Innovation trends are long-term developments that affect different technologies, markets and companies. They may be initiated by various players such as research institutions, startups or even internal innovation and digitization departments of companies.
Technological breakthroughs often produce innovative breakthroughs. Recent advancements such as software 2.0 and quantum computing offer substantial increases in compute power, data analysis capabilities and bandwidth at minimal costs.
1. Robotics
Robotics is the technology that enables us to control machines. This science underpins everything from metallic humanoids in spaceships to car assembly lines.
Automotive production lines have long relied on robots as a tool to increase productivity, due to their ability to work faster and more precisely than humans – but automation also reduces labour costs significantly.
Other sectors have taken notice, too. Law enforcement and military forces use robotics for search-and-rescue missions after natural disasters and military operations like landmine detection in war zones. Data science relies on robotics technology for automating repetitive tasks and anomaly detection while new advancements in disk storage, electromechanical components and programming tools are making robotics cheaper to develop and use.
2. Artificial Intelligence (AI)
AI is revolutionizing our work and lives. Many experts surveyed anticipate artificial intelligence will bring efficiency and enhance daily experiences by automating activities such as daily chores or experiences.
Examples include chatbots such as Bing Chat and Google Bard, as well as intelligent assistants on smartphones such as Siri or Alexa. Furthermore, ChatGPT and the GitHub Copilot generative language model help developers write code faster with less effort.
Automation technologies like artificial intelligence (AI) automate business processes, provide insight through data analysis, and enhance customer service. However, successfully deploying cognitive technology across an organization requires careful planning and piloting. Executives report the biggest challenge associated with AI projects is integrating them with existing systems and processes as well as mitigating its effect on job creation/retention.
3. Big Data
Big data refers to an enormous collection of different forms of information in various formats spanning multiple terabytes, petabytes and exabytes in size. Due to its volume, variety, velocity and sheer volume it makes Big data an arduous challenge to analyze with conventional analytics tools.
Businesses utilize big data to anticipate customer demand. Netflix for instance utilizes this information to offer recommendations. Procter & Gamble employs this approach in their effort to predict future product or service trends and customer needs.
Big data is also being leveraged to optimize staffing at hospitals, provide real-time patient monitoring and aid research on curing cancer and aging through DNA analysis. Big data enabled viewers at the 2019 Wimbledon Final between Djokovic and Federer to gain real-time stats without commentators interruption, turning casual fans into expert spectators within moments of watching an important match.
4. Clean Innovation
Clean innovations focus on products and services that reduce their environmental impact, such as smart electricity strips that shut off appliances instead of wasting energy and washing machines that reduce microplastic pollution. Other innovations optimize energy consumption across large-scale operations as well as personal applications – from renewable sources like renewable energy or using green materials for circular waste management.
Innovation must be both cleaner and faster to reach net-zero emissions, but unfortunately the Covid-19 pandemic threatens to derail these efforts at an inopportune moment. In this blog post we explore ways of improving selection environments for clean technologies; additionally it highlights a multidisciplinary approach encompassing research & development with other components of an innovation ecosystem.
5. Augmented Reality (AR) & Virtual Reality (VR)
AR is a technique for superimposing digital information onto real-world environments. Most often seen used for gaming purposes, where players interact with virtual objects as though they were real. AR also allows designers to develop 3D models of their creations in an authentic setting.
AR is widely utilized for training and simulation across a number of sectors. Flight and battlefield simulations enable pilots and soldiers to practice their skills safely without incurring costly equipment costs or risking real injuries in practice runs.
AR is helping companies reduce costs and increase productivity through digital tools that measure different points on products. Retail stores are using AR to offer more tailored experiences to their customers – this allows businesses to build stronger relationships and ultimately increase sales.
