The Technologies Driving Innovation in the Digital Age (And How to Leverage Them)
A digital transformation is underway. It can be looked at as the fourth industrial revolution. And there are four key technologies at the helm. These are artificial intelligence (AI), the blockchain, robotic process automation (RPA), Identity Resolution in Cookieless World and 5G & the internet of things (IoT).
Let’s take a look at each of these in turn and see how industries will be able to leverage the power of the new and exciting Marketing Technologies coming to the forefront.
1) Artificial Intelligence
Artificial intelligence and machine learning have been in the news, science fiction, and popular consciousness for decades now. But recently, the field has exploded with increased computing power and improved algorithms. If you need a definition, Stanford provides an excellent summation.
AI is “Artificial intelligence is that activity devoted to making machines intelligent, and intelligence is that quality that enables an entity to function appropriately and with foresight in its environment.”
For companies leveraging this growing tech, look no further than electric and autonomous vehicles like those by Elon Musk and his Tesla company. AI is proposed to increase EV battery efficiency and allow for self-driving cars. For institutions leveraging the online education, AI will transform how school education is delivered at the convenience of home.
2) The Blockchain
A hot buzzword these days is “blockchain,” which is the technology that acts as the foundation that cryptocurrencies like bitcoin and Ethereum were built upon. The blockchain itself is a permanent and openly distributed ledger that keeps track of transactions between different parties.
IBM is currently leveraging this new technology to offer financial institutions across the globe to make and settle payments faster than before. And with the rise of things like NFTs (non-fungible tokens), the blockchain is expected to drive new innovations and disrupt the current financial system within a matter of years.
3) Robotic Process Automation
Another new innovation making waves is RPA. TechTarget defines it as “ technology that mimics the way humans interact with software to perform high-volume, repeatable tasks.” In short, you make robots do those tedious and mundane tasks that are relatively easy, and it increases an organization’s productivity and efficiency.
One area leveraging this technology is healthcare. Physicians and other healthcare officials collect tons of data from patients, including things like treatment schedules, health surveys, billing information, and sensitive personal data. RPA allows them to collect and sort all of this data, while improving communication between doctor and patient, but also with sharing information across institutions.
4) Identity Resolution-A post Cookie World
A concerning challenge with Apple and Google Push is the cookieless future. Great for consumers but scary for Brands. With non-trackable reliance on the 3rd party cookie dependency, it’s hard for brands to generate insights about the customer. Never have brands had access to so much data — but that means there’s also more duplicative, disconnected and inaccurate information out there. In the race to win customer attention and loyalty, brands must recognize and relate to customers through meaningful interactions — or lose to competitors who do.
Across a consumer’s journey, one or many personal identifiers may be associated with an individual: email addresses, physical addresses, mobile phone numbers, device IDs, account usernames, customer IDs, loyalty numbers and more. An ID graph collects and connects these identifiers to a customer profile. But with fragmentation happening across devices and channels — connected TVs, social media, news publishers and more — most brands will need help.
With Mckinsey 4D Architecture the foundation is laid by looking at Data Activation Framework.
5) 5G and IoT
The new 5G wireless network is coming online worldwide, and it’s also fueling the growth of the internet of things (IoT). With speeds said to be over 100 times faster than the current system of 4G, a Harvard Business Review report stated that it will “allow next-generation networks to compete head-on with wired broadband systems, including those built with today’s fastest fiber-optic technology.”
And IoT will be the backbone for many emerging innovations. Memomi is currently making use of IoT with their digital mirror, which allows retail shops like Neiman Marcus and Luxottica to offer augmented reality where customers can try on clothes and accessories without stripping to their underwear.
A New Digital Future on the Horizon
All of these new and exciting technologies mean thought-leaders will need to think of creative ways to leverage these solutions for growth.
By integrating these techs into their routine operations, business leaders can carve out a fruitful section in their respective industries. As a Martech Leader, I not only talk about these innovations but deliver them day to day to big brands leveraging the power of Marketing Technology.
Reach out to us to know more how we can help consumers listen to your brand.
