PA business transformation expert, Stefan Knapp, has had a byline article published in Finans.dk discussing new technologies and the impact they will have on businesses’ turnover and standards of living.
Stefan refers to PA’s survey ‘New technologies – what is hype and where is opportunity?’ which found that 3D printing and wearables will be the most influential. However, technologies such as machine-to-machine (M2M) communication, composite materials and artificial intelligence (AI) will also have a prominent place in the market.
Stefan says: “AI appears to be one of the more interesting new technologies that will have an impact on companies and their revenue. Today, AI is used in call centre functions but legal firms also use artificially intelligent robots to solve legal inquiries. AI presents many interesting opportunities but I do not think it will take jobs from humans. It is more likely that AI will perform routine tasks, enabling humans to create value in places where machines cannot.”
New technologies - what is hype and where is the opportunity?
Another interesting new technology Stefan touches on is human enhancement, which is already being used within healthcare, cosmetic surgery and the development of medical equipment. However, the technology may also help enhance human performance. Researchers believe they will soon be able to identify genes that create certain types of intelligence.
So what will the use of these new and emerging technologies mean to companies and their revenue? “Both 3D printing and M2M technology will continue to generate the largest revenue in the manufacturing industry. The revenue within M2M technology is expected to increase by 15 per cent by 2025 and 3D printing by 13 per cent,” says Stefan.
Stefan concludes by saying how companies will benefit from these new technologies depends on their level of maturity and willingness to adapt. However, one thing is certain: “The need for new technologies exists and will increase due to the development in demographics, climate, mobility and automation. We need these technologies to create growth but also to improve our general living standards.”
Stefan Knapp is a business transformation expert at PA Consulting Group