The Correlation Between Tech Innovation & Economic Growth, and The Biggest Tech Trends

Businesses are leveraging advanced analytics and the Internet of Things to transform their day-to-day operations, and those at the forefront of this adoption are reaping immense benefits. Companies that are digital leaders in their industry witnessing higher revenue growth rates, faster production, and higher productivity than their less digitized counterparts. They are improving their profit margins three times faster than average and are often the fastest innovators and disruptors in their industries. However, digital forces are not yet fully integrated, and on average, industries are less than 40% completely digitally transformed. The upcoming ICETEST virtual conference will offer participants a deeper look into how and why digital transformation is what organizations across the board, are beginning to seek out. 

Technological Innovation Is Taking Place At A Faster Pace Than Ever

The next wave of innovation is transpiring in the form of advanced automation and artificial intelligence (AI). An explosion of algorithmic capabilities, advanced computational capacities and data-backed skills beyond the capacity of humans are capable of at the moment. Machines are already outperforming humans in areas such as image recognition and object detection, and these capabilities can be used to diagnose skin cancer or lip reading more accurately than human experts.

While these technologies still have limitations, massive productivity gains across industries are already visible, with use cases of AI in functions such as sales and marketing (for instance the personalization of product recommendations on eCommerce platforms), supply chain and logistics, and preventive maintenance. According to a McKinsey study where about 400 use cases were analysed, it was found that AI could improve traditional analytics techniques in 69% of possible use cases. Deep learning could account for as much as $3.5 trillion to $5.8 trillion in annual value, or 40% of the total value created by all analytics techniques. For the global economy too, the adoption of AI could be a boon, potentially increasing global GDP by $13 trillion by the year 2030, or approximately 1.2% more GDP growth per year. 

AI could also help address critical societal challenges, from healthcare to climate change to humanitarian crises. Nevertheless, AI is not exactly a magical solution to all problems plaguing mankind. Significant bottlenecks, especially related to data accessibility and talent, will need to be overcome, and AI presents risks that will need to be mitigated.

Emerging Economies (For The Most Part) Are At The Forefront Of This Innovation

Emerging economies, led by China and India, have accounted for the majorty of the global GDP growth as well as over half of new consumption in the past decade and a half. Amongst emerging economies, there are eighteen high-growth performers who have done exceptionally well and have achieved strong and sustained long-term growth. They have elevated over a billion people out of poverty. Some of these nations including China, Indonesia, Singapore, Thailand, Malaysia, Hong Kong, and South Korea, have recorded average GDP growth of at least three and a half percent over the past five decades. Eleven other countries including India, Myanmar, Azerbaijan, Laos, Turkmenistan, Belarus, Cambodia, Vietnam, Ethiopia, Kazakhstan, and Uzbekistan, have experienced faster average growth of at least five percent per year over the two decades. Underpinning their incredible performances are pro-growth policy agendas based on productivity, income and demand. They are also often fueled by strong competitive dynamics with fellow emerging economies. The next stream of exceptional performers is also now emerging, as countries such as the Philippines, Bangladesh, Sri Lanka, Bolivia, and Rwanda are embracing a similar agenda and achieving rapid growth.

The dynamism of these countries has gone hand in hand with the emergence of companies in their highly competitive emerging economies. On average, the best-performing economies have twice as many companies with more than $500 million in sales as other emerging economies. These organizations are playing an increasingly vital part on the global stage. Although they accounted for only about twenty five percent of the total turnover and net profit of all large state-owned enterprises in 2016, they contributed about forty percent of the growth in revenues and net income compared to 2005. More than 120 of these companies have joined the Fortune Global 500 list since 2000, and by several measures, they are already more innovative, agile and competitive than their Western rivals, generating better returns for investors. Between 2014 and 2016, the top quartile of outperforming companies generated an average total return for shareholders of 23%, compared to 15% for companies in the top quartile of high-income countries.

Emerging Tech Trends 

Detailed below are all the biggest technolgical trends fuelling economic growth across the globe. These technological trends are the result of the combination of some form of engineering and scientific innovations made by extraordinary researchers, scientists and experimenters, over the past few years. The upcoming virtual conference – ICETEST-2020, is a great event to attend, if you’re keen on getting to know about the biggest tech innovations and developments overtaking the world. 

