Enterprises across various verticals accelerated their pace of digital transformation during the past year, primarily driven by rising market competition and evolving customer expectations. New-age technologies such as artificial intelligence (AI), machine learning (ML) and analytics, cloud computing, internet of things (IoT) and robotics saw a rising uptake among businesses, reshaping traditional paradigms and enhancing operational efficiency. The widespread expansion of 5G networks during the year enabled innovative use cases of these technologies. Notably, the metaverse saw mainstream adoption, with businesses leveraging the virtual reality space to explore cutting-edge avenues for growth. Overall, the deployment of advanced technology solutions has become a prerequisite for enterprises to not only survive the competition but also to differentiate themselves and stay ahead of the curve.
tele.net takes stock of the key technology trends that dominated the enterprise sector during 2023…
AI-powered solutions
The integration of AI has become ubiquitous across sectors as organisations harness its capabilities to streamline operations, enhance productivity and derive strategic insights. Banking, financial services and insurance (BFSI) companies are leveraging AI/ML to analyse large volumes, identify market sentiments and suggest investment options. These algorithms can identify fraudulent activities, track loopholes in enterprise systems, minimise risks, and improve the overall security of digital finance. Enterprises are also increasingly incorporating AI/ML-based solutions in the consumer lending segment to assess customer behaviour and creditworthiness.
AI has become an integral component of modern healthcare. ML and deep learning models are being used to uncover useful patterns and insights from complex data sets, such as health records and images, claims data and clinical trial data, to support better business and clinical decision-making. Another use case of AI is precision medicine, which predicts the treatment procedure that would likely be the most successful, based on the patient’s medical records and treatment. Meanwhile, in the transport sector, ML and predictive maintenance applications are being deployed to analyse data from sensors and other sources, predict failure of vehicles or infrastructure components, and schedule maintenance before breakdowns. This approach helps reduce downtime and costs while improving safety and convenience. AI solutions also analyse traffic patterns and predict future demand, thus optimising traffic flow and reducing congestion.
As for the manufacturing sector, AI-compatible plants can enhance the overall industrial production system by forecasting delays, managing inventory/tracking stock, anticipating delivery speed and providing the highest quality goods to consumers. Predictive analytics enables manufacturers to assess vast amounts of historical and real-time data to generate accurate demand forecasts, while prescriptive analytics can recommend optimal courses of action based on generated forecasts. AI has improved overall efficiencies in the logistics sector as well. The technology powers processes such as last-mile logistics analysis and optimisation, supplier selection, and workforce planning. Additionally, AI has introduced driverless and autonomous vehicles to significantly boost delivery procedures and reduce shipment costs.
It has also permeated the retail industry. AI-enabled predictive analytics improves demand forecasting by mining market and consumer data, which can help in optimising the company’s merchandising, supply chain planning, pricing and marketing campaigns. Meanwhile, in the media and entertainment sector, AI tools are being leveraged across various domains, from automating repetitive tasks such as metadata tagging to offering personalised content recommendations to users. Predictive analytics, recommendation engines, customer journey mapping and audience segmentation are streamlining operations and improving audience engagement. Generative AI has disrupted the media and entertainment industry through its ability to create a wide range of media content, such as text, images, music and videos. Travel and hospitality companies are also deploying AI algorithms to analyse customer preferences to offer personalised recommendations for accommodation, activities and destinations, enhancing the overall trip planning experience.
Further, the edtech sector has recorded an uptake in the use of AI. The technology offers personalised learning experiences, analysis of student performance data, and tailored support to improve grades. AI can monitor online exams, thus reducing the workload on teachers while providing a more secure testing environment for students. Edtech players are leveraging ML and natural language processing to reach a global audience and serve users of all abilities through transcription, translation, text-to-speech and content classification.
IoT and smart devices
There has been a notable upswing in the adoption of IoT as organisations harness connected devices and data-driven insights to optimise operations and decision-making. In the financial sector, IoT solutions help banks establish a 360-degree view of their customers by collecting data to build detailed client profiles and offer personalised services and plans. IoT-powered systems can automate tasks such as processing request queues, opening bank accounts, and disabling credit cards with minimum human intervention. IoT solutions and devices embedded in banking infrastructure or wearables allow users to make payments effortlessly.
