What are Emerging Technologies?

Emerging Technologies are technologies that are currently developing or that are expected to be available within the next five to ten years. It may also refer to the continuing development of an existing technology.

The term is generally reserved for the emerging technologies that are creating, or are expected to create, significant social or economic effects. It’s most prominent impact, however, lies in the future and so in the emergence phase is still somewhat uncertain and ambiguous.

The term emerging technologies is relative as someone may see a technology as emerging, and others may not see it the same way. Additionally, this term takes on different meanings depending on the industry. For example, professionals in IT will view it drastically different than someone immersed in social media or medicine.

The advent of emerging technologies is recasting all industries and requires leaders to embrace new capabilities to turn new tech into new competitive advantage.

As stand-alone solutions, many emerging technologies are quite compelling, and adoption rates are accelerating in areas such as robotic process automation and the internet of things. Others, like additive manufacturing, artificial intelligence and blockchain, are still being explored for their potential to deliver business value at scale.

As it transforms, organizations can unlock real value through the combination of emerging technologies to provide business impact through convergence. Organisations need to build out capabilities and skills to provide “venture-as-a-service,” and develop agile and dynamic ecosystems to help with the development and implementation of new solutions and business models.

ADVANTAGES OF EMERGING TECHNOLOGIES

Emerging technologies can improve people’s lives in many ways. Technological advancements can help people complete tasks more efficiently, keep them safer and healthier and also protect the environment. Not all technologies make it past the testing and development stage. However, those that do sometimes end up revolutionizing people’s lives and, by extension, the world.

• Business Opportunities : Entrepreneurs are often inventors and innovators who are at the cutting edge of their fields. New technologies can present business opportunities to small business owners that launch companies based on new inventions or new ideas that make use of emerging technology. For example, many successful websites such as YouTube and Facebook began as small operations attempting to offer Internet users unique services.
• Efficiency: Time does not stand still, and neither do people. People are constantly on the go and need to get things done more quickly and accurately. Inventions like the computer, telephone and cellular phones have forever changed the course of human life. They allow people to conduct business and interact with each other without having to travel thousands of miles. More recently, a new type of transistor made out of graphene promises to make electronics smaller and perform at extraordinary speeds. This benefit should thrill not only consumers, but also researchers and businesses seeking ways to increase efficiency and improve productivity.
• Safety: When African American inventor Garrett Augustus Morgan, Sr, witnessed a collision between a horse-drawn carriage and an automobile back in the early 1900s, it convinced him that something could be done to improve traffic safety. The fruits of his labour yielded the three-position traffic signal, which is used around the world today. In August 2011, the U.S. Department of Transportation will be hosting six Driver Acceptance Clinics across the country to test an emerging technology that allows vehicle-to-vehicle communication. The DOT hopes this technology will help motorists avoid crashes by warning the driver of potentially hazardous situations.
• Health: Emerging technologies can play a critical role when it comes to human health. Wheelchairs help those who have lost mobility in their legs to get around, while MRI devices detect abnormalities and diseases within people’s bodies. Positron Emission Tomography has been identified as a quicker and more accurate method of diagnosing infections in patients who may have cancer or cardiovascular disease. The technology is already making its way into several U.S. hospitals. Great Plains Regional Medical Center installed a PET device in April 2011 as a part of its facility expansion and to ensure cancer patients receive the best possible care. Lantheus Medical Imaging plans to present the positive results of its Phase 2 clinical trial of PET imaging technology at the Nuclear Cardiology and Cardiac CT Conference in Amsterdam in May 2011.
• Environmental Conservation: The scientific reports are in: destructive human habits are polluting the world and adversely affecting the environment. Many emerging technologies are now being geared toward environmental conservation. Inventors are creating eco-friendly light bulbs, beauty products and automobiles. Former U.S. president George W. Bush signed the Energy Independence and Security Act of 2007 into law to increase U.S. production of renewable fuels. Professor Frances Arnold is busy designing enhanced enzymes for making biofuels from cellulose. Her ultimate goal is to aid in the reduction of greenhouse gases by making low-emission biofuels a sustainable substitute for fossil fuels.
• Increased Productivity: While new technology may require training time before workers can use it effectively, better technology can benefit business in the form of increased productivity in the long run. Faster computers, more powerful software and better communications devices help workers do more in less time, which can result in more revenue for businesses. Managers must decide how often to upgrade their company’s technology to maximize productivity while limiting costs.
• Better communication:In earlier times, communicating with a person belonging to a different part of the world was difficult. Think about it! Think back to the time when people had to communicate using pigeons or letters, something that took days or weeks! However today the world has come closer and one can easily connect with a person sitting in another corner of the world, all thanks to technology.
• Reduces cybercrime risks: The biggest benefit of technology is to the cyber world. Artificial Intelligence algorithms are qualified to detect a change in patterns that are unique from the normal pattern. Implementing AI to detect cyber-attack is still at an early stage, but with advancement in technology, one can expect to prevent it. Hence the chances of getting a cyber-attack are reduced.
• Technology lets us manage our money better: Can you imagine paying in electronic currencies 20 years ago? What about the formation of cryptocurrency? The world is slowly becoming a cashless society thanks to what technology can bring to the table, but let’s not forget that paper money was once cutting-edge tech too. Instead of waiting at the bank to pay a bill or sending a check in the mail, you can just hop online to a specific website to send money instantly. We are spending a lot less time waiting in lines thanks to this one unique advantage of technology. You can even schedule your grocery shopping for pickup as an evolution of this process too.
• Technology lets us focus on the ability instead of the disability: One of Helen Keller’s most famous quotes is this: “The best and most beautiful things in the world cannot be seen or even touched — they must be felt with the heart.” Keller made history by becoming the first person who was deaf and blind to earn an undergraduate degree. She is known for her ability to overcome her disability through her personal desire to succeed.Now we have more technological options than ever before to help people reach their full potential. From artificial limbs to implants that can send new audio pulses to the brain to let people hear, we are on our way toward a complete reversal of disabilities. Technology helps us to restore, and maybe one day enhance, who we are.

