According to McKinsey, it is these technology trends that generate the largest investment flows, generate the most patents, and have the greatest implications
Technology plays an important role in all aspects of life. In the business context, technology can also determine how far a corporation can develop. In order not to lose momentum, business executives need to pay special attention to some of the most influential technology trends going forward. That’s roughly the conclusion that can be drawn from the latest research conducted by McKinsey & Company.
Of the top 10 trends discussed, 7 of them enter the digital realm. The trends discussed are also not only those that have the potential to disrupt many industrial sectors at once, but also those belonging to niches such as the biotechnology revolution and the advancement of nanoparticles and nanomaterials trends.
McKinsey: The Next-Level Process Automation and Virtualization
McKinsey predicts that in the future robotic technology, Industrial Internet of Things (IIoT), digital twins, and additive manufacturing (3D or 4D printing) will be combined to shorten routine tasks, increase operational efficiency, and speed up market penetration times. McKinsey describes this trend with the term “next-level process automation and virtualization”.
McKinsey estimates that by 2025, more than 50 billion devices will be connected to the IIoT network and generate 79.4 zettabytes of data annually. For context, 1 zettabyte is equivalent to 1 billion terabytes. Then in 2030, 10% of all manufacturing processes will be replaced by 3D or 4D printing technology.
The next trend is to combine advances in 5G infrastructure with IoT to realize a new range of services and business models. McKinsey found that there are around 1,000 use cases in various industrial sectors that are closely related to this connectivity trend, which is estimated to contribute to GDP figures in 2030 of up to 5-8 trillion US dollars.
Without being surprised, AI is of course also included as one of the trends with the biggest implications in the business world. McKinsey even predicts that advances in AI and machine learning will embody the concept of “Software 2.0”, a concept in which the software development profession has been replaced by AI. However, to be able to maximize this trend of automated programming, companies must first increase their DataOps and MLOps capabilities.
IT infrastructure Accelerated by The Increasing Adoption of Cloud Computing Technology
In the future, the democratization of IT infrastructure will also be accelerated by the increasing adoption of cloud computing technology. According to McKinsey, the adoption rate could increase to close to 50% by 2025, and it is not impossible to break the 80% mark if the current trend continues into the future.
Quantum computing and neuromorphic computing are also expected to continue to become more mainstream. This new generation of computing trends is predicted to answer questions that have not been answered in the world of science so far.
The development period for the pharmaceutical and chemical industries will be drastically cut, as will the auto-driving car industry, which will be accelerated. Not only that, next-gen computing is also predicted to significantly disrupt the cybersecurity field.
5 Examples of Industrial Disruption from the Digital Revolution in Asis Pacific
In Asia Pacific, industrial disruption due to the digital revolution is real and has been present in various industries, here are 5 examples of them:
In the past, people needed to register manually and queue long enough at the clinic to consult a doctor.
But thanks to the advent of technology, people can now easily make an appointment with a doctor. There are many virtual consultation applications with doctors that can be used to instantly make an appointment in one click.
In addition, you can also consult online and get drug prescriptions easily as recommended, then the prescription can also be redeemed without the need to come to the pharmacy.
In many articles it has been explained about the disruption of innovation from fintech, and how the actions of technology affect the financial industry. Professions such as bank tellers are said to be lost in the future because they can be replaced by technology.
Now you can open a new account anywhere without looking at your domicile address. The verification process is carried out through video calls and the accounts obtained are not much different from ordinary accounts.
Deposit and cash withdrawal features can be done as usual through ATM machines or at authorized merchants appointed by the bank. In addition, credit applications can also be done online, so that the reach of credit distribution to the public will be much wider.
- Customer Service
Before the presence of chatbots, the customer service process was quite a hassle. You need to dial the operator number code, then forward the call to the relevant team. This process is not only complicated, but also quite time consuming and expensive.
Since the advent of chatbot technology, both customers and companies can communicate with each other more effectively. Some questions can be answered automatically by bots, and the Customer Service team only needs to deal with questions that can’t be solved easily.
Customers can also ask 24-hour questions, because bots don’t need to rest and can still answer with the same speed and accuracy.
In the past, education (especially the profession) could not be easily accessed by everyone. You need to apply to a trusted educational institution, then take a long series of courses. However, not all of the learning can be applied directly in the field.
With the help of technology, this problem can be solved. Now there are various online training applications available, which are even used by many countries in Asia Pacific for equal distribution of education. You can get and follow the training you need anytime and anywhere. The registration process is also easy, because it is enough to fill out the form provided by the application.
Since the emergence of online stores and e-commerce platforms, the retail industry is known to have to reformulate their strategies in order to stay afloat and get their customers back.
As it is well known that online shopping today offers a much more practical experience compared to visiting the store in person. You can also get product and store reviews in real time, which you can’t get if you only visit a physical store.
In addition, online store and e-commerce platforms also help reach customers throughout Indonesia and increase demand for courier services. Of course, this can also drive the wheels of the economy in the Asia Pacific.