The healthcare sector is deploying IoT in the form of internet of medical things (IoMT), a connected infrastructure of inter-networked healthcare devices and applications. IoMT connects patients, doctors and medical devices including hospital equipment, diagnostic gear and wearables. It can reduce unnecessary hospital visits and the burden on healthcare workers by transmitting information over a secure network. Meanwhile, in the transportation sector, IoT devices are implemented for a variety of applications to provide efficient and secure transport in urban areas, particularly in ticketing, security, surveillance and telematics systems. One of the most prominent use cases is intelligent traffic management, which includes smart parking, automatic traffic light systems and smart accident assistance. Another application is automated toll and ticketing with the help of radio frequency identification (RFID) tags and other smart sensors.
The manufacturing sector, too, is witnessing growing adoption of IoT in industrial applications as it integrates every element of the manufacturing process, making it function as a cohesive single entity, commonly called the smart factory. Manufacturers can utilise devices equipped with IoT sensors to collect and monitor real-time data on all their assets through web or mobile applications. These tracked assets can include vehicles that deliver raw materials or produced goods (fleet management), items in warehouses (inventory management), or resources utilised during the production process. They can track and optimise assets at every manufacturing stage, from the supply chain to end-product delivery. In logistics, IoT is increasing the number of connections between goods, packaging, transportation hubs and vehicles. It uses GPS devices, RFID tags and barcodes to capture real-time data that helps in managing assets remotely, predicting risks, ensuring proper cargo handling and forecasting traffic congestion. When combined with blockchain, IoT can offer end-to-end visibility of the location of goods on their way to the warehouse, port or end-customer.
In the retail space, IoT is empowering enterprises with end-to-end visibility of their assets. RFID and GPS technologies are enabling retailers to identify and inspect every object across warehouses, in transit and on the shelves. Connected sensors are providing a consistent stream of real-time data from the floor to the store. IoT has also found numerous use cases in the travel and hospitality industry. Some of the notable applications are passcode-enabled contactless access, a simpler and more convenient alternative to traditional locking systems; smart mirrors in hotel rooms for personalised beauty and grooming recommendations; smart TVs to suggest movies and TV shows based on user preferences; and smart reserved parking systems to detect vehicle occupancy and allow guests to reserve parking spots in advance. Additionally, IoT devices can improve safety and security in hotels. Smart cameras can monitor premises and detect unusual activity, while smart smoke detectors can alert staff and guests about potential fire hazards.
Extended reality and metaverse
The metaverse underwent a transition from the conceptual phase to tangible products as leading businesses launched their platforms in extended reality. In the BFSI domain, enterprises are gradually launching virtual branches in the metaverse to enable users to access a wide spectrum of banking services in real time at their convenience. Banks can create digital avatars of customer representatives to offer personalised support to customers.
Meanwhile, in the healthcare sector, augmented reality (AR) and virtual reality (VR) technologies are driving new interactions to redefine the delivery of healthcare services. Key innovative use cases are being seen in areas such as surgical simulation as surgeons can study patients’ anatomy before undertaking surgery, high resolution imaging diagnostics to obtain 3D data visualisation, rehabilitation, and medical equipment maintenance. In addition, medical institutions are beginning to implement AR in their curriculum to simulate patient and surgical encounters for students during their practical training. As for the transportation sector, the metaverse enables intelligently networked and integrated multimodal transportation networks. It leverages the digital twin of physical infrastructure such as airports and major roadways. Users can plan and execute journeys across multiple transportation modes in a more cost-effective and efficient manner. The metaverse could also be used to create virtual transportation hubs, where users can access a range of transportation options, such as trains, buses and taxis. These virtual hubs could be accessed through VR and potentially be used to plan and book real-world transportation.
Enterprises in the retail space are implementing extended reality to provide enhanced product visualisation and personalised experiences to consumers. One of the most innovative applications of AR is the “try-before-you-buy” model, allowing customers to virtually try a product online before buying it. Within the metaverse, retail brands are launching their stand-alone VR stores. With a combination of new technologies such as non-fungible tokens, personalised digital avatars and AR/VR devices, the metaverse will enable newer ways for consumers to interact with brands and retailers.
As for the media and entertainment industry, extended reality enables video and film makers to transport audiences into fictional universes for an immersive experience. In the journalism and news domain, AR enhances storytelling by overlaying digital information on to the physical world, offering viewers a deeper understanding of complex topics. Extended reality is also revolutionising marketing and advertising, with brands leveraging AR to create engaging campaigns. Furthermore, enterprises are hosting virtual events and exhibitions in the metaverse to offer unique user engagement opportunities, and enabling participants to interact in a virtual environment. The metaverse offers tools for virtual production, making it more cost-effective and practical to create high quality virtual sets for film and television productions. Media companies are exploring social metaverse platforms for hosting interviews, talk shows and discussions, creating a more immersive way for audiences to connect with hosts and guests. In the travel and hospitality sector, AR/VR is providing virtual tours and immersive experiences, allowing travellers to explore and interact with destinations, attractions and landmarks. In the edtech sector, AR/VR is making learning more immersive and engaging for students. Immersive experiences foster better levels of engagement and increase memory recall for complicated or abstract topics, which typically rely on two-dimensional ideas.
