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If you’re a business leader, your company is almost certainly using at least several of the Essential Eight emerging technologies right now. You’ll likely need to use others soon. Since these technologies can be so transformative, understanding what they can do will be fundamental for both everyday operations and long-term strategy.
In 2016, we first identified the Essential Eight — settling on the crucial shortlist after analyzing more than 250 technologies in our labs. Since then, much has changed. Several of the Essential Eight have advanced so quickly that the value propositions they offer business have changed. Still other, newer technologies are now becoming instrumental. To help businesses assess where to direct strategic investments, we’ve updated the Essential Eight and organized them into three categories that reflect how business leaders can prioritize their efforts: expand, evaluate and experiment.
These technologies are used at scale in many enterprises, and many companies are ready to expand further. If you’re not looking at more widespread implementation, you should be.
These technologies are deployed for a growing number of use cases but may have been back-burnered at some companies. You may want to reevaluate their fit within your business strategy given recent advancements.
Though the technologies are at different maturity levels, we believe all eight are essential. They’re also converging to deliver greater impact. While a single Essential Eight technology may help solve a business challenge, combining it with others may enhance the solution. And when used together, multiple emerging technologies can help derive new value from the data that each one is collecting or creating.
Another common trait that unites the Essential Eight is the necessity of trust. Leadership and external stakeholders need to trust that the technology can deliver the value it promises, have its risks addressed, fulfill compliance requirements and align with corporate values. And employees need to have trust that this technology will not replace them, but instead make them more valuable.
The right approach to the Essential Eight can help build trust with your stakeholders, prioritize key investments and drive convergence among these technologies that can lead to exponential value.
AI reached a tipping point in 2023. One type, generative AI (GenAI), is so powerful and easy to use, it’s starting to change business models and revolutionize how work gets done. Conventional AI is advancing too, delivering greater productivity and new revenue streams. This includes the foundational subfields such as machine learning, deep learning, and knowledge representation and reasoning — techniques that seek to imitate how humans learn, process knowledge and make educated decisions.
AI today is no longer the exclusive domain of data scientists and software engineers. Traditional knowledge workers everywhere are using it — anyone can create content using simple human text-based prompts. AI’s potential to deliver value keeps growing, both as a stand-alone technology and as an enabler of other technologies, and many types of AI are already being used responsibly and at scale across organizations to help solve everyday challenges.
The bottom line: AI is already growing productivity and driving efficiency. With GenAI leading the way, AI is poised to scale quickly, enable new business models and transform how work gets done.
AI may change nearly everything about knowledge work, thanks in part to the emergence of GenAI — but it won’t replace people. When implemented as part of a human-led, tech-powered approach, AI can make both people and the organizations where they work more valuable. Both AI and GenAI can detect anomalies in data to help humans make better decisions, and organizations that capitalize on both are likely to see an increase in productivity.
New productivity from AI can help enable new business models (such as ones based on hyper-customization) that had previously been too costly. AI may also help companies perform more advanced R&D. GenAI can help companies complete work (such as software development) in-house that is often partly outsourced.
The Internet of Things (IoT) might as well be called the internet of (almost) everything. From wearables and home appliances to enterprise-level devices, IoT makes systems more intelligent and enhances decision-making. Some might say that IoT is becoming as integral to business today as electricity. IoT applications can be pivotal for innovation, enhancing operational efficiencies, improving compliance and creating sustainable, competitive advantages.
The bottom line: Today’s IoT is about recognizing how the technology can enable data-driven insights and support a wide range of use cases — helping drive efficiency as well as business transformation.
Rising miniaturization and cost-effectiveness of computer hardware, as well as sensors and lower communication costs, are transforming IoT. The availability of shared radio spectrum is fostering more pervasive private networks, potentially enhancing the IoT’s expanded use in many settings. With 5G cellular technology, reliability and data integrity is only getting better. This rapid expansion may also increase concerns around trust and privacy. Robust regulatory frameworks and strong internal governance can help safeguard user interests and enable responsible technological advancement.
Blockchain can offer transparent, cost-effective and secure ways to store, monitor and transfer value — such as information, data and assets. It can help enable data integrity and safeguard against cyberthreats. Through programmable smart contracts, it can automate business processes. Its decentralization — in infrastructure, access controls and governance — can offer businesses resilience and appeal to customers seeking more control over their identities and data. These characteristics can enable blockchain to reduce intermediation and other process costs, grow stakeholder trust, reach new markets and, often as part of web3 initiatives, support new business models.
The bottom line: Blockchain is poised to be a building block of the global economy, enhancing trust and securing financial transactions, safeguarding data, verifying digital identities and improving internal business processes.
As the digital economy grows, blockchain’s importance will likely grow too. Despite the recent, highly publicized failures of some bad actors, many companies may be ready to embrace the resilience of the underlying blockchain technology. But trust-building actions should come first from enhanced regulations, governance, reporting and controls. More traditional institutions (with their trusted brands) may advance. These companies will likely focus on “invisible blockchain” — applications that drive process efficiencies or enable new internal or customer-facing capabilities without drawing attention to blockchain as the backend.
Virtual reality (VR) can transport you, your employees and your customers into a designed, digital environment that feels increasingly real. Both the metaverse and virtual environments inside individual organizations are hosting more and more business applications. For example, VR environments can already enable agile teams around the world to collaborate on daily sprints. Through VR, these teams can access data, tools and their teammates’ insights. VR’s rising ease of use and realism — helped by the integration of AI and of eye and facial tracking — is poised to blur the line between digital and physical worlds. That could transform customer and employee experiences, stakeholder trust and more.
