During the Accenture Technology Vision 2020, it was reported that, according to their Technology Vision Consumer Survey, 52 percent of consumers say that technology plays a prominent role or is ingrained into almost every aspect of their day to day lives. Further to this, 19 percent of people believe that technology is so intertwined with their lives that they view it as an extension of themselves.
It is likely that the key challenge will be for companies to deliver more human-focused experiences, in line with what consumers have come to expect. The success of the products of the future will rest on whether companies are able to elevate the human experience and redefine the interrelationship between people and technology. Companies are no longer just providing services; they are trying to understand the goals of the consumer and partner with them to provide them with a package of services which assist that individual in achieving targets. The companies will involve the customer to co-create an experience. For instance, in the cutting-edge Black Mirror episode ‘Bandersnatch’ on Netflix the viewer is able to influence what the characters are doing. The company thereby becomes a collaborator rather than a service provider, offering greater choice and freedom to the end consumer.
In addition to this, businesses want to use immersive learning to train workers through functions which utilise artificial intelligence and multidirectional treadmills for instance. The advancements in many facets of technology can be leveraged in defence training, emergency services training or alternatively simply to improve convenience and user experience in day to day life. The process of bringing a new product to market is no longer just personalisation, the service provider must seek to offer heightened customisation. Robots have been in heavy industry for a while and they are now taking positions in our everyday lives. Using bots and cobots to develop business over the next 10/ 20 years is going to be essential. Scientists and robotics engineers continue to work with companies to understand how the evolving capabilities of technology can operate in harmony with humans to solve the greatest problems known to man.
Accenture recognised that there is a circle of experience for the consumer involving data and trust. The age of big data is upon us and as society produces greater quantities of data, companies can utilise the huge inherent knowledge value to improve the value that they are offering consumers. In order to harness this data, the trust of the consumer is required and it is now more important than ever for the world to align with the values of corporations to accelerate humanity into a post-digital era of prosperity.
The UK tech sector witnessed a record-breaking year of investment in 2019, with £10.1 billion poured into the technology industry within the UK. The cumulative impact of the coronavirus pandemic on investment strategies remains to be seen however experts predict that the total level of investment will continue to rise, specifically in the popular areas of artificial intelligence, cybersecurity and forex trading platforms. It is reported that new start ups in these areas commanded £50.2 million in investment during this period.
The uncertainty surrounding Brexit is slowly fading as watchful investors see the robust UK economy remaining formidable in the face of change. London continues to strengthen its position as the world capital of the fintech market. Whilst an economic downturn is upon us, investors should remain optimistic that some of the most successful deals are often struck during economic turmoil and out of the ashes grows greater talent, ideas and innovation specifically considering the commercial opportunities presented by the potential undervaluation of companies over the next few years.