In
the age of disruption, businesses and their leaders will rise or fall
based on their ability to spot and creatively respond to rapid
technological change. Some companies notice an emerging technology and
take a “wait and see” attitude. Others see a new technology and take
action. They begin experimenting, making small bets, and learning.
Their attitude is that it’s never too early to start. It’s never too
early to begin looking at what others are already doing. It’s never too
early to engage the imagination to conceive of how the new technology
could be used to create competitive advantage.
These "fast movers" often jumpstart creative applications by asking themselves leading questions such as:
- Where is this technology likely to be in five years?
- When will it become mainstream?
- How might it help us differentiate, and to add value to customers?
To improve speed of satisfaction, manage choice and complexity, and
enhance customer experience?
- How will/could this new technology help us gain productivity and become a better place to work?
With such questions in mind, what follows are eight technologies that
are ripe for exploitation by your company in 2018, and beyond:
1. Artificial Intelligence (AI) is about to go mainstream.
Real Estate giant Coldwell Banker is experimenting with AI to target
classes of likely buyers for a specific property, and piloting new AI
software that helps identify likely sellers. Leading law firms use AI to
scan thousands of legal documents in minutes, rather than weeks, to
build stronger cases at a fraction of the cost.
While Netflix, Amazon, Google and Facebook pioneered artificial
intelligence, AI is beginning to be deployed by increasing numbers of
mid-sized and even small businesses. Here, the applications are
exploding. At Coldwell Banker, when their data shows a confluence of
events, the software alerts the company to a likely new prospect. For
example, the homeowner’s youngest kid just went off to college. The
couple has been in their home beyond the average of 10 years. And it
sees that the couple has been online browsing for properties in North
Carolina. AI brings these data-points together and concludes that this
household is likely to be selling soon. “If we can find those people
before they even know they’re selling, we’re that much ahead,” Coldwell
Banker CEO Charles Young tells Chief Executive Magazine.
2. Apps are becoming essential tools for boosting customer convenience and employee productivity. What are you app to do next?
Fort Worth, Texas-based startup Booster Fuels saves time-strapped
motorists a trip to the gas station. When you order fuel on your Booster
app, they bring the gasoline to you. Startup businesses like Booster
Fuels are taking advantage of the app trend to address unmet customer
needs. And established companies like Safeco auto insurance are finding
new ways to use apps to add value to customers
— and improve worker productivity.
Safeco’s auto insurance customers can now report an auto accident
using the company’s app. Right from the accident scene, customers can
submit photos, report what happened, and arrange for a tow
—
all by using Safeco’s innovative app. Fast movers will increasingly use
mobile apps for on-the spot-troubleshooting, managing inventory,
providing on-site estimates, generating invoices, and gathering data
that can be used to better understand customer preferences.
Pest control operator Rentokil uses a proprietary app to give its
field technicians a productivity edge. When confused by a type of bug or
rodent, they simply snap a photo and run the app, which sifts through a
data-bank of pest images to quickly identify the intruder. The app even
suggests remediation solutions. Voila, problem solved.
3. Wearable technology. Already enhancing guest experience at Carnival Cruise Lines.
Modern cruise ships carry over 6000 passengers and offer everything
from violin concerts to bungee jumping to belly dancing classes. But
there’s a problem. Carnival Cruise Lines’ research showed that so many
choices were overwhelming guests and creating an anxious-prone customer
experience. So, Carnival created a wearable technology to help customers
avoid “over-choice.” Passengers are given the option to wear a
wristband device synced with a companion app on their smartphone to
serve as a kind of constant guide while onboard. As you partake of
various onboard activities, the wearable tool responds by guiding you to
activities that you’re bound to like, providing a new level of
customized service for passengers. Result: Carnival customer data shows
that guests come away happier, less stressed, and more apt to return to
Carnival for their next cruise.
4. Big Data is empowering Starbucks’ location scouting. What’s your next move?
Ever wondered how Starbucks can open multiple shops in the same
neighborhood without cannibalizing existing store traffic? Answer: they
use big data.
Until now, big data was available exclusively to big companies. No
longer. As more and more digital data gets collected (as when you give
your phone number to the clerk at the grocery store), mid-sized and even
small firms are now able to tap the power of big data analytics to
carve out new strategic advantage: to lower the cost of customer
acquisition, find new ways to cut costs, increase sales, personalize
product offerings, and enter new markets.
