Tech Trends 2016 – Innovating in the Digital Era, stipulates the impacts that technological transformation will have on businesses in the next 18 to 24 months.
These findings are especially important to Irish CIOs due to the fact that the latest chief information officer survey concludes that although innovation is a main business priority for 52pc of Irish CIOs, only 22pc of IT budgets are appropriated to innovation initiatives.
Four aspects of technological transformation are highlighted, with a main focus on the connectivity of devices as well the continuous and rapid evolution in the marketplace for both the consumer and the marketer.
Firstly, blockchain technology has developed allowing for a more efficient way to track and pay for goods and services regardless of the national currency.
Secondly, two new products that are beginning to hit the retail pool, augmented reality (AR) and virtual reality (VR), can have a major impact on how consumers order products or services. This is mainly because the costumers can try the products before actually purchasing them, which can greatly affect corresponding companies.
Thirdly, the value of the internet of things (IoT) lies in the disruptive potential for reimagining business processes and rewiring business, government, and society from smart cities to autonomous vehicles.
Lastly, the emerging technologies social impact has been highlighted for chief information officers to keep an eye out for, by asking themselves one fundamental question. What duty do companies have towards expanding their reach beyond capabilities so that it can promote the greater good in society?
Peter Kearney, the partner in Consulting at Deloitte, states that in a time where digital innovation predominates, CIOs are beginning to explore unknown territory and need to discover new technologies.
Chief information officers should evaluate the impacts of these new emerging technology trends and determine the positive aspects it may have on their organizations.
For more information technological transformation regarding CIOs, click here.