Emerging Digital Technologies
A Multiplier Effect
Digital Technologies: How they Mutually Potentiate
The onset of emerging digital technologies in the past decade has overshadowed the prevailing IT scenario which is sliding into redundancy. Across industries, the adoption of these neo-technologies has necessitated a new genre of workers who need to be capable of dealing with them. To enable the present workforce to upgrade and be able to intelligently adopt the new technologies, it will require retraining, upskilling, and reorientation of existing employees. In some cases, retrenchment and replacement could be a painful alternative.
However, this new era is not a stand-alone factor. Utilized in conjunction with existing technologies, it can result in a multiplier effect. To achieve this, one needs to deftly identify the co relationship among relevant technologies and weave out a pattern to implement them in unison. One needs to consider emerging digital technologies as synergistic rather than offering singularly separate value proposition. For example, by harnessing interrelated attributes from Big Data, Artificial Intelligence, Internet of Things, and 5G, a multiplier effect with enhanced business outcomes can be ensured.
One approach to this methodology could be to consider the prime technology for implementation and then enrich it by sequentially tagging the next technology in a phased manner and so on. Alternatively, an organisation may consider crossover of paired technologies which can co-exist and co-fertilize. However, a bold step could be to harness a host of fraternal technologies for simultaneous implementation thereby resulting in a cascading positive effect. This obviously requires full-stack developers who know the entire spectrum of digital technologies in their area of expertise.
The fourteen emerging technologies mentioned in the table below titled ‘Categories’ were arranged in a ‘Digital Matrix’ of paired technologies. This outlines how any two technologies mutually potentiate each other. We have 105 such paired options. Based on this, a detailed discussion on each pair is given. One can pick any of these technologies and pair it with any other to see the combined force of the merged entity.
Emerging technologies not only accelerate performance, but provide highly efficient, resource-saving solutions that will help to manage and evolve business. Disruptive technologies can be even more useful when they are combined.
As businesses become digitized and automated, the demand for new tech talent will grow across all sectors. The estimated demand in 2020 was 4.4 lakh for new-age tech professionals, while the supply was projected to be 2.4 lakh, according to TeamLease Services. IT firms are witnessing a 30% growth in digital deals, 80% jump in cloud spending, and 15% rise in customer experience spending since the Covid outbreak, says Nasscom.
This study is intended to help overcome the feeling of rapid redundancy currently nagging the IT populace. It can open new vistas by diffusing digital technology to gain collateral benefits, and additionally embark on a higher orbit of technological advantages. It will enable practicing managers to discover previously hidden or uncharted business opportunities. Millennials, will be helped to be technologically relevant and commercially acceptable. For management students, it offers a pre-familiarization to the concomitant use of these 14 digital technologies. For teachers, this can serve as a useful guide to initiate discussions and encourage participants to undertake further research. The aim is to fill the existing gap in ways and means to combine a host of technologies. It enables one to look beyond the narrow ‘line of sight’ and exploit multifarious advantages resulting from a ‘wide-angle’ approach.
|Algorithm||Machine Learning||Cloud||Edge||Artificial Intelligence|
|Blockchain||Internet of Things||Robotics||Augmented/ Virtual Reality||Big Data|
|Data Science||Digital Payments/ Cybercurrency||5G||3D Printing|