Technology is changing the way we live, interact with people and entities and how we do business. Singapore is at the forefront of technology innovation. The 2019 Bloomberg Innovation Index ranks Singapore 6th in the world. Some of the factors that it measures are research and development spending, manufacturing capability and concentration of high-tech public companies. Technological trends will disrupt markets and create new opportunities in Singapore and businesses should be ready to embrace these upheavals to stay in the market and grow exponentially. Let us look at the top strategic technology trends that can make a difference in Singapore –
Robotic Process Automation (RPA) is the automation of clerical processes such as patient registration in a hospital or airline ticket booking. Analytics software analyze structured and unstructured data to look for patterns, deliver fresh insights and aid decision making. Cognitive automation uses AI to perform non-routing tasks and make effective use of complex data. A combination of the three – Hyperautomation will automate and improve processes and decision making. It can reduce effort and time to complete tasks and minimize errors in processes.
For example, a hospital has implemented hyperautomation in its emergency services. When there is an emergency call from a patient, the emergency response team is put in action. The hyperautomated system has data from the call and data collected and analyzed in the past. The system can make a decision on which hospital should the patient be reached and what treatment has to be given on the way to the hospital to stabilize the patient. The system suggests the best course of treatment and also informs family, friends, colleagues, and health insurance company.
Netflix processes billions of transactions daily across 190 countries. Instead of creating massive data stores or computing systems, Netflix moved to a distributed cloud infrastructure to manage data and load. Chatbots use cloud computing capabilities to store and analyze messages, preferences, and behaviour Cloud infrastructure reduces costs of setup and maintenance of infrastructure. But it does not solve issues of network latency, data sovereignty, and delays in data processing. A distributed cloud is the solution. The company’s services are distributed to different machines on the cloud based on requirements of delivery, governance and performance.
The term “multiexperience” refers to different ways in which devices and software interact with users. It can be via touch, voice or gesture. Multiexperience aims to make technology understand people. It aims for users to have a seamless experience across desktops, laptops, mobiles, wearables, advanced sensors, etc.
In Singapore, a chatbot used the persona of an “uncle” and gave information about bus schedules to people via Facebook Messenger. It was highly accurate and widely used. Such business scenarios show that people are ready to embrace such technology. There are many multiexperience development platforms in the market that combine front-end tools, back-end technology to build solutions for users’ digital journeys across multiple interaction points. Companies should include it in their application development strategy.
Technology is moving towards being people-centric and development of smarter spaces. People-centric technology refers to enhancing a person’s physical and cognitive experiences. For example, we have fitness gadgets that measure pace, distance covered, usage of oxygen during exercise, sleep parameters, etc. Some wearables measure heart rate, toxic gas exposure. They can be used by factory workers or firefighters thereby improving working conditions.
Smarter spaces are intelligent ecosystems where humans and technological systems can interact to create a better experience. Software can be built to create digitally enabled environments. They can be smart cities, smarter homes, and workplaces.
indoo.rs is a company that specializes in high tech navigation solutions. These help customers find optimum routes in malls based on shopping lists. The applications collect and analyze data on shopping patterns so that retailers optimize layouts and create personalized offers. Malls can use these solutions for adjustable pricing on rents.
Using data and AI, offices can analyze the working hours of employees and utilize workspaces and resources such as meeting rooms, temperature control systems effectively.
Autonomous technology is the use of software to do tasks without any human intervention. We already have robots for room service in the hospitality industry. Online retailers have AI-enabled chatbots that give order status, give out product descriptions and collect customer information. This technology is growing by leaps and bounds in the whole world. In Singapore, public roads have been opened up for companies to test their self-driving vehicles. Many companies are seeking ways to increasingly leverage AI to perform tasks typically done by humans.
Singapore is a developed country wherein the private and public sectors invest in technology. Tech companies and innovative start-ups will have to focus on the trends mentioned above to expand their business and gain an edge on competitors. 2020 will be an exciting year for companies looking to leverage technology for achieving their business goals.