Starbucks was a first mover in using big data to give their location scouts a tool to reduce guesswork. Big data
— the technology that allows more people to analyze more information from more sources in more ways than ever before
—
helps Starbucks’ staffers crunch data on foot traffic patterns, area
demographic trends and customer behavior profiles, greatly reducing the
complexity of decision making.
5. Amazon’s Alexa is bringing the Internet of Things (IoT) to consumers living rooms. Now may be your time to jump aboard.
In November 2017, Enrichment Federal Credit Union became the first
credit union in the United States to link to Amazon’s Alexa
voice-controlled smart speakers. Members of the Oak Ridge,
Tennessee-based credit union can now move money between accounts, make
loan payments and access balances and account histories using convenient
voice commands.
Enrichment’s move is just the latest application of an exploding
techno-trend where tiny sensors embedded in homes, buildings, and
everyday objects such as smartphones, are connected via the internet, to
comprise what is being called The Internet of Things (IoT). While Alexa
is out front, Google’s Assistant is coming on strong, followed by a
host of others just now entering the race to wire the living room.
IoT technology first burst on the scene in 2015, when a startup
called Nest reinvented the thermostat and made it “smart,” which is to
say programmable, and connected via the internet to the consumers smart
phone, and voice-controlled speaker. Nest went on to reinvent smoke
alarms, home security and a growing list of other products, and the
technology is exploding. In home security, for example, for a fraction
of the cost of traditional home security- service, consumers can set up
the new do it yourself system
— you set up the alarm system
yourself by placing the easy to use sensors and cameras and motion
detectors around your home, and connect to a control hub, and an app on
your smart phone.
Look for ever increasing numbers of homes to be united with the IoT, and new entrants wishing to dance in Alexa's space.
6. Advanced robotics. Not just for factories now.
Hotel chain Aloft uses robotic bellhops to supplement their bell staff
—
delivering extra towels, keys and whatever else to guest rooms without
delay. Suddenly, agile, trainable, lightweight robots aren’t just found
on the factory floor, they’re showing up everywhere. And they won’t
replace workers in most cases, they will enable smarter labor deployment
by taking on repetitive, backbreaking and higher risk tasks and
introducing logistical efficiency. In many a business, the question is
not: will we or won’t we? The question is: where will we and when will
we deploy robots, and in what kinds of uses do they make the most sense?
7. Drones. Not just for the military anymore.
While Amazon's drone delivery seems to be stalled by regulators and
other hurdles, last year, a New Zealand couple became the first persons
to have a pizza delivered by drone. The successful delivery came just
three months after Domino's announced a partnership with a local drone
delivery service. Suddenly drones
— aircraft without a human pilot aboard
—
are everywhere. The commercial drone industry already touches almost
every sector of the economy, 38 types of businesses have already been
approved for drone operations, and the industry is poised to be one of
the fastest-growing sectors in the U.S. From inspecting infrastructure,
to providing farmers with aerial views of their crops, to enabling
rescues of swimmers in heavy surf, to allowing law enforcement agencies
greater access to monitor criminal behavior, it’s no wonder businesses —
small and large are clamoring to use this technology.
8. Virtual Reality. The possibilities are virtually limitless.
Home improvement pioneer Lowe’s created Holoroom, where customers
plug in the dimensions of a room and can then see a VR mockup of their
renovation plans, transfer design to Google Cardboard and take the VR
mockup home. Cirque du Soleil’s traveling Kurious exhibit puts VR users
in the center of the action via a 360-degree camera in the center of the
performance. North Face brings the Yosemite wilderness to retail
stores. Thomas Cook, Europe’s biggest tour operator, uses VR headsets to
show customers what certain vacations would be like.
Virtual reality
— computer technology that uses special
headsets or multi-projected environments, sometimes in combination with
physical environments or props, to generate realistic images, sounds and
other sensations
— is poised to take off, and not just in the consumer space. Increasingly, firms are using VR to lower the cost of training.
Source: Article from Robert B Tucker
https://www.forbes.com/sites/robertbtucker/2018/01/29/eight-technology-trends-ready-for-exploitation-in-2018/#24c9f31c343f
Robert B. Tucker
is a keynote speaker and consultant to over 200 of the Fortune 500.
He's written seven bestselling books on innovation, including the
latest, Innovation is Everybody's Business
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