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There is technology embedded in everything that we do and influences our experiences by impacting everything from the way we live to the way we work.
All aspects of our world experience are the effects of technological innovation, from transportation to agriculture and the way we work to communicate and interact with one another. Mundane tasks that were performed manually have now become automated by using technology that has progressed to the extent of using artificial intelligence (AI) that simulates the functions of the human brain.
The use of AI is spreading fast across industry segments, and its use is prevalent in diverse sectors like fashion, transportation, and medicine.
Had it not been for technology, it would not have been possible to get all kinds of information at our fingertips that have made a deep impact on our lives.
The multi-functional devices that we use today, from smartphones to smartwatches, are the result of technological innovations that define the modern lifestyle. Computers have become much faster, high-powered, and much more portable that fits into our pockets. The progress of mankind heavily depends on the technological innovations that have always provided opportunities to make our lives better, easier, faster, and of course, more fun.
The digital wave that revolutionized the world has triggered technological innovations that encouraged companies like BigDropInc.com to re-imagine the way of doing things more efficiently and conveniently to enhance our lives.
What is innovation?
No discussion about innovation can be complete without referring to discovery and invention that precede innovation.
In simple words, innovation is the process of improving some discovery or invention by viewing it from a different perspective that no one had envisaged earlier. It does not mean that just because you look at something from a different perspective, it would amount to innovation.
Innovation is the process of the betterment of an idea that already exists in a way so that it satisfies a specific need and possible to replicate it at an economical cost. The purpose of innovation is to derive greater or different values from resources with the deliberate application of imagination, information, and initiative.
The hallmark of imagination is not the newness of the idea but how novel and useful it is.
Reshaping the society – the impact of technological innovation
Any activity that we carry out today has a touch of technology, such as the deep penetration of technology into our lives.
Digital technology is sometimes so much ingrained in our lives that it remains almost invisible, thus blurring the lines with the real world. The impact of the digital revolution is so deep that it is now reshaping our society. The world is not only reimagining itself around the digital innovation but extending it around those companies that provide the services.
A survey conducted across bank business and IT executives reveal that technology is increasing the level of integration between financial services and the lives of the customers.
In this article, we will discuss some of the high impacting technological innovations of our times that have deeply impacted our lives and have even changed the way we interact with others.
Augmented Reality
Augmented reality is the most immediate technological innovation that will have a huge impact on our lives in the near future.
The smartwatch that leads the pack of wearables bears enough evidence of how things are going to change very soon. More and more people are using such devices to access a whole new world of information not only daily but also by the very minute.
As technology finds more takers, the day is not far when it will completely transform the way people interact with organizations as well as their products and services.
Real-time language translation
The real-time translation that had been the stuff of fiction for many years in the book Hitchhiker's Guide to the Galaxy where the fish Babel would translate anything when out into your ear regardless of the language spoken by the other person, is now a reality.
The innovation of online language translation, a system that is still in use in the Bing Search engine, has been around for three decades.
The technology consists of listening to speech, converting it to text, and finally translating it into the destination language. All this will now change because of the growing use of Artificial Intelligence (AI) as single language speakers can engage in real-time conversations by using the technology the facilitates real-time language translation.
Products like Pixel Buds launched by Google are wireless earphones that have the feature of translating a language in real-time.
The device can translate the conversation between two people speaking in different languages in real-time. All this is possible as the system uses a combination of different machine learning and AI technologies. The impact of the innovation is likely to be far-reaching as we will move towards a language transparent society.
Chatbots
To name the most visible application of AI technology, one can hardly forget Chatbots. Today, chatbots are omnipresent as organizations are making widespread use of the innovation for automating time-consuming work processes like those related to the customer service segment for ensuring superior customer experiences.
Chatbots are the most visible consumer-facing applications that demonstrate how vital AI is. Chatbots like Eliza that were initially designed to imitate human interaction gradually turned into devices capable of providing real value to users across a wide range of contexts.
The innovation in AI has emphasized the need to focus on chatbot development duly supported by the technologies of machine learning and NLP or natural language processing.
AI in mobile apps
App developers are now using Artificial Intelligence in mobile apps for providing better user experience by making apps more intelligent that can anticipate the needs and desires of users and present information in the proper context.
As AI technology is becoming more affordable, the use of Amazon Services, Google Services, and Microsoft Cognitive Services for app development is also spreading fast. What difference AI can make will be easy to understand by looking at the capabilities of smartphones that are much more than mere mobile phones and more like mini computers.
From accessing the web to attending to your emails and even transacting with banks and buying products and services online, you can do a lot more things with your smartphone. And all this is possible due to the power it derives from Artificial Intelligence embedded inside the device.
Flash-based SSDs
AI, AR, VR, and the cloud are the trendsetters in digital innovation that are now the hottest trends. Most importantly, these trends have gained more popularity by becoming more affordable, which has been possible due to the rapid improvement in flash-based performance and declining costs of Solid-State Drive or SSD.
Had the SSDs not been affordable, AR, VR, and AI costs would be so high that it would remain out of reach for most businesses.
That computers have become much faster bears testimony to superior CPU performance, and processors can run numerous and highly diversified compute workloads.
All this has been possible due to the development of SSDs that are a few notches above the traditional magnetic storage media. SSDs do not just outperform magnetic drives by offering higher capacities, but it also consumes less power. It is due to the innovation in the storage industry that new technological innovations have gathered momentum.
Computing without servers
The responsibility of developers does not end by developing websites because they must also arrange for its hosting and deployment as well.
It means that developers must commit to the money required to launch and host websites besides arranging for the resources on time. Launching applications involves money and time to augment resources required for deployment and the need for scaling up.
The complexities and costs of launching applications reduce greatly by turning to serverless computing that assures cheaper and faster launching.
When using the services of a serverless provider, users can write and deploy code without worrying about the underlying infrastructure because of the provider charges for the service on an as-used basis or the extent of computation.
It does away with making payment for some fixed number of servers or bandwidth because the service includes auto scale-up.
Predictive analytics based on deep learning
Predictive analysis by using Artificial Intelligence based deep learning is the biggest innovation within the last three years.
The technique of predictive analysis makes use of machine learning techniques and statistical algorithms to predict possible future outcomes based on historical data. Organizations are turning to predictive analytics to solve difficult problems and identify new opportunities. It is especially useful for detecting frauds, optimizing marketing campaigns, reducing risk, and improving operations.
Predictive learning provides insights into the future that goes beyond learning what happened and why.
Predictive learning only forecasts what might happen in the future with a considerable amount of reliability by doing a risk assessment and considering what-if scenarios.
