Technology Makeover: A Global Industry Outlook for 2022

A holistic approach at some of the biggest trends in technology

Since the COVID-19 pandemic has altered the way the global society functions, technological innovations are anticipated to grow in 2022. But are industries able to keep up with this shift in new technological trends? Let us look at four game-changing technological innovations that will help to increase bottom lines.

Opportunities for long-term business growth

As the world is witnessing a sea change where Facebook has renamed itself as Meta, early adopters of new technologies tend to gain a competitive edge over other market players. Advancements in machine learning, automation and robotics are helping to accelerate business processes.

Despite the influx of new technologies, stakeholders from various industries like healthcare, information technology and BFSI of developing economies are experiencing a technological gap due to the lack of resources. This indicates that tech giants hold untapped revenue opportunities in developing countries since mature and developed economies are nearing a saturation point, where innovation becomes a key differentiator.

Here are key insights about specific technologies that play a fundamental role in business success for 2022:

  • Cloud and the hybrid workforce: As increasing number of businesses demand transparency, flexibility and convenience, the hybrid workforce is taking new forms in both MNCs and SMEs. The adoption of Microsoft Teams has been a prominent trend in this space. Thus, increasing number of businesses are making sure that employees are enabled and empowered to have successful work-at-home and in-office productivity.
  • Sustainability acts as value addition: Businesses are going beyond suit and tie to bolster their credibility credentials. The pandemic has spurred additional interest in ESG (environmental, social, and governance) investing. This means, commitment to the ESG model translates into not just business stability, but also greater social equality and inclusion of communities.
  • Everything-as-a-Service (XaaS) helps in business leap: Seamless communication, security of IT systems and scalable business models to name a few are helping in greater adoption of XaaS to enhance operational efficiencies.
  • Resilient supply chains: Since the pandemic has exposed the vulnerabilities of most businesses, sourcing alternative supply partners is emerging as a winning strategy. Digitalization of processes is delivering cost efficiency in supply chain management.

Despite technological gap in most industries, investment in training of company executives, technicians and operators with job security holds promising potentials to overcome technology adoption challenges in 2022.

Pleasure and Perils of Fourth Industrial Revolution [INDUSTRY 4.0]

The digitalization of production or manufacturing process of products is named as Industry 4.0., in other words, it is called fourth industrial revolution.

Since the onset of fourth industrial revolution, a lot of challenges that existing in traditional or conventional industry have evaded and manufacturing processes have eased off.

However, every change brings set of challenges and that remains true with fourth industrial revolution or industry 4.0 as well.

In this article, we are going to analyze the challenges and opportunities brought by industry 4.0.

Challenges of Industry 4.0

Any technological improvement takes place to ease the human life, but the same technology at times brings forth perils to mankind. The deployment of robots, artificial intelligence may eat up the job opportunities for humans, thus leading to unemployment.

The fourth industrial revolution has already begun in Europe and the United States, however there is a wave of fear that the deployment of robots will be the end to work force.

Another challenge that is posed in the wake of fourth industrial revolution is, the data security or cybersecurity.

The more we rely on the technology, cybersecurity is at a stake. Thus, the businesses always have to be at the forefront of ensuring that they are safe from nefarious activities and cybersecurity is intact.

The more technologically advanced we are, our privacy is always at risk, the personal details that remains with companies, we would have no control over them with regards who can access them.

Moreover, another concern over the fourth industrial revolution- industry 4.0 is having a right regulatory guideline to protect the interests of businesses and consumers, ensuring bringing balance to in work and living.

These regulatory guidelines should support domestic and international business arena to ensure uniformity and hassle-free movement of goods and services across the globe.

Advantages of Fourth Industrial Revolution – 4.0

Any changes in industries serves us with the massive stirring of technology and first three industrial revolutions brought in paradigm shift from analogue technologies to digitized technologies.

The fourth industrial revolution- industry 4.0 is expected to bring in even more dramatic changes with regards to how the companies operate. The businesses are going to get absorbed so much in technologies like never before.

Some of the technologies that are involved in industry 4.0, fourth revolution include – IoT, 3D printings, quantum computing, etc.

The automation of technologies leads to enhanced productivity, saves time and upkeeps uniformity and quality.

The real time monitoring with IoT and COBOTS ensures high quality standards.

The manufacturing companies produces more units in lesser time, thus saving the cost as well. It provides better working conditions as compared to the conventional work setting.

The supply chains will get more efficient, thus reducing the cost of trading goods in borders. The fourth industrial revolution, industry 4.0 allows you to work smarter with automation and technologies in place.

This will earn the loyalty and trust of consumers, improving the quality of life for all. Thus, the current industry 4.0 is considered to boon, but there is a fear of it turning a partial bane as well. That said, only time can let us know, how the fourth industrial revolution unfolds in the future.            

Artificial Intelligence to Reframe the Consumer Goods Market with Technologies

The onset of industry 4.0 and automation is leading to artificial intelligence which in turn resulting in tech savant consumer products and people into research and development data.

The AI is turning the consumer brands into tech ones and customers into research and development is the new way to capture the FMCG market. The consumer goods being sold at faster pace and at a cheaper rate is being transformed by automation technologies like artificial.

Easy Shopping Experiences VIA AI to Drive Consumer Goods Market

Consumer goods industry has been at the forefront of using the digital innovation in the areas like sales and marketing, and artificial intelligence is the way forward.

These methods are being applied from process assembly to after sales services, providing end to end optimization while the main goal being the excellent and enhancing customer experience.

In terms of consumer goods, the AI is able to provide an easy shopping process and personalized experiences to customers, which helps in maintaining the customer loyalty and retention.

Companies are being able to make changes to their products innovatively with the help of data and capture the market, increase sales, reduce operational costs.

AI is nascent at retail sector and still at a stage where and how it can be applied is crucial, if the retail marketer does not understand or value the data and its analytics, the AI will not be of any use to his business. 

Redefining Consumer Experiences through Consumer Behavoir Research

The AI puts consumers at the forefront of research and development by harnessing consumer behaviour and data.

The consumer data from brand interactions and behaviours gets mined and analyzed for the purpose of research and development. Also, the anonymous consumer data on the internet gets harnessed, however it is essential for the consumer brands to upkeep the data privacy and ethics and stick to their integrity.

These companies will resort to machine learning algorithms which can help predict which consumer will stop using their products and what are the reasons for the same?

These machine learning algorithms can identify the historical data to know the consumer behavior pattern and predict who would be retained and who are at the verge of quitting buying the particular brand.

The companies that use AI for consumer goods do have success stories that predicts consumer behavior using data. If we had to quote a best example here, one such brand is Netflix which uses customer views and based on the same, they upload the content in the form of movies, series, etc. Netflix has grown massively by leveraging AI to its benefits.

Thus, using real time data to predict the consumer behaviour and taking right decision with regards to marketing campaigns and promotions. Not just this, with the help of AI the companies can also know future trends and take necessary decision to retain customers and capture market for their profit abilities. Thus, this how AI influences consumer goods brands into tech ones and customers to research and development.