A connected future
After four decades of exponential increases in computing power, the world’s immense amount of processing power is now doubling every two years, which is leading to astonishing leaps forward in technological capabilities. As technology is continually becoming cheaper, the demand is met at lower price points, fuelling an explosion of devices with endless connections. Sophisticated artificial intelligence devices are now mass-market and better known as personal assistants by the names of Amazon Alexa, Apple Siri and Google Assistant.
Earlier this year, we were paid a visit by Peter Schwartz, one of the world’s premier futurists, innovators, authors and business strategists. According to him, we can expect technology to have a vast effect on mobility, connectivity, speed of change, intelligence and productivity in the future.
The combined effects of new technologies – mobile, cloud, artificial intelligence, sensors and analytics, among others – are accelerating progress exponentially. And as soon as we overcome the physical and chemical limitations that are inhibiting exponential gains in mass-market technologies such as battery storage and wireless charging, it’s likely that the pace of change will accelerate even faster. In our increasingly digital world, says Mr. Schwartz, data is the new oil, and we are the wells. However, a vast majority of the data we gather today is not useful – and 97% of the data that is indeed useful has yet to be analysed. The rise in data and the reduced cost of accessing and processing it has fuelled organisations to utilise even more data to better understand their customers, create new products, offer new services and optimise their operations. All with the aim of creating a new competitive edge.