Is your enterprise capitalizing on this year’s biggest trends? Evaluate your competitive edge with the 2022 Virtusa Trend Almanac. View report
2018 was a banner year for future-now technologies like AI, Blockchain, IoT, cloud and automation. They added new dimensions to the digital transformation journeys for businesses across the world. However, 2019 will see a new trend. Coalescing of multiple technologies will create new opportunities and drive disruption across businesses. The information services sector will be no exception.
Cutting edge technologies like Artificial Intelligence, Blockchain and Robotic Process Automation underpin fundamental market shifts in business like financial information services, legal and publishing.
AI - moving from the wish-list to mainstream
AI in 2018 was an emerging game changer for businesses. But in 2019, it is moving to mainstream acceptance tempered with a dose of reality. Information services like publishing, financial information services and the legal sector are moving from mobile-first organizations to AI-first businesses. The changing eco-systems with open source architectures, security concerns, compliance, regulatory and privacy guidelines are catalysts for AI emergence. Financial information services, publishing and legal sectors are leveraging the huge number crunching abilities of AI to create, manage and automate content leaving human staffers to focus on strategic and creative tasks. It's also critical that companies invest early in machine learning and AI if the goal is to monetize, create better customer experience, also automate manual tasks.
For example, big tech like Google, Amazon and WhatsApp are adding financial information services to their repertoire and leveraging the data-technology interplays to deliver targeted niche services to consumers. Data journalism is on the rise with new age statistical models delivering extra bite to investigative pieces like the Panama Papers report. Tomorrow over 10,000 legal roles like research, documentation, contract management, and more are moving to the AI side of the fence.
Another important AI milestone is human element in services. Personal assistants underpinned by Conversational AI capabilities would be the face of the brand. Research shows that 64% of customers are not averse to interact with Chabot. The convergence of big data, AI, Machine learning and Natural Language Processing can process customer data across multiple channels for human like interactions.
The Blockchain driven world
If AI is the catalyst, Blockchain is the audit trail. The decentralized, digital information blocks are time stamps that provide an unalterable chain of intelligence. Blockchain is emerging as a popular platform where every information change can be traced back in a secure and visible way. Multiple users can alter the individual block which can be shared, licensed and managed effectively. This inherent transparency makes Blockchain the vehicle for crypto-currencies, intercontinental exchanges, digital rights management, smart contracts and more. Document intensive sectors like publishing, financial information services and legal are leveraging the transparent, immutable and secure characteristics of blockchain to drive high efficiencies in operations and costs.
Convergence of intelligence and automation
Experts are expecting the returns on RPA to roll out by 2019. The convergence of RPA, Cognitive AI, Chatbots will lead to comprehensive automation across all sectors. Manual and paper intensive work like checking KYC documents, evaluating clients base policy status, monitoring GDPR violations or archiving editorial content, RPA ensures higher efficiencies with returns.
2019 will see high levels of maturity in new age technology adoption across all industries. Early adopters are shoring up their investments and are focusing on returns. There will be a level of maturation within the Blockchain and RPA space. But the upward trajectory will continue as new applications and sustainable architectures are designed and deployed.
The emerging road ahead
2019 will be poised at the intersection of technology, business and people. Digital transformation will continue to change how we do business. Industry analysts believe we are moving toward Deep Digital or Digital 2.0 a transformative time where companies will rationalize and simplify their legacy systems to provide a superior end-to-end digital experience. As we make inroads into technology advancements, the new year will see convergence of technologies where in enterprises will continue to invest in a robust combination of AI, and RPA that offers maximum returns. This will involve creation of a data intensive environment that supports cognitive and intelligent systems. With tech savvy millennials emerging into the work space and craving human like interactions and seamless digital experiences, it is inevitable to focus on sustainable and mature applications of emerging technologies.
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Data is the backbone that keeps enterprises performing at the optimal. This fact isn't going to change any time soon. If anything, companies will continue to bolster their investments to ensure clean and timely data to all parts of the enterprise. Here are some of the big strides we expect in data and analytics when it comes to 2019.