In this article, we’ll explore the different types of cutting-edge technologies and the potential investments and benefits they can offer.
Is “Disruptive Technology” really disruptive?
First, let’s clarify: when something is labeled as “disruptive,” it doesn’t necessarily mean it’s a groundbreaking technology that revolutionizes the world for the better. In fact, disruptive ideas often involve simple and affordable solutions that replace complex systems or expensive products. By implementing such innovations, businesses can cater to a broader audience, offering their services and products to a larger market.
This term has been interpreted differently by investors and entrepreneurs with opposing viewpoints. For investors, investing in “disruptive” businesses is risky, with high uncertainty about ROI and profitability. In contrast, for some entrepreneurs, “disruptive” businesses are an opportunity to generate more revenue.
In this article, we’ll explore the different types of cutting-edge technologies, how to assess potential investments and the benefits they can offer.
Types of cutting-edge technologies
This one is a no-brainer.
AI is becoming increasingly prominent in today’s businesses, with applications ranging from facial recognition to autonomous vehicles.
IT departments are now actively embracing AI to digitize business operations. AI-powered systems can analyze vast volumes of data, allowing them to make predictions and execute complex tasks with unparalleled precision and accuracy.
One use case scenario of AI can be quality assurance. AI-powered quality assurance automation can help businesses reduce costs and streamline operations by eliminating manual QA testing processes. AI-driven systems such as machine learning algorithms can identify patterns that lead to quality defects in producing or delivering goods.
Software companies and IT departments are increasingly adopting machine learning strategies to automate their development and testing tasks. The aim is to use human resources for creative and strategic aspects of software development while using machine learning systems for performing repetitive tasks.
Conversational AI is another cutting-edge technology that is becoming increasingly popular. Customers now demand 24/7 customer service, and conversational AI can provide a more personalized experience for customers.
Conversational AI solutions use natural language processing (NLP) to interact with users in a human-like manner. The algorithms are designed so the machine can understand the intent and context behind spoken words. This technology can process large amounts of data and generate automated responses to customer requests, which is crucial for businesses as customers prefer prompt and accurate answers.
Amazon is likely working on a software capable of engaging conversations with humans. The retailer giant already has Alexa, where users have casual conversations with the AI assistant to accomplish various tasks setting alarms, checking the weather, and playing music.
Augmented and virtual reality
In the context of warehouse fulfillment, an AR display can direct employees to product locations, ensure that the right product has been selected, and facilitate efficient packaging for delivery.
In retail, augmented reality can offer shoppers a virtual simulation of the product they want to purchase. This feature allows customers to try on clothes and visualize how furniture and appliances would look in their homes before purchasing.
Integrating artificial and virtual reality in real estate and construction is also poised to revolutionize the industry. With this technology, property developers can preview changes before investing in retrofitting or modifications, which can dramatically reduce costs.
IoT products and autonomous transport
However, the wireless ecosystem will impact emerging sectors such as autonomous vehicles and transportation systems. As such, we will see significant investments being made in smart traffic lights, highway systems, and advanced vehicle-to-roadside communications. These solutions are expected to transform logistics and expedite the development of long-distance transportation routes.
At-home digital diagnostics
This is another sector that is attracting investors, especially after the covid-19 pandemic. At-home digital diagnostics is gaining a lot of traction as more and more patients are turning to home medical testing kits and remote monitoring systems.
Medical device manufacturers are increasingly investing in rapid virus testing tools that sync with smartphones. These testing tools have the potential to revolutionize our response to and management of pandemics in the future.
Telehealth or telemedicine has proven pivotal in broadening access to healthcare for people living in remote locations. For example, patients can get basic healthcare advice online, reducing pressure on hospitals and diminishing the need for in-person visits.
For instance, autonomous crop-spraying drones, AI-driven weeders, and precision fertilizers are some of the technologies that are expected to revolutionize commercial food production.
Renewables are the future of energy production and effective solutions for sustainable energy growth. Significant investments have been made in renewable energy sources such as solar, wind, geothermal, and hydroelectric, and they will only increase. However, according to the US Department of Energy, hydropower remains a leading renewable electricity source.
Wind and solar power are catching up and are now two valuable sources of investment. Printable solar panels, solar-powered water plants, and photovoltaic cells are some examples of solar energy technologies that are seeing increased investments.