  • Transformative Digital Experiences

When the term digital entered the business tech lexicon about seven years ago, it was used as a shorthand for customer-centric selling and retailing with an importance on a particular channel, whether that be social media, smartphones or web. Now, digital is frequently utilized in tandem with experience, to describe all the ways in which organizations, customers, employees and policymakers engage and transact in digital environments. This is not just for the front office, but for the entire company. Think, for example, of how health plans are deploying new tools to simplify pre-authorization of claims. Behind the scenes, cognitive algorithms, robotic process automation, and predictive analytics tools further endorse the simple, rote use cases that dominated the workdays of many employees. 

Instead, workers can spend more time on complex and nuanced cases with the potential to more instantly affect the health and well-being of their constituents. Another example is how top fast food and convenience restaurants are embracing mobile apps allowing their customers to place orders remotely, not only transforming the customer experience, but reimagining retail, prep and delivery operations. Human-centric design and user engagement have become central pieces of business strategy, with an emphasis on how work is done, how business is conducted and how people are done. 

  • Advanced Analytics & Insights

Data and its underlying complexities have been a business narrative since the early days of technology investing. The promise of analytics has been its close and even more enticing spiritual successor – leveraging that data to generate insights into customers, citizens, markets, operations, and virtually every aspect of how a business operates. Most analysis efforts have struggled to deliver the simplest version of this potential, i.e the rearview mirror depicting what has already happened or, for the advanced few, presenting real-time views of what’s going on currently. In analytical science this is valuable but insufficient. Today, companies need to be able to predict (offer an idea on how things are going to shape up) and prescribe (offer feasible solutions to challenges that may arise). But this is not a simple undertaking. Although scan engines, algorithms, and supporting infrastructure have become more powerful, the amount of data available for analysis has grown exponentially. Organizations must look at information beyond the well-formed data that lives in traditional IT systems. How can a business take advantage of machine logs and sensor data, still images, video, audio, biometrics, government research, and sentiment from social feeds? And how does it leverage data beyond its own borders, as well as data sources that live outside its own four walls? For many companies, staying competitive in the market depends on their ability to answer these questions. And to shift the capabilities of master data management and sophisticated flight data architecture to foundational strengths.

We are already focusing on what happened to what will happen in the future. Through a collision with the cognitive, analysis could soon tell us how to act on our knowledge – and better yet, automate those actions. Have you made some groundbreaking discoveries in this area and are seeking journal publication opportunities to spread awareness of your work? Then, you should definetely register for the upcoming ICETEST-2020 virtual conference, where you will gain tons of such opportunities. 

  • Elevating Capabilities Through The Cloud

Arguably, over the past decade, no technological trend has dominated the enterprise computing arena as much as the cloud. During this time, it emerged from modest discussions of what the cloud is all about and what it’s important is, to the next phase, which underlined where and when the cloud can be utilized in order to reduce costs, and eventually to ‘can the cloud be applied here?’. The cloud has moved from being a lever for low-level technological cost arbitrage to a means of optimizing the delivery model to become an acclerant of business transformation. Simply put, the cloud is becoming the foundation on which all contemporary innovation is being built.

As macroeconomic forces subside, the cloud is of unprecedented importance and will likely remain so for some time. And despite its ubiquity, the cloud has yet to reveal its full potential. Too many businesses still see the cloud as a way to lift and move workloads, or simply as an extension of a data center or infrastructure strategy. But that is changing as some begin to ask more complex, forward-looking questions: Can cloud services be built to monetize assets and transactional intellectual property? Can native cloud services be utilized to build products faster? How can the cloud help simplify operational complexities that result from venturing into new global markets? Does cloud usage offer any tax relief?

It is anticipated that leading cloud service providers will showcase the potential value of their offerings as platforms and models to achieve long-term growth and develop new innovations. While their customers may have embraced the cloud for IaaS or SaaS features and functions, they can now turn to the cloud for access to AI, blockchain, digital reality, quantum computing, etc. The cloud will most likely continue to be a competitive differentiator. Register conference and save your spot at the highly anticipated ICETEST-2020 virtual conference which will take place from the 26th – 28th of November, 2020. 

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