Navigating the Digital Age: Tech Trends Reshaping the Business Landscape

- Dr.Subhajyoti Ray, Director, Jaipuria Institute of Management, Noida

In the last two decades and more so in the last half a decade, the world has witnessed a tectonic shift in technology that is not only transforming our daily lives but also reshaping businesses in a significant way. Perhaps the top tech trends shaping the future of business and driving innovation are artificial intelligence (AI), augmented reality (AR) and virtual reality (VR), cybersecurity, and blockchain.

AI and more recently GenAI have created immense possibilities for innovations across businesses, improved productivity, and enhanced optimization. These are rapidly changing the way businesses find value in information by transforming the way information is processed and insights generated. The latent value of information is likely to be mined significantly more by organizations going forward.

Another emerging trend with a growing number of use cases is AR and VR technologies that merge the physical and digital worlds. In business, AR and VR applications facilitate product visualization, remote assistance, and interactive training at scale while reducing costs.

Cybersecurity has become a top priority for businesses as they grapple with evolving cyber threats, data breaches, and regulatory compliance requirements. With the proliferation of digital technologies and interconnected systems, organizations face growing risks to their sensitive data, intellectual property, and reputation.

By leveraging blockchain, businesses can streamline processes, reduce costs, mitigate fraud, and enhance trust and transparency in their operations. Blockchain's decentralized and immutable nature ensures the integrity and authenticity of data, enabling more efficient and reliable business transactions.

The quad of AI, ARVR, Cybersecurity, and Blockchain has created unprecedented opportunities and challenges for businesses. The talent requirements of the industry are continuously evolving and driving the change in curriculum at higher education, Today young people entering the industry need to not only learn the art of teamwork but also learn the skill of collaborating with technology specifically AI. The need for education programs to impart critical thing and problem-solving skills has never been more pressing. Higher education institutes that invest in technology, faculty development, and deep engagement with industry are likely to lead the future in providing adequate and skilled manpower to the industry.

About the author:

Dr.Subhajyoti Ray, holds a master's from the Indian Statistical Institute and a Fellow from IIM A, boasts decades of experience spanning industry and academia. He initially honed his skills in data analysis at the Reserve Bank of India before transitioning to the academic realm. Joining Xavier Institute of Management, Bhubaneswar (XIMB), he ascended to the position of Dean for two terms. Later, as Pro Vice-Chancellor at NMIMS Deemed to be University in Mumbai, he oversaw multiple campuses. Prior to his current directorship at Jaipuria Institute of Management, he led IMT Dubai. His teaching passion revolves around business statistics and analytics.