Technology and innovation are the backbone of businesses around the world. Organisations and leaders have been selecting, adopting, and deploying technologies and innovation in a fluid manner to create a sustainable and inclusive future. The evolution of technology and innovation will depend on how businesses optimise operations and make the best use of the available resources.
A few trends to watch out for in 2024 are:
All about AI
Artificial intelligence (AI) has gained significant prominence in the recent years, going beyond its traditional use as a business-to-business technology and becoming a part of the pop culture. The technology is bound to penetrate deeper with innovations such as generative AI, which shows massive potential of transforming the ways of living and working, even as it evolves to become more trusted and efficient for graded task orientations across functions and domains. With further democratisation and adoption of generative AI, it is expected to automate and simplify tasks, improving productivity and efficiency. Organisations will also experiment with and leverage AI along the life cycle of software development, converting a concept into a program. With the power of data and AI, organisations can protect biodiversity, reduce carbon emissions, analyse resource wastage, among other things.
Increased focus on cybersecurity
With more connected devices and systems enabling complete digital transformation, cybersecurity has become an organisational priority. Business leaders will continue to work on the safety and security of their customers, employees, and clients against cyber frauds and attacks. Building cyber resilience against any future threat will be a focus area in 2024. Technologies such as Internet of Things (IoT) and 5G/6G will grant Internet access to the underserved pockets, allowing more interactions among devices. Bigger digital networks imply greater vulnerabilities, which organisations, regulators, law makers, cybersecurity professionals, and governments need to tackle together. Using quantum technologies, lawmakers across the world have started implementing quantum safe cryptography and key distribution measures to secure public digital infrastructure from future incursions.
Building blocks of blockchain
Blockchain technology is gathering momentum in India. It is gradually being integrated in several projects across public administration, ranging from data management, asset registration, record keeping, and benefit transfers. A thriving developer and startup ecosystem is also enabling the progress and deployment of the technology. Blockchain technology can revolutionise products and services across education, healthcare, energy, financial services, Smart Cities, cybersecurity, media, logistics, and other landscapes. Digital payments organisations are exploring the technology and assessing its use cases. Public-sector banks are also looking at the possibility of leveraging the technology. India Stack will foster newer service enablement for citizenry and other services.
Innovation for sustainability
With sustainability at the forefront of business agenda, organisations will continue to innovate and make advances in technology, protecting the planet and enabling efficient consumption of resources. Climate tech will play a crucial role in promoting sustainable development with innovations such as smart precision agriculture, sustainable mobility, carbon data and analysis, clean energy, and more. Organisations will also look at circular economy and embed the concept into products at the design stage. The concepts of green cloud computing and AI for green tech (improving energy efficiency, smart cities, and more) are likely to drive sustainability initiatives across industries. ‘Green everything’ will be the advancing purpose and motto for all.
Spatial computing heralds a new frontier in computing, enabling users to interact with digital content in an immersive way that will feel significantly more natural than its predecessors. It will be far more affordable and easier to deploy across industries for new applications and use cases that will unfold over time, from healthcare to training and education, from maintenance, retail, and operations (MRO) to retail and design – the possibilities are limitless.
The quantum advantage`
In the past few years, organisations and researchers have been experimenting with quantum technology and exploring its various use cases across industries. In 2024, the technology is expected to reap tangible benefits, especially for computing-heavy areas of battery design, supply chain optimisation, drug discovery, material science, industrial data analysis, and more. Quantum computing will also help detect and lower carbon emissions by major-polluting industries. Banks and financial institutions will be able to leverage the technology to enhance the capacity of AI-based systems meant for fraud detection, high-frequency transactions, and risk management.
Nisheeth Srivastava, Chief Technology and Innovation Officer – India, Capgemini said, “I believe the most transformative impact on businesses will be unprecedented access to a cross-spectrum of insights that few will use judiciously to advance their competitive edge, and to the ability to create stellar new content, designs, and experiences in the most personalised way desired. For societies, I believe access to significantly improved pedagogy digitally, and the commencement of our journey towards vastly improved medical diagnoses and drug discovery are imminent. I am also hopeful of more transformative action around sustainability.”
He also added that to harness these advancements, organisations will need to accelerate their data-driven approach and embrace a culture of experimentation and innovation like never before. They will need to hastily upskill their workforce with the necessary tools and invest a great deal more in fostering softer skills like creativity and design, prompt engineering, etc., as also the value of ethics in all they do. He stated that the next five years make it necessary to adapt corporate ethos and strategic foresight, while prompting businesses worldwide to stay agile in navigating dynamic shifts and ensuring long-term viability in an ever-changing landscape.