Tech Trends to Watch Out For

Technology seems to be evolving at an unprecedented pace. The trends of yesterday are now widely adopted, and new trends emerge on seemingly a daily basis.

While most trends are noteworthy to some degree, some of them genuinely deserve your attention in the second half of 2018. Here are a few to keep on your radar.

Blockchain

Blockchain isn’t technically a new development, but its potential to impact the business world is only starting to be realized. The record-keeping and ledger system associated with the technology holds a significant amount of potential, particularly when it comes to managing financial transactions, regardless of whether cryptocurrencies like Bitcoin are involved. Since the data can be shared, but not altered, the ability to create reliable transaction records makes Blockchain worth watching.

Artificial Intelligence

Once purely a work of science fiction, AI has quickly become highly relevant in the world of tech. The ability to draw meaningful conclusions from a range of data sources, perform automated tasks rapidly, and even communicate with customers on a basic level makes AI especially intriguing.

In reality, we’ve only scratched the surface of what AI will mean in the business world. New products and capabilities are coming out regularly, so monitoring these advancements allows you to act quickly when a new powerful solution is created.

Deep Learning

The neural network architecture and advanced recognition capabilities that led to the rise of deep learning have significant potential in a range of industries. These technologies are taught to recognize images, sounds, or text after being trained with a large dataset, allowing them to classify data quickly and often with greater accuracy than their human counterparts.

When it comes to organizing and labeling data, deep learning models significantly increase the process. That makes these systems a technology to keep an eye on for the remainder of 2018 and beyond.

Data Collection

Companies have become accustomed to particular data collection methods over the years, allowing them to craft large stores of information that have the potential to provide value and drive action. However, the recent implementation of the General Data Protection Regulation (GDPR) in Europe means many companies that interact with foreign customers and companies need to change their policies. Otherwise, the consequences can be severe.

Data protection requirements are now significantly more stringent, and individuals have more power over what can be done with their data and who can store it. Consent is now paramount, and privacy violations can result in massive fines and other punishments.

While GDPR doesn’t apply to US citizens, recent data incidents, ranging from the Equifax breach to the Facebook/Cambridge Analytica scandal, have changed public sentiment about how their data is collected, stored, and used.

Precisely how U.S. companies will need to react varies depending on their involvement with international customers and businesses, how their efforts are perceived by the public, and whether new regulations end up on the horizon in the US as well.

Rise of the Chief Data Officer (CDO)

To meet the demands outlined in GDPR, the position of CDO has become more prevalent. These professionals work to ensure compliance, select technological solutions, and otherwise manage the company’s data strategy.

As CDOs become more common overseas, demand for similarly skilled professionals in the US will also rise, especially for businesses with international ties.

Ultimately, numerous trends are worth monitoring in the second half of 2018. Make sure that the ones above remain on your radar, as their impact is likely to be significant.

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