DISADVANTAGES OF EMERGING TECHNOLOGIES

The growth of technology is one of the most debatable topics. Some scientists refer to it as a disaster while some refer to it as a blessing. No doubt that we live in the age of technology where it has become an important part of our life but it can sometimes act as a hindrance too if dependency continues to increase.

• Unemployment: In an economy where every job is a much needed one, new technology may make some employees obsolete. New technology is capable of allowing one worker to produce the results of three. While productivity and efficiency are increased, certain jobs become redundant and lead to unemployment. When new technology is implemented and paid for, it becomes cheaper to maintain the technology rather than pay for labour. For new technology to be implemented successfully, some amount of job redundancy is required.
• Cost:A potential disadvantage of changing technology is the cost associated with adopting new technology and upgrading old systems. A small business owner might launch company and purchase a software package for his computers, but if a new type of software becomes the standard in his industry, he might be forced to upgrade to the new software to keep his business relevant. Similarly, computer hardware and other physical devices may require periodic upgrades. Workers might experience reduced productivity as they learn to use new technology.
• Competition: New technology can present new business opportunities, and it also can present threats to existing businesses. Businesses that are based on outdated technology that fail adapt could be forced out of their markets. For example, a small video rental business might be forced to close due to competition from innovations such as online movie streaming services and self-service kiosks that offer movies conveniently at lower prices.
• Extreme dependability:With each passing day, we are becoming more and more dependent on technology for almost every task without even realizing it. A common example of this is using a cab service. Another example is using GPS to know the directions of any desired location. A lot of people today do not bother learning or memorizing directions because they depend on Google Maps for it. In a lot of ways, that’s not a good path we’re going down.
• Expensive: Although technology is already a part of many people’s lives, there are still some people out there who cannot afford some technologies. Many technologies that are being used by the organizations are expensive. As a results, one of technology’s biggest cons is that it can only be used by those who can afford it.
• Shortage of jobs:With technology, the efficiency of a task has increased tenfold and this is the reason why the technology might be able to replace humans soon. An increase in technology is going to ensure that tasks that humans could do earlier can now be achieved by machines and technology. Thus, creating a shortage of jobs. Nowadays even organizations prefer technology that is capable of doing tasks more efficiently than humans. Thus, with the rise of technology humans can be replaced by algorithms and robots.
• Malfunctions: The biggest disadvantage of technology is that all are machine driven. So, a minor malfunction may cause a complete failure which can cost a human life as well.
• Technology can be addictive: Technology can give you a rush that is similar to what drugs or alcohol can provide when you take them for the first time. Video games, streaming movies, television shows, and many more information elements that we can access today can cause people to make decisions to embrace their tools at the detriment of their lives. People are destroying personal relationships because they would prefer to stay connected.

CONCLUSION

In the nutshell, Emerging technologies on its own are not good or evil. It is the choices that we make with these processes that can help or harm others. It is easy to blame the tool because it can be personally challenging to look at the actions of a human. Their choices could easily become our decisions one day if a similar set of circumstances were to occur.

We have become used to smartphones and computers becoming our go-to resources for almost everything. Technology lets us go almost anywhere and do almost anything.

When we look at the pros and cons of emerging/ disruptive technologies , it is essential to look at how these tools are shaping our lives today. Do you see conversations happening in restaurants? Or is everyone staring into their mobile device as a way to pass the time before their meal arrives?

Thereby we must be disciplined with technology. Our perspectives will help to shape the next generation and how they evolve tech to fit their world. Only time can validate the future of technology. We should also think that as global citizens, as we have a responsibility of allowing certain technologies into our lives.

It’s all up to us on what decisions we”ll make!