Converging Technology Trends Bring Big Opportunities for the Communications Industry
As we enter the latter half of 2023, a number of technology trends are emerging that are blurring the line between our virtual and physical realms. These trends, such as AI that can create on its own, transparent data, and digital identification, among others, have the potential to greatly impact the communications industry. Taking advantage of these advancements will require substantial investments in technology, data, and human resources. However, in order to fully utilize the potential of these technologies, communication leaders must first enhance their digital foundations, creating new avenues for growth. This is a unique opportunity that comes around once in a generation, and communication companies have the opportunity to start off on the right foot.
In order to grasp the effects of these patterns, Accenture recently carried out a survey of 4,777 high-ranking executives and directors from various fields. An overwhelming majority of communications executives, about 94%, acknowledged that the fusion of the digital and physical realms in the next ten years will drastically reshape their industry. Additionally, an impressive 99% agreed that allocating resources towards emerging technologies will enable their organizations to remain strong and adaptable in the global arena. While a comprehensive analysis of this survey can be found in its Technology Vision 2023 report, provided below are some key understandings regarding these trends.
The advent of pre-existing foundational models that possess exceptional flexibility in tackling various tasks has the potential to greatly transform the way communication providers employ artificial intelligence. Previously, companies faced significant challenges due to insufficient training data when attempting to harness AI within their respective organizations. However, these pre-existing foundation models offer a solution to this constraint. As per the survey findings:
Leaders in the field of communication should explore and possibly implement the use of generative AI in their organizations to enhance efficiency and unleash untapped potential. It is also crucial for them to establish a pool of skilled individuals capable of customizing foundational models according to business requirements. The integration of these models into various applications will grow in significance over time.
An exemplary instance is Vodafone, which in the past few years embarked on a shift from being a Telecommunications company to a technology-oriented firm. In the first month of 2022, the company introduced its AI Booster Programme, a user-friendly and straightforward platform enabling the creation of machine learning solutions using various frameworks. This marked a complete departure from their typical approach, but they made the correct moves by recruiting software, machine learning, data, and platform engineers to ensure they possessed the necessary proficiency.
In today's society, outdated concepts of identity are hindering progress. To overcome this, there needs to be a merging of the physical and digital realms, allowing people and objects to have identities that can exist in both. This digital identity will play a vital role in the future wave of changes in business, which will be driven by the merging of the digital and physical worlds. As stated in the survey:
Telecommunications suppliers possess the capacity to take on a distinct and essential function, particularly within the realm of decentralized identity and venturing into emerging domains like reliable identity and access control. This could encompass numerous areas such as digital signatures, authentication apps, interactive entertainment, or the virtual reality universe.
Artificial intelligence will not be able to achieve its maximum capabilities until businesses find effective ways to utilize their data to the fullest extent. It is crucial for them to dismantle the existing barriers that prevent seamless data sharing and improve their data infrastructure in order to provide superior experiences for their partners and customers. Establishing trust is essential in this endeavor. This viewpoint is unanimously supported by communications executives.
Transforming openness into a strategic asset will hold utmost significance for businesses in the upcoming times.
Getting It Right On The First Try
The rapid convergence of various technological trends will bring about significant and exponential changes in the way we conduct business. This presents a golden opportunity for communications companies to unlock fresh business value. The upcoming wave of transformation will allow for a seamless merging of our physical and digital lives, creating a shared reality. This convergence opens up promising avenues for growth in the communications industry, extending beyond mere connectivity. The key is for these companies to be prepared and ready to seize the opportunities that come along with this wave of change.
