Ten New Ways to Create Value Using Technology
While scanning my regular reading material this month, I came across an excellent special report in the August 8th edition of BusinessWeek Online. Called the “CEO Guide to Technology,” the report identifies 10 new technologies that I believe should be on the radar screen of every CEO and senior executive. Why? Because they represent new ways to create value and solve problems.
Let’s get real for a minute. Far too often, those of us in technology industries get caught up in the glitz and glamour of the products themselves without regard for whether a market for those products really exists. For most “techies,” the thrill of the race lies in seeing who can produce the next new gadget or add the most innovative gizmos to existing ones. But when you get down to it, business -- in any industry -- is all about solving problems and creating value. If a product doesn’t do one or the other, it doesn’t matter how many bells and whistles you attach to it. The buying public will turn a cold shoulder and the product will die a lonely death in the graveyard of “great” ideas.
http://www.businessweek.comBut enough of my sermonizing. Here are 10 new technologies that I predict will add value to and/or solve problems for a lot of folks.
1. Uber-Personal Assistant. Wouldn't it be great to have a personal secretary that could anticipate your information needs? Tech powerhouse IBM is currently developing a software called the Uber-Personal Assistant (UPA). Souped up with artificial intelligence, the UPA will analyze your schedule, e-mails and the text you're typing to figure out exactly what you're working on. It will then help you with your research by looking through all the documents stored on your computer and scouring the Web to come up with the figures you need. Plus, it will alert you to any new e-mails that pertain to your project. It might be a few years before the technology becomes commercially available, but you can get a taste of it on inventor Ray Kurzweil's artificial intelligence site, KurzweilAI.net. Just turn on the chat mode and have a nice talk with Ramona.
2. Next-Generation Collaboration. E-mail has become the most commonly used collaboration tool, but anyone who uses it for shared work knows that it’s not really up to the task. Both Microsoft and IBM are investing heavily in the next generation of collaboration tools to usher in the next wave of technology-driven productivity increases. IBM may have the lead by offering a next-generation collaboration system that will allow people to communicate through the desktop computer or a wireless device with the click of a button. This software will allow you to not only contact the people you know, but also employees within your organization whom you don't know. You’ll be able to find expert resources inside your organization and link them into your dialog. Imagine that -- finally being able to connect with all the resources in your organization!
3. Podcasting. Steven Jobs has said that once people learn how to manipulate a new tool, the number of new uses is almost limitless. That appears to be the case with iPods. Recently, a number of companies have started using Apple's iPod music players to help spread the word. For example, Herbalife, the maker of weight-management and nutritional supplements, has given out more than one million iPods to distributors so far this year. This “Podcasting” promotion has increased Herbalife’s sales by 15 percent through the end of the March quarter. As a result, the company is now looking for ways to make its communications more effective by expanding the use of iPods.
4. Seamless Wireless. I don’t know about you, but when I travel I hate having to lug along all the electronic devices I need to stay connected. Not to mention all the power cords, chargers, headphones and accessories required to make those devices work. Fortunately, the days of packing all of these devices and their accessories are short-numbered. The next generation of smart phones just hitting the market will allow users to access e-mail, surf the Web at super-fast speeds, download and view PowerPoint presentations and watch video. More important, they will use various types of wireless networks to establish Net connections.
Verizon Wireless has offered Samsung's SCH-i730, costing $600 with a two-year plan, since June. The gadget lets users browse the Web via Verizon's new high-speed network. It also has Wi-Fi connectivity, allowing customers to make cheap calls whenever that network is available. Many wireless carriers are already developing services geared to such multitasking devices.
5. TiVoToGo. People who travel a lot seem to watch as much video on their notebooks as they do their TV. But if you’re a TiVo subscriber, it doesn’t do you much good on the road… until now. A new special feature lets you move all your favorite business news shows and The Apprentice episodes from your TiVo digital video recorder onto your laptop before leaving the house. As a result, you can now watch your favorite shows on a flight or in a hotel. Just download the free software off TiVo's site onto your laptop. But TiVo is expanding is services for the frequent traveler beyond that. You can load your favorite shows onto Windows Mobile-based smart phones and Pocket PCs as well. Plus, TiVo plans to further expand their services into hotel chains in the coming months. Meetings, and life on the road, will never be the same.
6. Mesh Networks. How do you get information quickly from devices in remote or hard-to-reach locations? Try “mesh” networks that use sensors to pass information wirelessly from one point to the next. Corporations can use these rapid-fire information networks to find out if equipment is overheating, or if a manufacturing line is starting to malfunction before these problems cause costly disruptions. Lower-bandwidth mesh networks (which, amazingly, require only one AA battery every five years), can also help increase buildings' energy efficiency. For instance, by turning off the lights when there's enough daylight. And unlike today's wired-sensor networks, mesh networks can be installed within hours, not weeks, so they can cut installation costs by up to four hundred percent.
7. Radio Frequency Identification (RFID). There’s a new kid in town. Thanks to successful trials at big retailers like Wal-Mart, our long-time inventory management friends -- bar codes -- may soon be replaced by RFID tags. Like their predecessor, RFID tags can be scanned at warehouses and stores. What makes them different and better is the accompanying intelligence software that enables companies to share their RFID data. It used to take companies days to communications breakdowns and take corrective actions. With RFID tags, it should only take a matter of minutes.
8. Business Activity Monitoring (BAM) Software. Catchy acronym, no? Analysts believe this next generation of business-intelligence software will become an indispensable tool. The software -- which provides a dashboard of critical business indicators such as up-to-the-minute product sales, units manufactured and even power outages -- allows businesses to take quick corrective action and prevent costly failures. For example, the power company might be able to dispatch a service truck to your house to restore power before you even have the chance to call. Or a company might reship damaged merchandise before an important deadline is missed.
9. Real-Time Identity Theft Notification. Quick awareness of identity fraud is the key to minimizing cost and damage. A Bellevue (Wash.)-based startup, called Intelius, has launched one of the world's first real-time theft-notification services. The software keeps track of a person's public records, such as credit-card information and car registration. If someone attempts to change personal information on any of these records (identity thieves often need to change your address to get a credit card or driver's license in your name), you're notified with an e-mail or a short text message (SMS) to your cell phone.
10. Prediction Markets. This technology enables companies to tap the corporate betting pool. Research at the Massachusetts Institute of Technology and University of Iowa has shown that betting pools are actually efficient ways to predict an outcome. The idea is to assist executives in predicting a success or failure before it occurs. Here’s how the games work. Players attempt to grow virtual portfolios that, instead of a stock, might consist of a drug that needs to receive approval on time. As stocks trade up and down, the CEO can get a sense of what people with partial knowledge of the situation are thinking. As a result, "You can get better accuracy than when simply using polls," says Emile Servan-Schreiber, CEO of NewsFutures, which, along with rivals like The Foresight Exchange, helps companies set up this game.
There you have it. Ten new technologies that, according to Business Week Online, are reshaping our world. Interesting how they all have to do with knowledge/data management and/or transmission. Think there’s a message in there somewhere?
What’s on your radar screen for new and innovative products that actually add value? Let us know by posting a response here.