While future technology is set to threaten current working practices, it also presents exciting opportunities for those who are bold enough to face the disruption head on. Many advancements have been introduced in the last year, including augmented reality systems such as Microsoft’s HoloLens that presents three-dimensional holograms. The predictions suggest it could be used to conduct the boardroom meetings of the next decade. Massive connectivity is already underway as the Internet of Things is being incorporated into Smart meters in homes and businesses. It is a prime element of the Fourth Industrial Revolution as digitalisation and artificial intelligence begin to impact on manufacturing.
AI is only just making its presence known through increased automation, but analysts predict it will replace massive numbers of jobs with at least one third in banking alone. Complex algorithms that imitate human thought patterns are being developed for a future that could include the androids of science-fiction. Companies can look forward to robots becoming interactive employees that offer superior productivity and efficiency. Conversational chatbots are set to transform customer services in the next decade.
As the first signs of disruptive technology are becoming noticeable, around two businesses each month are failing to make the transition. Ten years from now, it is predicted that new companies with digitalisation will replace up to 75% of existing businesses. IT departments will bear much of the responsibility for the disruptive changes ahead. They will need to become far more flexible, developing new business models for risk and investment as they integrate digitalisation throughout their companies. And with the phenomenal speed of progress that is predicted, it cannot be considered too soon to start planning for the future.