Enter a new era of technology: where speed meets the goal

By Keshav R. Murugesh, Group CEO, WNS

The evolution of technology over the past decade has been incredibly multidimensional. Yet when it comes to the speed of technology and digital adoption, the past 18 months have exceeded expectations like no other period before. Our recent research report and survey, “Business Transformation After the Digital Tipping Point”, in collaboration with Corinium Intelligence, reveals this with certainty. Over 40% of those surveyed said they were three to four years ahead of their digital and cloud adoption, 17% were two years ahead and 30% had accelerated their digital journey by one year.

What companies have found is that transformative change with technology is neither great to plan nor difficult to implement if there is a strong motivation to thrive.

An exclusively digital world fueled by the convergence of technologies

Artificial intelligence (AI) is at the forefront of reinvented technologies. Should add 15.7 USDtrillion In global economic terms by 2030, AI is poised to cause a positive convergence of multiple technologies in unpredictable ways. In partnership with data and analytics, AI technologies will power intelligence-driven decision making to increase revenue and profit. Robotic processes enabled by AI and the Internet of Things (IoT) will take hyperautomation to the next level and help achieve business growth and resilience. It will enable the democratization of data and put technological innovation in the hands of more people. OpenAI, a research group founded by Elon Musk, recently launched Manuscript, a programming model that can generate code from spoken human language. Both “all-as-a-service” and “code-less” interfaces will be emphasized, and companies will deploy AI and IoT without having to own servers or proprietary cognitive code. It is therefore not surprising that companies have increased their optimism about 72% to 92% AI.

Another exciting development is the emergence of the metaverse. By bringing together the physical and digital worlds as a coexisting domain. It will simulate real-world work and social interactions with incredible precision, while the immersive experience devices will provide tactile feedback. This is what Ericsson is working on: developing the “Internet of the senses” through virtual experiences.

The impact of technology on industries

The digital economy will have a different impact on different sectors with opportunities for innovation.

Manufacturing will become an industry of data, processes, people and services connected to information. 3D printing will go beyond manufacturing techniques to improve R&D capabilities, production tools and final product customization. Volkswagen uses 3D prints for jigs, fixtures and tools, while Jabil Healthcare uses them for proof-of-concept of pressure-sensing cardiac catheters. Additionally, nanoscale 3D printing will fabricate tiny structures 1,000 times faster, while 4D printing will move to flexible products.

We’ll also see smarter cobots being used, such as Ford’s cobots in their Cologne paint shop that sand the surface of the body in just 35 seconds.

The healthcare industry will deploy immersive technologies – virtual reality (VR), augmented reality (AR) and mixed reality (MR) – for clinical diagnosis, pain management, rehabilitation therapy, and planning and simulation surgery. Microsoft’s Mesh platform provides cross-AR / VR meeting space for real-time collaboration. Multi-experiment analysis and precision health prediction capabilities will predict possibilities and interventions for disease prevention.

In financial services, Blockchain and Fintech are already transforming existing business models. AI, ML, automation and robotics will create new opportunities for growth. AR will create enhanced customer experiences. This is why Deutsche Bank uses it for marketing and Westpac New Zealand for account management. In insurance, digital insurance platforms (DIPs) will deliver innovative analytics, products and distribution channels by improving speed to market.

In retail, big data, AI, IoT, augmented reality and virtual reality will enable a better understanding of consumer preferences, while computer vision will transform experiences in mobile retail and physical. This industry needs to quickly adopt the right technologies to integrate e-commerce and mobile shopping systems for redesigned omnichannel experiences, lest they lose the edge gained during the pandemic.

Media and telecommunications, which have seen slow growth in recent years, will need to view digital disruption as a ‘do or die’ opportunity to recover through innovative offerings. The energy and utilities industry must leverage big data, IoT, digital business technology platforms, and software-defined assets to enable smart operations and create new energy supply models. Education must continue to merge mobility, cloud and video to deliver a “connected experience” across different delivery platforms, leveraging VR, AR and AI. With the changing future of work, this industry must prepare students for the new future of work.

Talent – bringing it all together

Clearly, technology is about to revolutionize business and the economy. Yet technology and business transformation can only happen if we pay close attention to the transformation of talent. Talent transformation goes beyond just finding the right skills and the right numbers. It calls for investments for:

  • Help senior executives understand the technologies that drive their organization’s activities
  • Focus on developing top talent and adaptable learners
  • Improve skills and retrain the existing workforce through connected learning paths that combine the best of training and on-the-job opportunities

So, will technology be the glorious legacy COVID-19 leaves for businesses? Our answer may not be an unambiguous ‘yes’ or ‘no’, but one fact is clear. Technology will revolutionize all aspects of our economy. It is up to us to transform this potential into opportunities and real impact. To do this, however, businesses, governments and society must come together to create large-scale “goal-oriented transformation” – now, right here.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

About Dianne Stinson

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