Five tech megatrends 'affecting every business'

Five tech megatrends 'affecting every business'

A startup guru-turned-industry boss has identified five trends that are affecting every business, regardless of size.

Senior vice-president of product development at IT giant Oracle, Reggie Bradford, revealed the five megatrends to a session for small and medium enterprises at the recent Oracle OpenWorld conference.

Bradford, who had three successful startups to his name before joining Oracle, said the trends are affecting businesses of “any size, no matter what they are”. The trends are:

  1. The shift to cloud: The speed, agility and innovation potential provided by the cloud present opportunities for all businesses
  2. Globalisation: technology connects people and businesses wherever they are, and four billion people already use messaging apps. "Digital business is being done in the most remote regions of the world," he said.
  3. Data liquidity: “Data is currency – it’s the most valuable currency," said Bradford. The aggregation and orchestration of data provides new opportunities for businesses, he said.
  4. Internet of Things (IoT): It is predicted that there will be more than 50 billion connected devices by 2020. This will impact all industries, and have a significant effect on customer experiences.
  5. Artificial intelligence (AI): Machine learning finds patterns in enormous collections of data that are not apparent to humans. One way this is being put to work is in customer care. For example,  wouldn't it be good if your business software warned that you were in danger of losing a customer or an employee while there's still time for you to take corrective action? Oracle is putting a lot of effort into this area, Bradford said. (However, it’s far from alone. L – large IT companies are punished by the stock market if they are not doing enough in AI, which is one of the reasons why the famously tight-lipped Apple recently spilled the beans on its activities in this area.) “It's not a fad, it's a fundamental shift in the way we communicate and do business,” he added.

We suspect that many Australian small businesses are yet to feel the full impact of these megatrends, but it may be worth being aware of them so you can be ahead of the curve.

Disclosure: The writer attended Oracle Open World as a guest of Oracle.

Source: Copyright © BIT (Business IT). All rights reserved.

See more about:  ai  |  artificial intelligence  |  cloud  |  globalisation  |  internet of things  |  iot  |  oracle  |  technology trends
Sign up for our free newsletter
Get the latest business tech news, reviews and guides delivered to your inbox.

Latest Comments

Latest articles on iTnewsLatest iTnews Articles
New malware worm spreads using leaked NSA exploits
23 May 2017
EternalRocks features seven spy tools.
Hackers hit Russian bank customers
22 May 2017
Had planned global raids before capture.
Telstra exchange fire downs services in Adelaide
22 May 2017
Spark in power supply system.
ACMA reshaping underway as govt weighs in
22 May 2017
Loses cyber security.
Windows 7 machines most impacted by WannaCrypt
22 May 2017
Ransomware worm crashes Windows XP.