Shift to the cloud
Cloud computing emerged as one of the core technologies during the past year with an increasing number of organisations migrating their IT infrastructure to the cloud. The technology is proven to reduce costs, increase storage capabilities and improve scalability. Cloud technology in BFSI has emerged as a catalyst for digital transformation, making banks future-ready. Cloud solutions help enterprises conduct intra-day liquidity and risk calculations, and mine trade surveillance data to detect anti-money laundering and other fraud issues.
In the healthcare industry, cloud-based healthcare solutions are gaining traction as a means of storing and protecting electronic health records. The technology streamlines the process of patient care and makes it easier for healthcare professionals to collaboratively view or share a patient’s medical records. This allows healthcare providers to detect and respond to public health threats at an early stage. Enterprises in the transportation sector are harnessing the cloud to shift to common-use passenger experiences where multiple businesses can leverage the same infrastructure, such as check-in counters, self-service kiosks and boarding gates. The cloud-first approach also enforces better security and offers organisations a platform to host progressive technologies and move away from native applications. Centralised cloud hosting of all servers means reduced on-premises infrastructure costs, resulting in centralised control, and enabling proactive monitoring and control of services.
Cloud environments are the new normal in the logistics industry where constant data processing and exchange takes place. Cloud solutions for logistics can be broadly classified into three main categories: transportation management, inventory management and warehouse management. Transportation management systems consist of cloud-based applications that provide a real-time view of the transportation network and optimise routes; inventory management systems provide real-time information about stock levels, expiry dates and other inventory-related information; and warehouse management systems help in optimising warehouse space and labour.
In the education space, cloud enables hosting educational resources on a centralised platform to make them easily accessible to students and teachers. It also allows real-time collaboration for educational purposes from anywhere in the world. Cloud computing enhances connectivity in education for marginalised students who lack access to traditional educational facilities.
Robotics and automation
The past year saw a growing integration of robotics and automation to optimise workflows, reduce costs and improve operational performance across diverse industry verticals. In banking, robotic process automation (RPA) algorithms are enhancing operational efficiency and accuracy, and reducing costs by automating time-consuming and repetitive tasks. Other use cases of this technology include know-your-customer, mortgage processing, general ledger, fraud detection and compliance.
Although robots are not new in the medical field, their complexity and use cases have increased in recent times. They range from simple laboratory robots used for repetitive tasks and patient care to more complex surgical robots that aid human surgeons. Some surgical robots may even be able to carry out certain surgeries themselves, while surgeons oversee procedures from a console. In the transport segment, autonomous vehicles, or self-driving cars, are emerging as a prominent application of robotics. These vehicles are expected to introduce new business models such as ride-sharing services and delivery fleets.
Further, robotics and automation technologies are becoming mainstream in the manufacturing sector. Automating movement and handling of in-factory materials and equipment offer several benefits, such as directly reducing the number of workers by decreasing the need for forklift operators and other human-driven transport operations. The deployment of automated guided vehicles, industrial robots, collaborative robots and mobile robots helps to effectively address problems such as labour shortages and facilitates flexibility in the production line. Meanwhile, the travel and hospitality industry is implementing applications such as robotic receptionists, bellhops, patrols, and interactive concierges. With these use cases, hotels can automate services such as check-in and check-out processes, room service requests, and concierge assistance.
Outlook for 2024
Next-generation technologies are making rapid inroads into all sectors. These technologies will play a critical role in creating new and innovative revenue streams and business models. However, for effective capitalisation of these opportunities, certain challenges need to be addressed first. For example, being prepared for tackling cybercrime, addressing compatibility issues with legacy systems and and resolving the lack of a skilled workforce by filling training gaps to leverage new technologies with expertise.
As enterprises step into 2024, both their near- and long-term future will be defined by their uptake of and investment in advanced technologies. The year will continue to see a rising convergence of the real and the virtual world. This means that the digital world will increasingly become more real, and the real world will become as flexible and malleable as the digital one.
Sarah Khan
