The expression ‘Emerging Technologies’, covers new and potentially powerful technologies that help organisations achieve business excellence through technology enablement.
At BDO India we have identified five strategic focus areas in the emerging technology space which are expected to create significant social and economic benefits. The focus areas or ‘The Mighty Five’ as we are calling them, are as follows:
- Artificial Intelligence & Machine Learning
- Robotic Process Automation
- Internet of Things (IOT)
- Augmented Reality (AR) & Virtual Reality (VR)
We have a dedicated team that works on emerging technologies which conceptualises and builds use cases for business, social & economic benefits of organisations in public and private sector.
1. Artificial Intelligence & Machine Learning
Machine Learning is the activity of crunching large data sets, detecting patterns and creating new solutions by applying the resultant information. Predictions are made when the machine discovers patterns by way of a diverse set of algorithms. Of the various algorithms used in Machine Learning, neural networks are constructs that can mimic the human brain at a superficial level.
Artificial intelligence is the implementation of neural network-based algorithms in machine learning. At times, when business cases get too complex, artificial intelligence is an alternate approach to machine learning.
Data Mining is the foundation for advanced machine learning and artificial intelligence. It begins with data cleansing. The process also includes analysing data to extract new features. Lastly, we aggregate the information to generate trends and correlations, a feat impossible to achieve without data mining.
Machine Learning, Artificial Intelligence and Data Mining, work hand-in-hand under the aegis of Data Science. We use these technologies to provide solutions to hitherto unanswered questions, prove complex hypotheses and offer better insight into any market.
2. Robotic Process Automation
Robotic Process Automation (RPA) is rapidly transforming the way organisations handle everything from finance and accounting to operations and human resources. RPA solutions unlock the potential to do things faster, better, and cheaper relative to what it used to be, today these technologies have become easy to obtain and deploy, with quick ROI.
Automated business processes ensure consistency, efficiency and productivity. Our RPA solutions` are governed not just by technology but also by BDO India’s business logic and your inputs.
We can support you in automating your business processes and integrate human actions within digital systems.
3. Internet of Things (IOT)
IoT is a network where physical items (having sensors within or attached to them) are connected to the internet via wireless or wired internet connections. IoT enabled devices can be monitored or controlled remotely by the user. The applicability of IoT is limited only by one’s imagination. Thus, providing endless possibilities and we at BDO India are here to assist at every step in this transformation. In business, industrial IoT refers to its use in manufacturing and industrial sector.
4. Augmented Reality (AR) & Virtual Reality (VR)
AR/VR based technologies allows mixing virtual with real world in different proportions to achieve a level of immersion that no virtual equipment can provide. They enhance the real-world experience with things in our surroundings and beyond.
AR/VR can be adopted in mainstream business requirements of enterprises including training, communications, customer service, interactive marketing, industrial & operations simulation, sports science, etc.
AR/VR can be an extension of an organisations digital strategy with a vision to transform customer engagement and employee empowerment. Both these technologies can be potentially used to create efficiencies, drive innovation and enhance stakeholder value.
Blockchain, a distributed electronic ledger, uses software algorithms to record and confirm transactions. The record of events created in blockchain can be shared between multiple parties. It is pertinent to note that information once entered in this ledger cannot be altered. The process has been assessed to be reliable and anonymous.