The future of technology

8 emerging technologies you need to know

If you look back 10 to 15 years, it is staggering to reflect on how significantly technology has changed our lives - not least the impact 0f smartphones on our daily lives. Indeed, in many aspects Africa has led in innovative use of smartphone technology. Given the scale of this change, we all have to ask ourselves: What will happen say in the next 10 years? And, how well are we prepared to adapt to the new changes?

This article summarises eight technologies that will impact our way of life and businesses in the future.

1. Artificial Intelligence (AI)

AI or sometimes machine intelligence simply means the ability of machines to mimic the intelligence of human and other animals. Virtual assistant services like Siri in Apple products, Amazon Alexa and google assistant are few examples of services that use artificial intelligence allowing us (human beings) to talk to machines.

The growing form of AI is algorithm. Algorithm interpret mass volume of data to understand and predict a human behaviour or decision.

Many social media platforms now use Algorithm to personalise the feeds and advertisements you receive.

For example, when you like a song in YouTube, Spotify or Apple music, these systems use algorithm to predict other songs you will like based on behaviour of large volume of data from other users of these sites.

The growth of AI will impact many businesses in the future. The key is each company to assess how they can use AI in personalizing services they provide in the most efficient way.

2. Blockchain

To many, Blockchain is considered as the infrastructure that Bitcoins (digital money or cryptocurrencies) were developed. In reality, Blockchain is a much wider technology, covering other aspects beyond Bitcoins, and is expected to grow rapidly in the next few years.

Blockchain technology allow users to record, confirm and share information using a temper free, decentralised ledger that is transparent to all users with very little possibility of manipulation.

The industries that will be significantly impacted by blockchain includes financial services where it will eliminate intermediary and clearing agencies.

“Blockchain will do to financial services what internet did to media and entertainment industry.”

3. Internet of things (IoT)

IoT simply means how devices are connected using internet and interact with each other and human beings. Technology now allows us to switch off and on the lights at your house while you are somewhere else, say at your office. You may have live view of your house on your phone directly from CCTV cameras that are installed at your house and connected to the internet.

If you own an iPhone, an Apple watch and a Macbook, using IoT, these devices communicate seamlessly and minimise your time of doing the same activity in all of these devices like say saving a picture in all your IoS devices. Or if you have your apple watch, you will not need to enter password on your Macbook as these devices knows they are connected. Further, you may copy something on an iphone and paste it on your macbook.

Amazon has launched the Amazon Go supermarket where there are no cashiers or self-check out stations. How it works is, you just need your phone with Amazon Go app to enter the supermarket, within the supermarket, Amazon use cameras, Sensors and Algorithms to know what exactly you picked from the shelves and this is directly billed in your Amazon app. These are just a few examples of how IoT works.

As more and more devices are developed everyday that are connected to the internet, this interconnect among devices is expected to get thicker in the future.

4. Robotics

In addition to physical robots that are growing in number, the shift is now to robotic process automation (RPA) which are software robots or artificial intelligence workers that are installed in a process to take over routine tasks.

The purpose of RPA is to minimise or eliminate manual and routine tasks using software applications. Example of how RPA can be used in business is in performing month-end reconciliations between various system records.

5. Virtual reality (VR)

I was impressed when I saw Tanzania tourism agencies using VR to give potential tourist a virtual feel of what is available in Tanzania.

Currently, there is a growing number of contents that are shot in VR capabilities including the 360 degree viewing. VR is also highly used in military trainings where soldiers are exposed to different environments and tests.

In the entertainment industry, several contents including videos documentaries and movies are shot in VR technologies. Maybe in few years from now we will watch bongo movie in 360 degrees.

6. Augmented Reality (AR)

The difference between AR and VR is that AR adds digital elements to a live view often by using the camera on a smartphone or smart glasses. VR implies a complete immersion experience that shuts out the physical world.

According to PwC 2017 Global Digital IQ survey, 24% of companies interviewed are planning to spend big on AR in the next 3 years.

There are rumours Apple is also working on smart glasses and if these are launched, it will boost significantly use of AR.

7. Drones

In Tanzania the use of drones is mainly dominated by professional wedding videographers but there is a lot of ways drones can be used. In Rwanda, drones technology is now being used to deliver medical supplies to remote areas. Amazon is reported testing use of drones in delivering items purchased from their site.

Drone are highly used and will continue to grow including military operations and surveillances. During the 2019 CES global gathering of innovation, Bell Helicopter unveils air taxi vehicle using the drone technology, meaning flying within a city without a pilot. It was reported Uber is testing these air taxes.

At PwC, we are also applying drone technology in our audit practices. For the first time, PwC Uk, used drone during the 2018 stock count of coal reserves and the images from the drone was used in valuing these reserves with 99% accuracy.

8. 3D printing

3D printing allows making a three-dimension object (actual item) from computer control. 3D printing is currently used in printing variety of products where the automotive, industrial products and healthcare industries are making substantial investments in 3D printing technology.

A housing charity organisation currently working with ICON, a construction tech company to build houses using 3D technology that are cheap and can end homelessness in El Salvador. The structure of a house can be printed in less than 24 hours and will reduce cost by more than half.

In conclusion

This article aims at providing general knowledge on these emerging technologies. Business should evaluate how each of the above technologies can be used to add competitive advantages, reduce cost and deliver goods and services in most efficient way.

When evaluating those emerging technologies highlighted, business should also consider cyber security. With increased use of current and emerging technologies, the risk associated with using technologies also increases.

By Willie Kimaro Manager at PwC - Assurance Line of Service

The views expressed do not necessarily represent those of PwC. For PwC updates on tax and other matters do follow @pwc_tz or visit our website www.pwc.com/tz.

Article first published in The Citizen (30.01.2019).