The converging themes of business transformation
Business leaders are frequently exposed to various evolving trends, and quite often they have to distinguish between hype and reality. For example, the “metaverse” is a popular topic today. People representing a wide range of stakeholders are talking about it.
While it’s unclear how the whole metaverse concept will evolve in the future and begin to deliver business benefits, it’s important to understand that it’s based on a few core technologies that have gradually matured over the years. .
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The advancement and convergence of these foundational technologies helps create new themes aimed at solving important problems. A seasoned business leader must therefore devote time to understanding these building blocks, the opportunities arising from their convergence, and the themes emerging from these convergences that can solve business problems.
As we continue to witness unprecedented technological advancements, PwC has identified six convergence themes: Trust Automation, Extended Reality, Immersive Interfaces, Workplace Autonomy, Digital Thinking, and Hyperconnected Networks. Instead of getting overwhelmed by every new hype, business leaders need to understand these themes and their importance to their business.
Trust Automation: To automate trust, technologies such as Internet of Things (IoT), Artificial Intelligence (AI) and Blockchain can be combined to ensure data authenticity, participant identity and transaction security. This will enable these technologies to provide automated trust in physical, digital and human assets.
Extended Reality (XR): XR merges the physical and virtual worlds using foundational technologies such as Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR). Although its primary use cases are in the entertainment industry, many research and development (R&D) organizations find this theme useful for improving their capabilities in designing new products. According to a PwC estimate, XR can provide a $1.5 trillion boost to the global economy by 2030.
Immersive Interfaces: This is the next frontier of conversational interfaces, with XR. Immersive interfaces enable more natural and frictionless interactions between humans and machines. This theme uses various human sensory inputs – auditory, tactile and visual – and merges those with other human attributes, such as emotions, to maximize the immersive experience for humans in the digital world.
Work Autonomy: Automation has moved from a point solution to a broader definition of workflow and material flow automation. The work autonomy built into the AI allows it to learn from its past behaviors and results, improving the degree of automation over time.
Numerical reflection: It is a virtual reflection of complex and interrelated physical processes and interactions.
Hyperconnected networks: These networks rely on an infrastructure of networks and sensors to process information at high speeds to intelligently connect many humans and machines. They leverage technologies such as 5G and other low latency network infrastructure.
These themes are expected to drive the next wave of technology-driven transformation for businesses around the world. For business leaders, it will always be important to develop a holistic understanding of these themes in order to drive organizational transformation. Many organizations have already embarked on this journey of transformation.
The author is a partner at PwC. The views are his.