Technology is constantly changing. Just 50 years ago, computers were a rarity. These days, people have laptops in their backpacks and smartphones in their pockets. Thirty years ago, malls were the place to be. Now, people shop online. Jason Wood, the CEO, believes that business leaders need to closely monitor the evolution of technology and adapt those technologies that will further their businesses.
“Many of the technologies we’re using today will be obsolete in ten years,” Jason Wood CEO argues. “And tomorrow’s most successful companies will be those companies that adopt the latest technologies and tap into emerging opportunities.” So what technologies will define the future? Artificial Intelligence (AI) is one of the most widely talked about concepts. So far, we’ve just begun to uncover the full potential of AI and how it might reshape technologies and entire industries.
“AI is definitely something to watch,” Jason Wood CEO says, “when it comes to bleeding-edge and fast-changing technologies like AI, it’s vital to keep an open mind. Artificial intelligence will likely impact our lives and the economy in many unexpected ways.”
Another hot topic is the Internet of Things, or IoT for short. Through IoT, a myriad of devices is connected and the Internet. This includes obvious things like smartphones and computers and potentially your refrigerator, security cameras, garage door, oven, and more.
IoT can add a lot of convenience for people and companies. If someone’s fridge notices that they’re out of milk, for example, it could send the homeowner a text. Or, the fridge could even order milk online and have it delivered right to the customer’s doorstep.
“The Internet-of-Things is rapidly evolving, and while the most obvious examples are in the consumer space, many businesses are benefiting from IoT too,” Jason Wood, CEO, claims. “For example, some manufacturing companies have outfitted workers with sensor-equipped suits to study their movements. By doing so, they can study workers and identify opportunities to increase efficiency.”
The Internet-of-Things, increased online shopping, AI, and various other technologies increase the amount of data collected and analyzed. This allows companies to make data-driven decisions and to develop a better understanding of the big picture.
“Data is essential for companies big and small,” Jason ,Wood CEO, says. “As more devices and technologies come into use, they’ll generate more data. Companies can then use data to examine their own operations, to develop fuller understandings of customers, and to make supply chains easier to manage, among other things.”
Yet, collecting data isn’t enough. Companies must take analysis seriously and should explore AI tools, data science, and more to extract as much value from data as possible. As technologies evolve, it’s important to understand their potential and also limitations.