The world of technology is a vast and ever-changing landscape. In the past few years, we’ve seen an explosion of innovation in fields like automation, cloud computing, artificial intelligence (AI), blockchain, and virtual reality. Companies are looking for new ways to solve old problems—and make money in the process. But these companies’ biggest challenges, like privacy and sustainability, are still a work in progress. Here are some pain points we see in the industry today.
Technology Industry Pain Points
Innovation
Innovation is a vital part of the tech industry and is essential to economic growth. Innovation is not just about ideas; it’s about action.
Technology innovation has allowed us to make progress towards improving healthcare, education, and transportation services which will help individuals and businesses alike. But innovation is a journey, not a destination. Technology companies must continue to innovate to stay relevant in 2022 and beyond.
Privacy
The second pain point that the tech industry is struggling with is customer privacy in a world where data is vast and free-flowing. Privacy is essential for every company, but it’s imperative in the technology industry.
Technology companies worldwide continue to grapple with how to use customer data responsibly while respecting their privacy.
Automation
Another pain point is automation. Automation is the process of automating a process or task. Automation is used to save time and money and improve efficiency. Autonomic systems are digital systems that optimize their behavior autonomously and may take over menial tasks like data entry, analysis, or file organization.
Tech companies must meet the demand for automation with their products and services to get ahead in this ultra-competitive sector. Given labor shortages and burnout, many companies seek systems that can rapidly identify, vet, and automate as many processes as possible.
Sustainability
Sustainability is another critical pain point for the tech industry. With the world facing various environmental, social, and economic challenges, sustainability is a crucial driver of innovation in the technology industry.
We all want a better future for ourselves and our families; we all want to leave our children with lives that are even better than what we had growing up. This means making smart decisions today so that they can access clean air, water, and food in the years ahead.
Although the tech industry is working to address critical sustainability issues, growing pressure from stakeholders and potential changes to environmental, social, and governance (ESG) reporting rules will incite tech companies to heighten their focus on reducing and reversing environmental impact.
Applied Science
Applied science is the application of scientific knowledge and techniques to practical problems. It is the bridge between fundamental science, which explores basic principles and mechanisms, and technological innovation, which develops new applications or processes based on existing scientific knowledge. Applied science involves research through experiments that often involve building prototypes or testing with “hands-on” work.
The definition of applied science goes beyond regular science in that it focuses on solutions for problems to improve human life quality or obtain new products or services.
Applied scientists may conduct research as part of their jobs: by studying how products are made; discovering how people use them; finding ways to make them safer and more efficient; developing new products; helping businesses grow; improving healthcare delivery systems; conducting studies into social behavior patterns related to health issues (e.g., smoking), etc.
Cloud Computing
Cloud computing is a term for delivering computer services over the Internet or via a dedicated private network, rather than from a company’s hardware. The term is used to describe both Infrastructure as a Service (IaaS), where the cloud provider manages all hardware and software in the data center on behalf of customers; and Platform as a Service (PaaS), where the cloud provider delivers an operating system, programming language execution environment, file storage, etc. so that users can deploy their own applications without having to manage any infrastructure themselves. The danger of working in the cloud is data vulnerability, breaches, and loss.
AI
AI, or artificial intelligence, is a rapidly-developing technology that’s being used in many industries today. Already, AI has been deployed to some pretty extraordinary ends. For example, it can be found in our cars (the emergency braking systems) and on our phones (Siri), and it’s even being used for everything from diagnosing disease to improving farming practices.
The same goes for all other industries: AI is already part of everyday life for many people around the globe—and it will continue to become more so as time goes on. Gartner predicts AI software will reach $62 billion in 2022 alone, an increase of 21.3% from 2021
Blockchain
Blockchain is a digital ledger that records transactions of digital currencies between two parties efficiently and in a verifiable and permanent way. It is a decentralized, distributed, and public digital ledger.
Blockchain is a digital record of transactions that are grouped into blocks. Each block contains a cryptographic hash of the previous block, timestamp, and transaction data. A blockchain can serve as an open record of all transactions in the system, allowing for analysis and verification that can be checked at any time by any party within the system (i.e., every person who uses a blockchain).
Metaverse (Virtual Reality)
Virtual reality (VR) is a computer-generated simulation of a three-dimensional image or environment that can be interacted with in a seemingly real or physical way through the use of special electronic equipment, such as a computer monitor or headset. The term “virtual” refers to the fact that this simulated world can be created from scratch in a computer by software and hardware systems, with no real-world counterpart or connection. In contrast to VR, augmented reality adds an overlay of images and sounds on top of our normal vision for direct interaction with objects via mobile devices.
Bottom Line
Today’s technology industry is changing and innovating at lightning speed in a world where customers expect more than ever from their technology products and services. Next-generation customers will have more power, more information, and more options when making purchasing decisions—including whether or not to buy from you.
Moreover, products today are becoming smarter, faster, and more connected than ever before. As a result, they require new technology skills to build them and keep them running smoothly. In addition, many of these products also require additional investment in security measures.
Technologies such as automation, cloud computing, artificial intelligence (AI), blockchain, and virtual reality present great opportunities for companies who want to take advantage of these advances but also come with challenges related to managing environmental impact and data privacy concerns while ensuring compliance with regulations such as GDPR.
Ultimately, technology companies must continually innovate and keep up with the latest trends, overcome these pain points, and retain and gain market share.
Check out our webinar, Igniting Product Innovation: Agile Research for a Competitive Edge, to learn about methods to enhance innovation and deliver user experiences that stand out in an ever-growing, competitive market.
