Emerging technologies” is a widely pandered term these days. Though largely self-explanatory, this term doesn’t give the full story. The list of new technologies arising in the marketplace is perhaps incomplete due to the compartmental nature of proprietary development.

To keep up with the rapid innovation and disruption happening across all industries and stay ahead of the competition, CIOs and technology leaders should assess and effectively leverage emerging technologies – whether they are on a list or not – for their net-new values.

Because the world of technology is fast-moving, ever-changing, and consequently difficult to parse, it is important to identify worthy candidates.

In assessing technologies, sometimes the best strategy is to begin with the childlike assumption that a business can only be improved by an addition to the toolbox. How many times has an amateur mechanic had to stop working, because a tool was missing? Many organizations, from healthcare to manufacturing – generally early adopters – assume that they’ve seen it all. They cannot afford to immediately write off a new tool, however, for the simple reason that its role is unclear.

The breadth and strength of services is key in defining the next wave of cloud competition. That fact is a poorly kept secret, and vendors most of all are well aware. While infrastructure-as-a-service is still a growth market, a status quo has emerged. It is therefore unlikely anymore that this market will experience any rapid change. Vendors have realized that next-generation services are their best avenue for net-new competition.

The market is at a tipping point. Companies harnessing the power of emerging technologies are creating a distinct competitive advantage for themselves, and the established market dynamics of cloud services are marching toward a multi-cloud reality.

Emerging technology is unlocking their business potential. Technologies such as blockchain, artificial intelligence (AI), augmented and virtual reality, and the Internet of Things (IoT) are rapidly reshaping reality at a breakneck speed. This is why emerging technology strategy needs to be a core part of every company’s corporate strategy.

More innocuous technologies with market potential include biometrics—face, fingerprint, and retina scans. They are becoming mainstream methods for verifying identity. These methods will form the secure foundation for solutions delivered by IT companies moving forward. Drones enable robotic automation with fewer geographical restrictions. Opportunities for development and integration are high for this market.

It is an exciting time for innovation everywhere. It’s impact on business opportunities and customer experiences will be something worth seeing.

Melody K. Smith

Data Harmony is an award-winning semantic suite that leverages explainable AI.

Sponsored by Data Harmony, a unit of Access Innovations, the world leader in indexing and making content findable.