones are flying robots used for various commercial applications, including aerial photography and agriculture.

• Use Cases: Industries like construction utilize drones for tasks that require significant safety management and precision.

Emerging Technologies: Biometrics

• Definition: Biometrics refers to identifying individuals through their biological traits, such as fingerprints and facial recognition.

• Applications: Biometrics is used in numerous fields including banking, mobile access, and security, although concerns regarding personal data collection have arisen.

Emerging Technologies: Big Data

• Definition: Big Data consists of large datasets that require specialized tools for collection and analysis.

• Business Uses: Understanding customer trends and enhancing decision-making capabilities through data analysis are key advantages of leveraging big data.

Approaches for Embedding Emerging Technologies

• Organizations must adapt to incorporate new technologies to maintain a competitive edge. Strategies include:

  • Investigating technologies that solve specific problems,

  • Implementing pilot programs,

  • Comprehensive staff training.

• Digital transformation is vital for survival in an increasingly digital world.

Security Considerations

• Cybersecurity: Protection against cyber threats is crucial, with issues such as ransomware and data breaches posing significant risks to organizations.

• Organizations can mitigate risks by assessing security infrastructures, ensuring proper protocols are in place, and monitoring data activity in real-time.

Staying Up to Date with Emerging Technologies

• Organizations should actively engage in practices that keep them informed about rapid technological advancements, such as:

  • Joining technology forums,

  • Subscribing to industry newsletters,

  • Attending seminars and webinars.

• Staying updated in technological knowledge is key for 21st-century organizations.