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Trends in Technologies Shape Innovation Strategies in 2019

Tuesday 03 of September, 2019.
Reading Time: 2 minutes.
By Rodrigo Vargas

More and more companies are using technology as the main driver to innovate strategic growth. Framing an organization's evolution with digital transformation is a powerful strategy for enhancing products and services, and satisfying an increasingly demanding market.

Latin America has not been excluded from this digital global trend and according to IDC (International Data Corporation), in 2019, it’s likely that more than 50% of organizations will increase their investments in Information Technologies. In fact, investing in non-traditional technologies will comprise half the budget for such tech investments, reaching almost 70% of total investments for 2022.

“Third Platform” technologies, a term coined by IDC, refers to technologies that speed up digital transformation. Traditionally, these technologies comprise four pillars: Big Data and Analytics, Cloud, Mobility, and Social Tools, and recently, the Internet of Things (IoT) has been incorporated. Organizations are directing their investments towards digital transformation, not only by digitizing their operations but by incorporating these new technologies as well. Third Platform technologies have matured enough to take on strategic roles within companies.

Data Platforms

Organizations that understand the value of information and can leverage it in decision making and in daily operations, gain a competitive advantage in the market.

The gathering, storing, and processing of large amounts of information (structured - eg: information that comes from computing systems - and non-structured - eg: images, video sensors, etc.) has become accessible due to the low cost of storage technology and the ease with which data is managed. This is in large part due to Data Platforms such as Cloudera (www.cloudera.com).

IoT and Edge Computing

Edge Computing is a distributed computing paradigm that processes and stores information in close proximity, instead of managing it in a distant cloud. This improves response times and reduces bandwidth consumption. Advancements in IoT devices have made Edge Computing possible, this, in turn, makes IoT more powerful and gives companies the capacity to run Artificial Intelligence models directly without depending on cloud services. The transference of data to the cloud also plays a key role in data capture networks and distribution processing. Advancements have completely eliminated network saturation problems or high-cost network access, previously needed to maintain a large enough bandwidth to handle high volume traffic.

Artificial Intelligence

Over the last few years, Artificial Intelligence (AI) has taken a leading role in technology innovation strategies due to the development of tools and technologies that make it easier and less costly to implement. AI is quickly gaining popularity, in some cities it is common to see autonomous driving vehicles or virtual assistants that interact with clients and consumers.

Many organizations are just starting to experiment with AI; virtual assistants and chatbots are examples of current AI practices. According to Gartner, by 2025, IA will be the base technology that defines user experience, and it will be used to reinvent an ample variety of business models. Specific areas within organizations will be affected by different AI technologies. For example, predictions will be made using Machine Learning algorithms and advanced human-machine interactions will continue, each taking advantage of improvements in wireless broadband networks.

Digital Twins

A “digital twin” is the virtual representation of an entity in the real world, be it a person, place, device or system. Examples of digital twins include buildings, airplanes, wind turbines, engines, etc.

This virtual representation of a physical element enables the analysis of data and system monitoring to prevent problems before they happen. Organizations that implement digital twins are seeking to improve their operations and better train employees. But perhaps most importantly digital twins enable organizations to try new products and services virtually before complicated and expensive physical products are created.

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