Driving Business Innovation Through Transformative Technologies: A Perspective by Bane Hunter
Hunter asserts that breakthrough technologies hold the key to unparalleled growth opportunities for discerning businesses. While familiar names like artificial intelligence, machine learning, and smart automation dominate discussions, Hunter emphasizes that these are merely the surface of a vast technological iceberg.
With this perspective in mind, let us explore, guided by Bane Hunter's insights, an exclusive way for businesses to harness transformative technologies in 2024 and beyond.
A closer look at transformative technology
Transformative technology is any tech that drives pioneering innovation, most notably by disrupting existing competition. The most effective forms of transformative technology allow businesses to embrace new or amended business models or revenue streams.
The same businesses may also use transformative technologies to enter one or more as-yet under-serviced markets for the first time. The goal is typically to grow a model, revenue stream, or market before becoming the leader in a given space. That can result from tapping into a new market or supplanting competitors in their respective industries.
Well-known examples of transformative technologies
Bane Hunter notes that the best-known example of transformative technology making waves today is arguably artificial intelligence. Going a step further is a look at the Nvidia BlackWell platform, which is a perfect example of a key technology that will enable a world-shaking transformation to take place.
Machine learning and smart automation are two other recently emergent examples that many people will also be familiar with. AI, in particular, has driven massive innovation at all levels of business in recent years. Furthermore, it continues to underpin and drive breakthroughs in industries across the board in the U.S. and overseas.
At the same time, machine learning drives innovation in business and elsewhere, including within the medical sector. Machine learning has already transformed how the medical profession approaches document aggregation, for example, while becoming integral to how doctors and others within healthcare handle and process diagnostic and other data.
Outside of business and medicine, AI, machine learning, and smart automation combine in many of the pieces of smart home tech that people now own. This smart home tech alone is at the heart of a worldwide market currently generating over $100 billion in annual revenue – a market forecast to enjoy a compound annual growth rate of more than 10% between now and 2028.
How AI and machine learning fueling business innovation
Artificial intelligence and machine learning serve more than just medical professionals and power technologies like smart home gadgets. They're at the very core of innovation within businesses and other organizations almost across the board.
Countless businesses worldwide now employ AI-powered systems to improve their operational efficiencies. By streamlining operations, businesses free up time and resources to innovate. Whether focused on operational efficiency, innovation, or one or more other areas, businesses increasingly rely on AI for everything from streamlining workflows to reducing human error.
Streamlined workflows, reduced human error, and freed-up resources give businesses and their employees better opportunities to invest their often already highly stretched time in much-needed innovation.
In business settings and within the day-to-day operations of other organizations, like nonprofits and charities, these and similar transformative technologies also offer never-before-seen strategic insights, proving invaluable for all-important growth.
Other transformative technologies set to fuel similar innovation to AI
Artificial intelligence and machine learning—as well as, albeit to a lesser extent, smart automation—have perfectly demonstrated the case for transformative technologies fueling invaluable, widespread innovation. Now, tech-focused, forward-thinking businesses and other organizations are looking to leverage new technologies forecast to drive similar innovation levels and resulting success.
Advanced analytics, cognitive computing, and robotic process automation are prime examples. Advanced analytics are already demonstrated as highly capable of transforming the fortunes of countless businesses worldwide, as is cognitive computing, although perhaps to a less widespread degree. Meanwhile, robotic process automation is only now just beginning to break through.
However, those that have already embraced the tech—particularly in tandem with AI, machine learning, advanced analytics, or cognitive computing—are rapidly reaping the benefits. That includes using these existing and breakthrough transformative technologies to reshape established business models, enhance critical decision-making processes, and much more.
Capitalizing on transformative technologies
Exploring future frontiers and navigating the path forward within the context of the rapidly transformative technology landscape in front of us are two of the most important decisions executives and stakeholders will need to make. While some technology adoptions may be in nascent stages, forward-thinking businesses need to be poised to capitalize on their transformative potential. Early adopters stand to reshape business models, optimize decision-making processes, and gain a competitive edge in their respective markets.
With prompt research and timely investment, there's every opportunity for businesses and other organizations of all shapes and sizes to break new ground, optimize efficiency, and maximize their returns over the coming 12 months and beyond.
In conclusion, as businesses navigate the complexities of the modern era, transformative technologies stand as catalysts for innovation and growth - if and only if they are deployed in time, championed internally, and supported by resources that understand how to use and evolve the technology over its lifecycle. With foresight, diligence, and timely strategic investment, organizations can chart a course toward success in an ever-evolving technological landscape.
Ana Fresno
MARKETOU
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