Global Change and Current Trends in Technological Innovation

In this report, we will be discussing current trends on technological innovation and disruptive innovation. It centres and starts with a concise presentation about innovation, technological innovation, current technological trends and emerging technological trends in business with some examples.

Introduction

Innovation can be defined as the processes where new ideas are applied to the products, processes, or other aspects of the activities in a firm and transferred to a plant and/or market that lead to increased ‘value’. Innovation is described into two types by the economist: product and process. A product innovation refers to the act of bringing something new to the marketplace that helps to improve the range and quality of products. For instance, the Apple iPod is an innovation compared with the Sony Walkman,which was a portable device for playing music prior. Similarly, process innovation refers to the better approach for making or delivering goods or services. For instance, visiting the specialist and recording for an appointment by touching a screen as opposed to conversing with a receptionist. On the other hand,Technological innovation implies recognizing new technological possibilities, arranging the human and financial resources that are expected to change ideas into useful products or processes, and carrying out effective activities. SA950 3D Monitor by Samsung,Wireless Charging Technology From Ecoupled, Touch Mouse by Microsoft are some examples of technological innovation. Current Technology trend in general refers to the innovation that is recently becoming popular and well known and is promptly acknowledged in the market or industry. Some biggest technological trends in 2020 are:Artificial Intelligence (AI) -as-a-service, 5G data networks, Autonomous Driving, Personalized and predictive medicine,Computer Vision and so on. Emerging technology or say rising innovation is a term generally used to portray new technology, but it may also refer to the continuing development of an existing or current technology. For example,Artificial intelligence, 3D printing, Gene therapy, Cancer vaccines, Nanotechnology, Robotics and so on.

Innovation is currently developing at such a fast pace, that yearly expectations of trends can appear to be obsolete before they even go live as a published blog entry or article. As innovation advances, it empowers much quicker change and progress, causing an increasing speed of the pace of progress, until in the long run, it will get exponential. We are in the midst of the fourth Industrial Revolution, and innovation is advancing quicker than at any other time. Organizations and people that don't stay aware of a portion of the significant technological patterns risk being deserted. Understanding the key patterns will permit individuals and organizations to get ready and handle the chances. As a business and innovation futurist, it is necessary to look forward and recognize the most significant trends. Here are some latest innovative technologies useful for business information systems and they are:Artificial Intelligence (AI), Machine Learning, Robotic Process Automation or RPA, Edge Computing, Virtual Reality and Augmented Reality, Blockchain, Internet of Things (IoT), Cybersecurity and so on. Among these, we will identify and discuss in detail about one of the current technology technology trends; Internet of Things (IoT).

Internet of Things (IoT)

Many “things” are presently being built with WiFi connectivity, which means they can be associated with the Internet and to each other. Hence, the Internet of Things, or IoT. The Internet of Things is the future and has already empowered devices, home appliances, vehicles and significantly more to be associated with and trade information over the Internet. Furthermore, we have just started with phases of IoT: the number of IoT devices reached 8.4 billion in 2017 is expected to reach 30 billion devices by 2020. The Internet of things (IoT) is a system of interrelated computing devices, mechanical and digital machines and has the capacity to transfer data as information over a network without expecting human-to-human or human-to-computer interaction.The meaning of the Internet of things has developed because of the union of various innovations, ongoing examination, AI, ware sensors, and installed systems.In the consumer market, IoT technology is most synonymous with products relating to the idea of the 'smart home', covering devices and appliances;such as lighting fixtures, thermostats, home security systems and cameras, and other home appliances) that supports one or more common ecosystems, and can be controlled by the means of devices related with that ecosystem. For example,smartphones and smart speakers.

If we look at the history, the main concept of a network of smart devices was discussed in early 1982, with a modified Coca-Cola vending machine which became the first Internet based appliance that was able to report. Similarly, Mark Weiser's, 'The Computer of the 21st Century', for example, UbiComp and PerCom produced the contemporary vision of the IoT. The term 'Internet of things' was likely coined by Kevin Ashton of Procter & Gamble in 1999. Though, he prefers the phrase 'Internet for things', at that point, he viewed radio-frequency identification (RFID) as essential to the Internet of things which would permit computers to deal with all individual things. The key behind the Internet of things is the MOSFET (metal-oxide-semiconductor field-effect transistor, or MOS transistor),which was originally invented by Mohamed M. Atalla and Dawon Kahng at Bell Labs in 1959. This MOSFET is the basic building block of most modern electronics such as computers, smartphones, tablets and Internet services.

