Technology advancements are a vital business tool to meet increasing customer demand, managing the lifecycle of products and generating loyalty. Leaders who prioritize technological innovations can achieve best-in class business results in a time of intense competition as well as a volatile customers ‘ loyalty.
Technological innovation can bring a range of benefits to society in general and to the economy. It can help combat the effects of climate change, improves health by improving diagnosis and treatment and increases productivity and efficiency at work. It also encourages economic growth by increasing the competitiveness of the regions, businesses and countries. It also contributes to decreasing poverty by boosting production and generating new opportunities for employment.
Some of the most significant technological innovations include:
AI and ML Advanced machine learning algorithms and deep learning are revolutionizing business processes by increasing the pace of data that can be processed, offering advanced capabilities in a wide range of applications. Examples include facial recognition, natural language processing, image analysis and text classification.
Robotics The rise of robotics, a type of disruptive innovation that is transforming business processes through automation of tasks and delivering significant cost savings. It also facilitates quicker and more precise work, and better human-robot interactions.
The agricultural technology is an example of an innovation in technology and helps reduce global hunger by increasing yields of crops. This innovation is particularly important for small-scale farmers in developing countries who produce up to 80% the world’s food. However, the potential of technological innovation in promoting the growth of the economy and reduce poverty should be considered and its potential negative impact on society.