Eight Technology Trends Ready For Exploitation In 2018

In the age of disruption, businesses and their leaders will rise or fall based on their ability to spot and creatively respond to rapid technological change. Some companies notice an emerging technology and take a “wait and see” attitude. Others see a new technology and take action. They begin experimenting, making small bets, and learning.

Their attitude is that it’s never too early to start. It’s never too early to begin looking at what others are already doing. It’s never too early to engage the imagination to conceive of how the new technology could be used to create competitive advantage.

These "fast movers" often jumpstart creative applications by asking themselves leading questions such as:

•     Where is this technology likely to be in five years?
•     When will it become mainstream?
•     How might it help us differentiate, and to add value to customers? To improve speed of satisfaction, manage choice and complexity, and enhance customer experience?
•     How will/could this new technology help us gain productivity and become a better place to work?

 With such questions in mind, what follows are eight technologies that are ripe for exploitation by your company in 2018, and beyond:

1. Artificial Intelligence (AI) is about to go mainstream. 

Real Estate giant Coldwell Banker is experimenting with AI to target classes of likely buyers for a specific property, and piloting new AI software that helps identify likely sellers. Leading law firms use AI to scan thousands of legal documents in minutes, rather than weeks, to build stronger cases at a fraction of the cost.

While Netflix, Amazon, Google and Facebook pioneered artificial intelligence, AI is beginning to be deployed by increasing numbers of mid-sized and even small businesses. Here, the applications are exploding.  At Coldwell Banker, when their data shows a confluence of events, the software alerts the company to a likely new prospect. For example, the homeowner’s youngest kid just went off to college. The couple has been in their home beyond the average of 10 years.  And it sees that the couple has been online browsing for properties in North Carolina. AI brings these data-points together and concludes that this household is likely to be selling soon. “If we can find those people before they even know they’re selling, we’re that much ahead,” Coldwell Banker CEO Charles Young tells Chief Executive Magazine.

2. Apps are becoming essential tools for boosting customer convenience and employee productivity. What are you app to do next?

Fort Worth, Texas-based startup Booster Fuels saves time-strapped motorists a trip to the gas station. When you order fuel on your Booster app, they bring the gasoline to you. Startup businesses like Booster Fuels are taking advantage of the app trend to address unmet customer needs. And established companies like Safeco auto insurance are finding new ways to use apps to add value to customers — and improve worker productivity.

Safeco’s auto insurance customers can now report an auto accident using the company’s app. Right from the accident scene, customers can submit photos, report what happened, and arrange for a tow — all by using Safeco’s innovative app. Fast movers will increasingly use mobile apps for on-the spot-troubleshooting, managing inventory, providing on-site estimates, generating invoices, and gathering data that can be used to better understand customer preferences.

Pest control operator Rentokil uses a proprietary app to give its field technicians a productivity edge. When confused by a type of bug or rodent, they simply snap a photo and run the app, which sifts through a data-bank of pest images to quickly identify the intruder. The app even suggests remediation solutions. Voila, problem solved.

3. Wearable technology. Already enhancing guest experience at Carnival Cruise Lines.
Modern cruise ships carry over 6000 passengers and offer everything from violin concerts to bungee jumping to belly dancing classes. But there’s a problem. Carnival Cruise Lines’ research showed that so many choices were overwhelming guests and creating an anxious-prone customer experience. So, Carnival created a wearable technology to help customers avoid “over-choice.” Passengers are given the option to wear a wristband device synced with a companion app on their smartphone to serve as a kind of constant guide while onboard. As you partake of various onboard activities, the wearable tool responds by guiding you to activities that you’re bound to like, providing a new level of customized service for passengers. Result: Carnival customer data shows that guests come away happier, less stressed, and more apt to return to Carnival for their next cruise.

Alan Oviatt is a business Leader including versatile skill-set, a lot of integrity and many more. No matter the business discipline or the size of the arena, he always aspired himself to do the best.

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