A guide to new technologies in your Digital Ecosystem Landscape6 min read

We’ve reached a stage where technology is being pushed to the limits. New technology is being developed to meet the ever increasing and ever dynamic demands of businesses, and this has led to unique developments that all businesses should be aware of.

Digital transformation is the key to organisational success. By adopting new technology, some businesses will find themselves at the forefront of future markets.

When businesses adopt state-of-the-art technology, they open new avenues and unexplored tracts for themselves. They create opportunities to meet new people and become trailblazers, utilising the latest technology to create products and services which the world has never seen before.

There is another advantage of businesses implementing technology. Right from improving stakeholder communications to reducing maintenance costs, managers will find their business benefiting in multiple ways.

Web technology has transformed today, and we’re on the cusp of creating more cutting-edge technology that will change the way we go about our daily lives and may influence many industries. When we talk about web technology, we don’t just consider various aspects like software, programming languages, frameworks, databases, protocols, and interfaces. We also consider developments that can help us create better digital experiences and grow self-sustaining digital ecosystems.

Some of the burgeoning technological advancements and how you can implement them into your own digital ecosystem

• Mobile-optimised technology

  Did you know that about 50% (and rising) of all web traffic is generated from mobile phones? It’s been estimated that some consumers spend up to five hours a day surfing the net for products, services, and content.

  Mobile technology is gaining momentum and organizations that wish to capture the highest revenue-generating chunks of the market need to get on the mobile. These days everything from entertaining chatbots to engaging virtual assistants can be found on mobile devices, helping prospects navigate the sea of information available on the website.

  To create a digital ecosystem that’s conducive to business, you need to create a mobile-optimised version of your website and social media pages. This will help interested prospects engage with you quicker.

• Internet of Things (IoT) technology

  IoT technology uses web-enabled devices to gather data from the environment, to utilise it for analytics. For example, IoT technology links various computing technology like desktops, laptops, tablets and mobile phones with Bluetooth devices, CRM systems, cloud servers and more. Interconnected networks are used to transfer data for business operations.

  IoT is changing the way business is being done, and how customers will be served in the future. For example, a sportswear brand may use wearable technology to better understand how an athlete’s body behaves during an activity or game. This information gathered could help the manufacturer target an audience more specifically, and improve products for their customers. Using this IoT-derived information, businesses can set about making changes to their offerings.

  Implementing IoT into your business will help you track your raw materials and dispatched products. It will also assist you in improving the quality and usefulness of the data you’ve mined by enabling 5G. Finally, IoT will help you derive meaningful business insights which you can use to improve your digital ecosystem.

• Augmented reality technology

  If there’s one web technology that’s really come into its own this year, it’s Augmented Reality (AR). Right from the get-go, AR technology has been dazzling users by creating highly immersive experiences. Let’s take Pokémon Go as an example.

  The AR-powered game used geographical localisation and immersive technology to make users believe they were confronting Pokémon in reality, right in their neighbourhood. The experience was almost surreal, which was part of the appeal.

  Then there’s AR technology like IBM Watson, Salesforce Einstein, and SAP Leonardo which gather intel from multiple sources and make information-backed predictions, which provide businesses insight into customer purchase patterns, fashion trends and more. They help businesses find the automation that’s right for them and provide actionable inputs into implementing them.

  AR is one of the best tools to make your digital ecosystem inviting, engaging and entertaining. From bots to apps, the entire omni-channel platform can be transformed and redefined using AR technology. For example, if you’re a home decorator business, implementing 3D Views can help your clients get a life-like glimpse into how their homes would look with your products. Gaming companies can use AR software to create power-packed games. AR-enabled GPS can also be used by businesses which use geofencing and geo targeting to lead customers to their offices/shops.

• Blockchain technology

  You may have noticed how cryptocurrencies like Bitcoins and Ethereum have taken over the collective imagination of people globally. One of the primary reasons why cryptocurrencies are so popular is because of the technology that powers it – Blockchain.

  Blockchain technology is basically codes that signify a contract between two parties. Each ‘block’ is a ledger or record that signifies an action that has taken place between parties. The blockchain is public information and helps establish transparency in the operations of the business. By implementing blockchain, businesses can track who’s doing what and what’s happening in their digital ecosystems. This helps prevent financial frauds and identity thefts.

  Blockchain technology has changed the way products are sold, payments are made, and operations carried out. If you’re setting up an e-commerce store, you can power your payments gateway using blockchain technology. Payments to suppliers, receipt of finances from customers and refunds can all be made using blockchain. You can even use blockchain as a notary and notarise anything you’ve created digitally.

• Artificial Intelligence (AI)

  Finally, one of the most discussed technological changes is the advancement in artificial intelligence. Artificial intelligence or ‘AI’ is a concept that refers to computer systems being able to essentially make decisions for itself based on the data it is being fed. Modern day AI systems can be hugely complex and powerful and have the ability to process incredible depths of information in an extremely short amount of time, often with much higher degrees of accuracy than humans.

  Today, things are moving incredibly quickly, and AI powered systems such as IBM’s Watson, Microsoft’s Azure Machine Learning and TensorFlow are making headlines around the world. Fairly soon, this tech will be common placed, and you may not realise how close it already is, for example Siri, Cortana and Alexa are all AI driven and are integrating into everyday life for many people.

  There seems no limit to the applications of AI technologies, and many people predict that these systems will replace humans in many areas and tasks.

Talk to Liquid Digital if you’d like to know more about how you can integrate these technologies into your business. Many are available today, and many more will be available tomorrow.