While COVID-19 has caused an upheaval around the globe, companies will have to resort to technology to overcome complexity, uncertainty, and to reboot, as well as redesign their digital strategies. Sharing his views and predictions for the tech industry, Padmanabhan Iyer, Managing Director, and Global CEO, 3i Infotech, recently elaborated more on the technologies that will help steer companies through 2021.
According to Iyer, Artificial Intelligence (AI) will undoubtedly be one of the leading technology trends during 2021. He further explained that AI will likely become a more valuable tool and will help people to interpret as well as understand the world better.
“Customer patterns have changed drastically given the COVID-19 period and will continue well into 2021. It means that machine learning algorithms will become better informed with more data as well as increasingly sophisticated in the solutions they uncover for us,” he stated.
Iyer also thinks that digital Integration or digitalization will help optimize processes, making real-time data-based decisions, and creating fresh products and services, while business models will help guide a company’s efforts. He believes that realizing the full potential of digital will require companies to integrate systems, as well as data across different ecosystems.
“The more data one feeds into a digital ecosystem, the more detailed, dynamic, and valuable the digital initiative becomes,” he reiterated.
Iyer also opined that the need and urgency for automation techs, such as RPA (Robotic Process Automation), artificial intelligence, as well as machine learning, are stronger than before. Also, the pandemic has made these automation solutions even more urgent. He further explained that the democratization of the automation solutions would make them easily accessible for all. Besides, once this concept comes into existence in reality, companies will witness a major business transformation.
According to Iyer, the other technologies that will steer organizations in 2021 are Xaas (Everything-as-a-Service), Open Banking, Augmented & Virtual Reality (AR & VR), and Regulatory Aspects.
“As-a-Service (aaS) has already become the standard to transform into a truly digital-native enterprise. The new pattern in the Everything-as-a-Service (XaaS) model, where services delivered will dwell on the cloud with virtual access to nearly everything,” stated Iyer. Iyer shared that open banking generated 7.29 billion dollars in 2018 and is likely to touch 43.15 billion dollars by 2026. On the other hand, AR and VR will evolve and create large simulation environments. Referring to the enormous growth of the digital space, Iyer stated that it puts a great deal of attention towards the regulatory aspects.