The bottom line: VR is already a powerful tool for upskilling and workforce collaboration. In the near future, its startling realism could transform employee and customer experiences and companies’ daily operations.
VR is poised to enter more everyday business operations. 3D mapping and real-time tracking cameras could soon enable life-like photorealistic representations of people — transforming activities like workplace collaboration, employee recruitment, customer engagement and investor relations. Realistic, easy-to-use virtual workplaces could help offer employees more flexibility while increasing productivity and reducing carbon emissions.
Integrated into VR, GenAI is allowing even non-specialists to create intricate virtual environments, lifelike “metahumans” and 3D models. Together, GenAI and advances in low-cost hardware are helping autonomous virtual agents perform business relevant tasks (such as customer service) in VR environments.
Augmented reality (AR) overlays digital elements onto the real world, enabling new experiences and ways to access data. Advances in computer vision, object recognition and IoT capabilities are allowing AR to deliver even more relevant and interactive overlays tailored to an individual user's environment and needs. AR often helps solve problems and enhance processes in areas such as maintenance, design visualization and customer engagement.
The bottom line: Like VR, AR is becoming integral to upskilling and workforce collaboration. Its seamless use of data and powerful real-time capabilities will likely prove an invaluable tool for business.
AR is growing quickly to support training, onboarding, product demonstrations, and field service and maintenance. The convergence of AR with AI and IoT will likely help create more advanced and context-aware AR experiences. AI assistants will likely offer ever greater capabilities to act as note takers, researchers, coaches and executive assistants. Transferring between devices within an ecosystem will likely become ever more seamless.
Advanced robotics integrates artificial intelligence into robots so they can perform intricate tasks and autonomously interact and respond to real-world complexities. Leveraging deep learning and neural networks, these robots can process vast amounts of data, adapt to dynamic environments and make real-time decisions. Enhanced sensor technology allows them to better perceive their surroundings. With the incorporation of human-robot collaboration principles, modern robots (or cobots) are designed to work seamlessly alongside humans.
The bottom line: Advanced robotics is transforming complex, labor-intensive physical processes, enhancing productivity, workforce safety, reliability and data-driven decision-making.
Advanced robotics are increasingly becoming more accessible. Thanks to AI, it’s now easier than ever for people to “talk” to robots. This easier communication should foster unprecedented human-robot collaboration. Robotics-as-a-service is also a growing trend, since it can reduce the size of initial investments and enable more cost-effective flexibility and scalability.
Quantum computing is poised to revolutionize classical computing — and it has the potential to transform industries. This technology can conduct far more complex operations exponentially faster than classical computing, and it can enable applications (such as AI) to produce reliable results even with smaller data sets. Quantum computing derives its immense power by using the principles of quantum mechanics to process information. Recent advances in quantum computing’s building blocks (quantum bits or “qubits”) are making the technology increasingly relevant to business. Its increasing reliability and fusion with classical computing (“hybrid quantum-classical”) paradigms could help computational power grow dramatically.
The bottom line: Quantum computing could soon enable computers and computer-based applications (such as AI, optimization, simulation) to perform far more complex operations and help solve previously “unsolvable” problems faster than conventional solutions.
The next step for quantum computing is moving from the lab into the business world. Stability, processing capabilities and reliability are all increasing. Hybrid systems are helping to bridge the gap between current computing capabilities and next-generation quantum computing. For example, the “quantum internet” could offer ultra-secure communications, while quantum machine learning algorithms are starting to enable faster and more complex data processing.
Neuromorphic computing mimics the architecture and functioning of the human brain. Unlike traditional computing systems that operate on the basic on-off principle of binary code, neuromorphic computing uses electronic circuits to emulate the brain’s intricate web of neurons, connections and interactions. A subset, neural interfaces, can facilitate a direct communication pathway between the brain and external devices such as prosthetics and other systems. Neuromorphic computing has vast implications for business, including faster AI decision-making with far less computing power and greater pattern recognition.
The bottom line: Neuromorphic computing could be the foundation for a new era in intelligent computing, creating efficiencies in both data processing and power consumption for better sustainability and greater cost savings.
Neuromorphic computing could soon enable AI to perform more complex tasks with less compute power, which could allow for faster advances in computing power and reduced energy consumption. Since the technology can often be integrated into mass-market devices, it may transform consumer products too. Still, before it can achieve success at scale, neuromorphic computing will need both hardware and software standards — both of which are currently often lacking.
Convergence among the Essential Eight is real — and accelerating. It is enhancing everyday processes and driving long-term transformation. The IoT blends with AI and blockchain for more resilient, transparent and agile supply chains. AI and quantum computing together can help improve travel routes for business travelers. Virtual and augmented reality blends with AI and the IoT to help develop products and services and enable seamless workforce collaboration across geographies. Neuromorphic computing and advanced robotics automate complex industrial processes.
These are just a few of many convergence examples in the business world today. Next comes more integration, helped by global standards and common approaches to enhance governance, sustainability and trust in data and transactions. GenAI’s potential ease of use and remarkable scalability can help make these technologies accessible.
The Essential Eight are powerful and when deployed responsibly, can give more people more opportunities to create value. Our future will be tech-powered but human-led. People will be in control, helping to grow trust and making data-backed high-risk and high-value decisions.
As they converge, this is the future that the Essential Eight can help build.
Discover new ways to transform your business with emerging technologies. Contact us to learn how we can help you put these technologies to work.