The world is changing faster than ever and we are now facing a period of great tech and economic disruption.
The tectonic technology shifts continue to revolutionize our daily lives in different directions and human merges with the technology as a result of societal factors. Bill Gates once said, “We always overestimate the change that will occur in the next two years and underestimate the chance that will occur in the next ten.”
The rapid pace of a technological digital and globalized environment is causing a dramatic shift in the manner in which humans live, talk, walk, and act daily. The society’s development stage transited from the agricultural society to the post-industrial revolution where knowledge becomes a valued form of capital. Also, disruption is now so universal and palpable that it demands serious attention and commitment to transform.
The wonderful World Wide Web was a gift to our generation and today people around the globe are more connected to each other that even before and online connectivity has become exponentially faster and cheaper, allowing not only for more rapid consumption of knowledge and information but also causing behavior changes based on their needs. 2020 has a fascinating momentum for all of us especially if we look into the changes occurred over the past 35 years where the cell phone was not invented, the majority of the population didn’t have access to the internet and only less than 8% of households in the United States had personal computers.
On the other hand, it took over 75 years for Big Data to transform static format with paper files into a digital data distribution and cloud storage and become the center of the knowledge base of any modern operation in the 21st century. Creating insights and handling “the Big Five W’s” became important for any company to make sense of the data as more users generate content on digital platforms. The main pillars include Who (demographic and psychographic), What (consumer interests and personalization), Where (geo-location), When (real-time and timing), and Why (environmental impacts and the driven factors). As the technology revolution gets more speed, many industry experts started to add the sixth question, “How”, to the list which can help them to understand causes and can be widely used in different subjects like to design the predictive models.
Also, Artificial Intelligence has experienced exponential growth in the past few years as digitalization got into the acceleration phase and big data established a strong foundation to surface the new generation of smart platforms. For many years the scientists and industry experts especially between 1970 and 2011 struggled to design reliable intelligent systems and properly feed the engines with data for training purposes. Besides, lack of enough storage, processing time, bandwidth and reliable hardware tech caused our innovators to fail to properly incorporate AI in current workflows. The slow pace of development and innovations in those years caused many corporations to also face confusion over what is/isn’t AI and it was the main factor for many executives to allocate a limited budget for technologies like AI and automation.
For the first time in human history, Internet & wireless tech, hardware, Big Data & AI all together reached the inflection point over the past 10 years and the ecosystem successfully adopted the technologies. This major development and tectonic shift provided a strong foundation that never existed before and gave a huge opportunity to many entrepreneurs to address and solve a group of challenges that have been around and the industry faced for many years.