Disruptive Technologies or AI primarily, set to take over 2021 and beyond

The COVID-19 pandemic has so far, killed thousands of people, reduced millions of jobs to zero, uprooted decades-old businesses and, above all, forged the beginning of an era of the “new normal”. In short, the world before March 2020, is now a forgettable history.

When we talk about the industrial influence of the pandemic, the impact has been exceptional. Even businesses across the world with stable enterprises have registered a radical change.

The digital progression of industries and businesses during and post-pandemic

From the span of March 2020 until October 2020, i.e. within 8 months, the internet practically went through a true digital revolution. Understandably, this revolution was an after effect of changing consumer behaviour which resulted in a significant shift in consumer trends. And, just like a chain reaction, nearly every industry had to respond to this rapid digital acceleration and manage uncertainty alongside.

This entire process of cause and effect of the pandemic allowed the disruptive technologies to surface. Businesses were now driven to incorporate systemic risk into their long-term planning which can only be fulfilled and realised with the assistance of disruptive technologies.

These disruptive technologies are- Blockchain, Artificial Intelligence (other umbrella technologies like VR, ML, ER and AR), Internet of Things, and Big Data.

How businesses are now addressing the new “digital revolution” with the assistance of disruptive technologies?

With big transformations comes big adaptations, and the ability to create a long-term vision. Multinational corporates, mid-sized companies, small businesses, and individual-based businesses are at present embracing the transition from traditional setups to digital platforms through disruptive tech.

Retail companies to financial companies have reinvented their approach of working and their process to reach out to existing and new customers. But in the wake of this revolution, individual-based businesses or small businesses have adapted this change the most. And in response to their growing needs, new tools and trends are gaining momentum.

Most of these tools and trends are responsible for--

• Automating operational tasks
• Reduce old or additional costs
• Easing workflow
• Improvising end-user experience
• Downsizing work, time and costs

"For small- and medium-sized enterprises, innovative cloud-based technology has made it possible to optimise their external and internal strategies." - Kapil Rana, HostBooks

Digital tools and trends that are gaining traction, are at present best for businesses across industries, and are cost-effective by great percentage-

Digital Money- E-payments or digital transactions weren’t that new in 2020, but the pandemic acted as a booster for digital payment adoptions, especially for mid-sized to small companies. Applications like Google Pay, PayPal, and more saw a majority of users in the span of these 8 months since March. Digital Payments have not only reduced cash flow (for eliminating infected currency) but have also forged a systemic transaction system for many businesses today.

"Taking SMBs online is about keeping the solutions simple, modular, and affordable." - Vikas Varma, Mastercard

OTT applications and e-entertainment- Netflix, Amazon Prime, HBO Max, and other local OTT applications have not only filled the void of a depressed audience but also have created multiple employment opportunities for artists worldwide. Although OTT doesn’t entirely come under disruptive tech but the market penetration it has caused, is with a mention.

Virtual Meetings and Presentations- Zoom, Google Meets, Skype Meet and other online meeting rooms has undoubtedly eased the operational workflow. In fact, these were the months, where Zoom bagged a major investment of $ 2.37 Billion.

But there is a thing or two to be worried about when it comes to online meetings, i.e. data security and privacy, which is exactly where Artificial Intelligence and Blockchain technologies fit. Both AI and Blockchain are now being (planning stage) used to automate manual work, secure transactions, and manage data securely.

“No company is going to survive in the future without implementing or at least gaining an understanding of, artificial intelligence and how it can be used to better grasp data they collect.” – David Gasparyan, President of Phonexa.

Coming back to virtual conferences, few integral tasks usually required for facilitating online meetings, like presentations, graphic documents, and image optimizations, earlier required additional resources. But with Artificial Intelligence-based products like Slazzer, these tasks can now be managed singularly at negligible costs. With the assistance of AI, image backgrounds can be removed easily in as little time possible, i.e. only in 5 seconds.

“Artificial Intelligence is breaking all records. It’s umbrella technologies like Machine Learning, Extended Reality, Augmented Reality, RPA and more are working in great proportions. The technology is no more limited to big businesses like Facebook and Google. Anyone today who is an eCommerce business, an online Advertiser, Web developer, Graphic designer, Media person or even a Photographer can now ease their workload, reduce costs, and reduce long-hours of editing, using apps like Slazzer and its open-source API”- Andy Caso (VP-Sales Slazzerr)

Chatbots and Messengers- Talking about automating customer service, chatbots have played a crucial role this year. WHO recently collaborated with companies like Sprinklr who is responsible for integrating AI-based chatbots for attending pandemic and other healthcare-related queries.

Not only health-based or hospital-based chatbots saw an increase in AI-based chatbots adoption this year, many e-commerce, food delivery companies, and financial companies also integrated AI- chatbots or messengers in their customer service area, in order to ease the inquiry flow.

These digital trends and tools have so far eased plenty of work-related and other immediate issues that were a by-product of the pandemic. It should be noted that even though Blockchain comes as the first disruptive technology responsible for forging decentralized control in time of data security and privacy, it is Artificial Intelligence that is easing the way of working today, rapidly.