So, how are rising technologies reminiscent of 5G, artificial intelligence, and digital and augmented actuality contributing to innovation? They do it primarily in three total methods:

As founding father of new markets

As automobile for innovation

As an enhancer of human capabilities

Let’s undergo these three ways one after the other:

Technology as founding father of new markets

New technology has a significant impact on markets and market dynamics. This has at all times been the case; however, within the digital age, that is occurring quicker than ever earlier. Over the final a long time, we’ve seen how digital technology has disrupted many various markets. Streaming has disrupted the music business and TV and movie, and social media has radically disrupted the entire media sector.

As 5G begins to grow to be an actuality within the market, many new capabilities and potentialities emerge, reminiscent of community slicing, ultra-low latency, lightning-quick speeds, and excessive reliability, to say a couple of. And these capabilities are enabling many new use circumstances: from foreign controlling automobiles in a mine to small sensors with ten years of battery life. These technology options will remodel the present logic in many companies and create new markets for individuals who see the probabilities.

When new technology turns established in our society, it additionally drives new behaviors amongst individuals and their position as shoppers, and these new behaviors symbolize potential new markets. The identical factor occurs in industries: when a new technology turns into obtainable, organizations can probably change areas inside their enterprise, reminiscent of worth chains and operations, but additionally entire enterprise fashions and the whole market itself.

Artificial intelligence (AI) is one other sizzling technology space that may open new markets and market niches in lots of industries. Today, most areas are associated with innovation effectivity and effectiveness (the sites to the left within the mannequin I described in my earlier blog post).

The most typical space of exploration right this moment is the automation of enterprise processes, for instance, digital and bodily duties. Harvard Business Review lately mentioned that 25 % of the 250 enterprise executives of their survey assume AI will assist them in pursuing new markets.

Technology as automobile for innovation

As we’ve beforehand mentioned, innovation and technology are tightly interlaced.

Not way back, experimentation with new technologies was solely possible by multinational companies or government-funded analysis labs. Today, inexpensive technology – digital and different – makes it possible for many enterprises – vast and small – to experiment with concepts and ideas in entire new methods, and likewise in actuality as an alternative solely in taking a look at labs.

For instance, it’s now possible to check services and products online at a meager price, in addition, to take a look at our updates, alterations, and tweaks. Prototyping has grown to be obtainable to all by way of simple to use software programs and 3D printing. AI can simulate varied market situations primarily based on available real-life knowledge. Virtual actuality makes it possible to create entirely new sorts of blueprints that produce services and products that come alive for actual and thus make them likely to judge previous to constructing or manufacturing them.

Digital technology and the new technologies that it allows (like AR, VR, and AI) lower the brief’s standard industrial age innovation course.

Another means rising technologies – AI specifically – can velocity up innovation by eradicating uncertainty or lack of know-how. Continuously figuring out and ruling out hypotheses at a fast tempo will little question make the innovation course extra centered and efficient in producing sturdy options. Data is the protein of AI techniques: if there’s enough quantity of knowledge, AI will have the ability to enhance the velocity of innovation.

Technology as an enhancer of human capabilities

This unlocks a fantastic potential, but it also raises considerations about what it implies that technology – and never solely people – has management over technological progress. As mentioned in addition, there are optimistic and pessimistic stances regarding our technological future.

Regardless of place on this matter, it’s clear that rising technologies have gotten more and more vital within the very means of innovation.

Now, technological evolution has reached a degree where it might assist us in overcoming – or at the least circumvent – our cognitive shortcomings. Where human thoughts fail to show traits helpful in driving change and artistic considering, technology can provide us an additional push in the direction of a better-advanced capability.

The designer right this moment has a very new set of potentialities and instruments for designing and prototyping. Both fast and create shapes and interactions that will have been unattainable a decade in the past.

Ericsson Strategic Design Lab is working with cities and metropolis planning questions.

Another instance is seen in automotive manufacturing. Corporations are beginning to do automotive fashions in VR as an alternative to the tremendous costly and time-consuming clay mannequin that was historically used. And in the identical business, newcomers reminiscent of Local Motors who’re difficult the standard means of designing and producing automobiles utilizing crowdsourcing, open supply, and 3D printing technologies for physical prototyping and manufacturing.

Finally, and to summarize, an understanding of new technology is essential in two primary capacities:

Understanding technology as a place to begin: Organizations that need to innovate should (usually) perceive the seedbed that new technology creates for any market right this moment. How has new technology modified the circumstances in your market and what technologies are on the market that may remodel your services and products, and how do you mannequin them for the market?

Understanding technology as an enabler: The second capability by which an understanding of technology is essential for innovation is as an enabler. For instance, how new technology might help make new concepts and innovations possible to understand on the market. Technology can also be an enabler for experimenting with new concepts and testing out new ideas. Organizations that perceive how to make the most of new tech on this innovation section will acquire leverage that different organizations lack.

So, how will 5G, AI, VR, and AR, contribute to innovation in your business? Do you see the probabilities or solely threats?

 

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