Big data
Every year, companies and individuals generate billions of gigabytes of data.
Data, which properly analyzed and used in time, can emerge as an unbeatable
competitive advantage. Enterprises need to recognize the prospect big data
represents and should adapt their IT strategy to capture such opportunities’. Big
data can help retailers predict buying decisions of shoppers; it can help banks
weed out fraudulent transactions; while governments can use big data to provide
services directly to their citizens.
Cloud computing
The undeniable power of cloud computing to foster innovations and improve
productivity is now accepted by both IT vendors and their customers. While the
financial services and government sectors are mostly moving to a private cloud
model due to information security concerns, other industries like healthcare and
retail have adopted public cloud. Moreover, their existing infrastructure has helped
telecom players to emerge as providers of cloud computing, leading to erosion in
boundaries between IT and telecom vendors.
Social media
A social media strategy has become a must for all enterprises, be it banks, retailers
or the government. With over one billion individuals logged on to various social
networks, people are now using social media for advice on what products to buy,
where to shop and even regarding what firms they want to work with. While most
enterprises use social media for their customer service function only, many firms
have now started using social media in tandem with their sales and marketing
functions. This in turn enables firms to use data generated by the customers
effectively to service their larger pools of customers.
Mobility
Mobile devices have changed the way people access digital content. Smartphones
and tablets have brought rich, digital content to the fingertips of consumers. Mobile
banking has emerged as one of the most innovative products in the financial services
industry. Shoppers are increasingly using their mobile devices for everything from
browsing to comparing to buying products. Governments are also reaching out to their
citizens, using mobile devices as an efficient channel. Enterprises must also jump on to
the mobility bandwagon, and ensure that their applications are mobile ready.
Embedded systems
The decreasing cost of embedded systems has made their presence ubiquitous
across the business landscape. Embedded systems like RFID chips have
revolutionized supply chains for retailers. Embedded systems are also having an
impact in the healthcare industry, where hospitals attach smart chips to patients
to keep track of their entire medical regime.
Augmented reality
Over the past 24-36 months, augmented reality has moved from the world of
science fiction, to our everyday lives. The spread of smartphones and tablets
gave rise to the spread of location-based augmented reality applications, and
now everyone from retailers to healthcare providers have embraced augmented
reality. Augmented reality enhances the customer experience, and enables
enterprises to add a fourth dimension to their products.
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