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The Coming Shift in Business Applications: 5 trends every CIO needs to know today!

The Coming Shift in Business Applications: 5 trends every CIO needs to know today!
April 18, 2017

In the last few years, the technology landscape has undergone a sea change, enabling innovative and dynamic business models. Enterprises, in order to achieve faster time to market and shorter business cycles, are embracing Cloud to achieve agility and scalability.

Artificial intelligence (AI) was once restricted to science fiction. In a recent Gartner study, 50% of the CEOs surveyed believe that AI is likely to replace millions of jobs in the next 10-15 years. In this period of rapid evolution and flux, it’s essential that businesses take the right steps in 2017 and beyond.

Future-focused enterprises have already embraced the cloud and applications services in an effort to switch to the digital fast lane.

Yet, there is more ahead. This year will be a hayride if you are prepared to adapt to the emerging trends.

Let’s take a peek into the modern applications services trends of 2017:

Crowdsourcing of Microwork: Optimizing the Perception of Business Process Outsourcing

The rising popularity of crowdsourcing is helping optimize the way outsourcing is perceived around the world. Be it for translating languages and dialects, or tagging on Instagram, companies like CloudFactory, Microtask, and Amazon Mechanical Turk are building communities for effective distribution and delegation of minor tasks. Though its impact is rather immaterial (1% to 5%, according to Gartner), experts believe crowdsourcing has the potential to transform how businesses function in 2017 and beyond. It will only need to address quality and security concerns.

Cognitive-enabled Services: Redefining Enterprise Models and Operational Decisions

Smart machines (or, cognitive technologies) are disrupting current IT practices, which till recently have been mostly driven by human resources. Organizations are now realizing the benefits of AI and automation for improving operational efficiency and business profitability. Financial challenges have stymied their adoption by businesses. Then again, the cognitive technologies market is growing; it is expected to expand from $2.5 billion in 2014 to $12.5 billion by 2019 (an IBM report says). Global giants like IBM, GE, and Accenture have already taken note.

Organizations are now realizing the benefits of AI and automation for improving operational efficiency

Business Process as a Service: Influencing Corporate Agility and Transparency

Business Process as a Service (BPaaS) has been growing in popularity over the past few years as businesses across industries look to optimize processes and reduce operational costs. In 2017, its importance is expected to grow further as mainstream enterprises implement cloud solutions to create a unified platform for streamlining workflows, thereby increasing transparency and efficiency. The enterprises are leveraging the cloud-based ecosystem to not only achieve process automation, but also meet rising demand for business analytics, and widening social reach. The BPaaS market is, therefore, pegged to expand at a 23.7% CAGR between 2015 and 2020 (according to Markets and Markets).

Event-driven Programming Model: Interactivity and Engagement

Event-driven programming, an advanced cognitive technology, enables machines to induce a trigger during a scalable change in the state of a customer. Still at an embryonic stage, this rules-based event-driven programming model can be a major evolutionary disruption as bots will be the ones launching applications services or tasks in the event. Firms will be able to increase business process responsiveness, flexibility and interactivity, and ensure compliance. Companies like IBM and Amazon have had early success through increased customer engagement and reduced costs.

Digital Business Consulting Services: Implementing Emerging Technology Strategies

Business consulting firms are shifting from traditional consulting services to modern digital consulting services. This transition comes in the wake of emerging technologies like the Internet of Things (IoT), digitization, automation, analytics, and business intelligence. Organizations are increasingly seeking digital advisory services to design strategies that would streamline processes and help achieve competitive advantage. This sphere is expected to experience high growth in across verticals as innovations keep disrupting the market, multinational corporations acquire startups, and attain technology-based patents.

Business consulting firms are shifting from traditional consulting services to modern digital consulting services.

This year seems ripe for enterprises to leverage modern applications services to implement future-readiness in their businesses. There is no time as now to decide how prepared you want to be for the technology innovations of the future.