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Emerging technologies

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Emerging technology refers to futuristic technologies that surpass human perception in detecting patterns with superior accuracy, potentially transforming how businesses and industries operate. This innovation holds greater power than current technological advancements and aims to provide industry solutions by analyzing trends and validating proof points through MVPs.

Emerging technology is positioned at the forefront of any organization's digital transformation journey due to its characteristics and nascency, such as radical novelty, rapid growth, and coherence. However, due to its dynamic impact, and ambiguity, there are unknown risks associated with feasibility, market demand, and regulatory issues. Thus, it is critical to have profound engineering and industry expertise in implementing emerging technologies.

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How emerging technologies address industry challenges

Even though emerging technology is widely adopted, organizations face significant challenges in deciding which unique technology or mix of technologies to adopt and how to strategize them. Here are some common challenges and how emerging technologies address them:

  • Cost: the initial investments in hardware, software, training, and infrastructure can cause a significant financial burden. However, emerging technologies can reduce dependencies and provide enhanced data points, enabling new strategies and approaches to ROI and funding models with vendors and partners for cost optimization.
  • Compatibility: adopting emerging technologies can create integration issues and potentially lead to downtime. However, interoperability between legacy and modern systems, cross-platform compatibility, and third-party integration create a decentralized, secure, and transparent network for data sharing and transactions while reducing intermediaries.
  • Security: addressing data security requires implementing appropriate safeguards and protocols to protect sensitive information. Emerging tech addresses this by deploying intrusion detection and prevention systems as a multi-layered approach to cybersecurity.
  • Regulatory compliance: adopting emerging technology requires compliance with regulations, like data privacy laws and industry standards. Emerging technologies can automate compliance processes and mitigate the risk of non-compliance by creating immutable, decentralized ledgers of transactions that guarantee data integrity and traceability for various industries.
  • Ethical considerations: ethical dilemmas such as lacking empathy must be addressed when using technologies. Emerging technologies can address those by creating secure record-keeping, monitoring and simulating ethical dilemmas, reducing environmental impact, and storing and analyzing data ethically.

As emerging technologies continue to transform the business landscape, organizations increasingly seek ways to leverage these technologies to gain a competitive edge.

Here are ways to address the common challenges organizations face in adopting emerging technologies.

Develop use cases and pilot projects

 

  • Technology scoping 
    Identifying specific areas of technology application 

  • Benefit analysis 
    Determining the potential benefits

  • Pilot testing
    Creating a plan for validating in a real-world scenario

Foster a culture of innovation

 

  • Innovation Enablement
    Providing resources and tools to value experimentation

  • Adaptability
    Embracing agile methodologies to changing circumstances

  • Growth Mindset
    Culture of continuous learning using online learning platforms and gamification

Collaborate with technology vendors

 

  • Technology intelligence
    Access to specialized expertise to have a deep understanding

  • Accelerated implementation
    Leverage pre-built solutions, templates, and workflows

  • Value realization
    Faster time to value by providing best practices and resources to maximize value

Experimentation to implementation

At Virtusa, we adopt a need-based selection approach to promising trends in emerging technologies and implement them comprehensively, from experimentation to full deployment.

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