In present day where technology advancement is moving faster than ever, we cannot simply take our eyes off what is coming.
From the application of IoT (Internet of Things) in big data collection to data analytics, artificial intelligence and autonomous robots, how do these technologies impact and disrupt traditional industries? In addition, how do we prepare ourselves for the disruption?
Big Data Collection
What are KPIs (Key Performance Indicators), and how are we faring according to them?
Data is a big part of our daily lives and instrumental in defining performance. In addition, they serve as a gauge to problem solving today. With the rise of IoT, it has become easier to collect data in the micro-range, something which was impossible or cumbersome before.
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The value of data is derived from what it means, and what it can do for you or your business. Hence, the analytics to make sense of the data is critical. This tends to be industry-specific, so one would be well-advised to get some education and skills developed in data science.
One prominent way with which scientists have demonstrated their work rests in how Singapore GovTech Data Science team solved the MRT Rogue train issue with data analytics.
Artificial Intelligence (A.I.)
After making sense of the data in analytics, pattern matching would be obvious.
From thereon, decisions can be derived from the same matched pattern of data. Hence, this drives natural development of A.I. (Artificial Intelligence).
Artificial Intelligence is in the virtual domain with computers, servers and mainframes. It will create tremendous value if this A.I. can be applied to the real world. And here we have the introduction of robots, or specifically, autonomous robots.
A.I. can be applied to robots, which can make decisions based on similar pattern matching. We are already seeing this being applied to the real world today. An example would be autonomous vehicles:
What Should We Do?
Technological advancements will disrupt traditional industries, and create new industries in the process. Change is inevitable and necessary for survival of mankind.
Just as how emails disrupted snail mail, postcards and fax machines, A.I. and autonomous robots will disrupt even more traditional practices that are seen as the norm today.
We have to embrace change and ride the wave of the Fourth Industrial Revolution. Learning new skills in data science, A.I., neural learning, and autonomous robots would certainly enable us to be prepared for the next big wave.
Companies should also look into learning and leveraging on new technologies to create value for their customers. Reviewing and leveraging on new technologies will, in the long run, help to increase the value of services and products.
As entrepreneurs and innovators around the world rethink and redesign the way everything works, traditional industries as we know today will inevitably be disrupted.
What is your excuse for not being ready for this next big technology wave?