IoT devices are made for consumer use including connected vehicles, home automation, wearable technology, associated health, and appliances with remote monitoring capabilities. IoT devices are the portion of the larger concept of home automation which can incorporate lighting, warming and cooling, media and security systems. For example, Apple's HomeKit, manufacturers have their home products and accessories which are controlled by an application in iOS devices such as the iPhone and the Apple Watch. This could be a dedicated app or iOS native applications such as Siri. There are additionally committed smart home hubs that are offered as independent platforms to connect distinctive smart home products such as the Amazon Echo, Google Home, Apple's HomePod, and Samsung's SmartThings Hub. The IoT can assist in the integration of communications, control, and information processing across various transportation systems. Dynamic association between these parts of a transport system enables inter and intra vehicular communication, smart traffic control, smart parking, electronic toll collection systems, logistics and fleet management, vehicle control, safety, and road assistance. IoTplatform can persistently monitor the location and conditions of loads and resources by the means of wireless sensors and send specific cautions when executive cases occur such as delays, harms, robberies, damages, thefts, etc. This can be possible with the IoT and its consistent availability among devices. Sensors,for example, GPS, Humidity, and Temperature send data to the IoT platform and then these data are analyzed and sent to the users. Significantly, farmers are now able to monitor soil temperature and moisture, and even apply IoT obtained data to exactness fertilization programs. For instance,In August 2018, Toyota Tsusho started an association with Microsoft to create fish farming tools using the Microsoft Azure application suite for IoT technologies related to water management. In addition, researchers from Kindai University created the water pump mechanisms using artificial intelligence to tally the number of fish, analyze, and deduce the effectiveness of water flow from the data. These specific computer programs used in the process fall under the Azure Machine Learning and the Azure IoT Hub platforms.

There are several planned or ongoing large-scale deployments of the IoT for the better management of urban areas and systems. For instance, Songdo, South Korea, the first of its sort fully equipped and wired smart city, is gradually being built, with approximately 70 percent of the business area finished in June 2018. Most city is planned to be wired and automated with a little or zero human intervention. Similarly, a currently undergoing project in Santander, Spain. This city of 180,000 inhabitants has already observed 18,000 downloads of its city smartphone app. The app is connected to 10,000 sensors that empowers services like parking search, environmental monitoring, digital city agenda, and more. Other examples of large-scale deployments underway include the Sino-Singapore Guangzhou Knowledge Citywork on improving air and water quality, reducing noise pollution, and increasing transportation efficiency in San Jose, California and smart traffic management in western Singapore. Also, one completed by New York Waterways in New York City to connect all the city's vessels and to monitor them live 24/7. Environmental monitoring applications of the IoT typically use sensors to assist in environmental protection by monitoring air or water quality,earthquake or tsunami early-warning systems which might help by emergency services to provide more effective aid.

In recent years, IoT’s major significant trend is the excessive growth of devices connected and controlled by the Internet. The IoT creates opportunities for more direct integration of the physical world into computer-based systems resulting in proficiency upgrades, economic benefits, and decreased human exertions.

The number of IoT devices expanded 31% year-over-year to 8.4 billion in 2017 and evaluated that there will be 30 billion devices by 2020.The global market value of IoT is estimated to reach $7.1 trillion by 2020. As consumers, we’re utilising and benefitting from IoT. We can bolt our entryways remotely and preheat our ovens on our way home from work, all while following our fitness on our Fitbits and hailing a ride with Lyft. The IoT can empower better safety, efficiency, and decision making for businesses as data is collected and analysed. It also empowers predictive maintenance, speed up medical care, improve customer service, and offer benefits. However, despite this shelter in the development and appropriation of IoT, experts state insufficient IT professionals are getting trained for IoT jobs/positions. For example, an article at ITProToday says,”we’ll need 200,000 more IT workers that aren’t yet in the pipeline, and that a survey of engineers found 25.7 percent believe inadequate skill levels to be the industry’s biggest obstacle to growth”. Skills needed include IoT security, cloud computing knowledge, data analytics, automation, understanding of embedded systems, device knowledge, and so on. All things considered, it's the Internet of Things, and they are numerous and different, which means skills are required as well.

Conclusion

In conclusion, there are both positives and negative impacts of technological innovation and disruptive innovation. On one hand, Technology enables communication among people and helps to communicate with people all over the world through email, instant messaging, Skype, social media, etc. The internet is the biggest advantage because people get not only valuable information but they can also share their experience. Similarly, Technology is very essential to the students as they can take the online courses and degree online as well. Technology helps the organisation to save time and earn lots of money. They use the technology to communicate, share the information to different people even without calling a meeting or necessarily printing materials. In addition, Technology has improved transportation, mechanized agriculture, improved communication, education & learning process. Despite the fact that technology may have positive changes in the world,on the other hand, there is evidence for the negative role of technology and its overuse, as well. For examples, Social media and mobile devices may lead to psychological and physical issues, such as eyestrain and difficulty in focusing or concentrating on important tasks. It may also contribute to major serious health conditions, such as depression. The overuse of technology may also have a significant impact on the development of children and teenagers. It can also interfere with daily activities or work. A person might be losing sleep or skipping physical activities due to technology use causing stress or anxiety, or physical side effects, such as tension headaches, eye strain, muscle pain, or overuse injuries.

Being overly connected to a technology can cause psychological issues such as distraction, narcissism, expectation of instant gratification, and even depression. Besides, it can also affect users' mental health. The use of technology also has negative consequences on physical health causing vision problems, hearing loss, and neck strain. Last but not least, innovation outweighs positive influence more than negative on company culture as it increases the ability to acquire, create and make the best use of competencies, skills and knowledge. Innovation practices help to build a culture of continuous learning, growth and personal development. Overall, technology has changed the world and it is very essential to us and it plays a vital role in our life.