Every year, we witness new trends in technology that move and shape the next cycle of innovation. Even though some of these disruptive technologies are still developing, their application is expected to change and enhance many processes across various industries. They will shape the future of many companies and challenge business owners and investors alike to either jump on the innovation train or stay behind and lose business.
Changes in the Tech-Landscape
Companies are increasingly looking for new technologies that will increase employee engagement and expand their market shares, while they are carefully gathering data relating to their competitors’ successes of failures.
But which are the dominant trends that spark the innovation train and offer business new opportunities in 2021?
Quantum Computing (supercomputing)
Quantum computing is still an emerging technology and still in its infancy, but it has the potential to reshape problem-solving and find application through a variety of quantum computing services across many industries. Automotive, finance, science, security, insurance, pharmaceuticals, military, and research, to name a few, have the most to gain from this advanced technology.
The ability to process large volumes of data can solve many modern business challenges including data analysis, supply chain logistics, risk management. Quantum computing can provide companies with an undeniable competitive edge and help them deal with problems everyday computers can’t solve.
While quantum computers are not yet available for regular use, it is a good time for businesses to increase their knowledge and understanding of the technology to identify potential applications and consider possible security implications. For most enterprises, this means remaining in the exploration phase through 2022 and exploiting the tech later.
Smart machines have the potential to change the way many tasks and processes are performed. The fusion of cloud computing, big data, robotics, and IoT leads to creating machines with extended capabilities, capable of operating autonomously and securely, able to avoid and correct errors, learn and anticipate future events, and interact with other machines and systems. The application of smart machines is extensive – from an everyday mundane task to advanced tech processes, offering a competitive advantage to companies that adopt this technology, and the opportunity to move profit margins and streamline manufacturing processes.
This is yet another technology which is still developing and is expected to blossom through 2021, along with other spreading technologies such as intelligent personal assistants, advanced global industrial systems, and smart advisers, making smart machines the most disruptive tech in the history of IT.
API technology has enabled companies from similar and/or complementary industries to work together to maximize business opportunities. Integration of different services increases the chance for companies to earn higher profits from customers while offering relevant services. API platforms are based on the idea of creating an open, connected future, where customers are allowed to see all their information in one place.
One industry to mostly benefit is iGaming because API platforms would enable operators to satisfy all of their players’ needs. Integrating all necessary information and services in one place, among many things, ensures making transparent transactions and never having to put a player on hold because of a queue or missing key information.
Businesses are becoming increasingly dependent on technology-based partnerships, and API integration is the key to unlocking these growth possibilities. They will enable organizations to establish a competitive advantage and additionally, open a whole new customer-base for each company.
The demand for convenience and instant money transfers keeps growing. As a result, new payment solutions are emerging on the market, making it easy for consumers to transfer money between each other or pay for various products and services. At the beginning 2018, InstaPay Tracker reports there are 30 live instant payment solutions worldwide and 18 more announced for the upcoming years.
These new payment solutions are easy to use and offer numerous benefits for businesses. eCommerce and iGaming and the two industries that are expected to reap immediate benefits from implementing instant payment solutions because that way users can sign up and start making payments straight away.
Offering instant payments solution in addition to standard sign up and registration options prevent drop-outs and improve conversions because users won’t have to go through several redirects and wait to be able to start playing or purchase a product. Moreover, instant payment solutions enable full KYC compliance, which further speeds up the process of player registration.
Robotic Process Automation (RPA)
Artificial intelligence, machine learning, and speech recognition are nothing new, but these trends are still developing and finding new applications daily. The advancements in these fields, however, are very prominent and are changing the way businesses operate.
Robotic process automation software has become very trendy among many businesses because automating time-consuming tasks can save employees time and ensure processes are conducted smoothly and accurately.
An industry that is predicted to be heavily impacted by RPA is iGaming, with the expectancy that bots and automated betting will make an apparent takeover during and post-2021. Moreover, machine learning technology and AI sports traders are continuously developing. Their ability to process data and events immediately and more accurately has many benefits for operators including, processing live feeds and social profiles, setting markets and real-time odds, to name a few.
Over the years, SciFi movies have depicted AI robots as these powerful machines that will take over the world. Perhaps way too far such a reality, but we do live in a world where the lines between the physical and the digital are becoming increasingly blurred.
Small developing companies have the power to break monopolies, and flexibility has to prove to be one of the most critical aspects of innovation. With new technologies penetrating the business sphere faster, consolidating and diversifying innovation tactics is more important than ever. Fortunately, having a solid strategy in combination with reliable innovation software and management team, and adjusting to changes should prove exciting and beneficial, rather than scary.
Which innovation trends are you looking to introduce to your organization in 2021?