Ticker Tape: A Financial Briefing by Baruch College’s Investment Management Group
In 2018, the World Economic Forum published the “Future of Jobs Report”, outlining the effects that the fourth industrial revolution will have on businesses and organizations, and the roles in which their employees work.
The report writes that institutions will take advantage of advances in emerging technologies and fundamentally change the way they function.
Quantum computing, 5G wireless technology and artificial intelligence will all have a huge impact on the working world, in addition to many other technologies that are in development or do not yet exist.
Quantum computers promise to provide immense value to businesses in the future. Google, in partnership with NASA, is working on a quantum computer that, according to Science Alert, is 100,000,000 times faster than an average laptop. The MIT Technology Review states that the most promising application of the technology is simulating the behavior of matter, which helps companies like Volkswagen and Daimler in finding ways to improve the performance of electric-vehicle batteries. Pharmaceutical companies also use quantum computers to develop new drugs by analyzing molecular compounds.
5G wireless technology is in its early stages, but will have a huge impact on internet-connected devices, even if it takes time before software can fully take advantage of it.
The huge data-transferring capabilities of 5G connections when compared to 4G technology will enable not only lightning fast internet speeds for regular users, but also the ability for autonomous vehicles to communicate with each other while on the road according to PCMag.
Industrial robots and automated sea sports, like autonomous vehicles, require the extremely low latencies that 5G offers. AT&T, Verizon, T-Mobile and Sprint are all currently rolling out 5G networks to bring the technology to the masses and its effects will spread throughout many industries, according to PCMag. The excitement generated by developments in artificial intelligence have led to it often being misunderstood though its capabilities are already being recognized today.
Apple’s Siri, Amazon’s Alexa and other personal assistants all make use of AI to perform basic tasks for users though its potential is far greater than phone assistants. Tesla uses the technology to power its Autopilot features in its cars which can ultimately result in fully autonomous vehicles.
Watson, the AI-powered, multicloud platform built by IBM is open-source, currently powering hyper-personalized solutions for customers provided by healthcare companies and assisting research efforts in financial services.
Emerging technologies are named as such because they are in their relative infancy and there are many more developments being made in areas such as blockchain, machine learning and big data. However, the immense potential of these technologies cannot be ignored by anyone hoping to advance in the future of the professional world.