If your corporation is not talking about “total experience,” it should be. The concept includes customer experience, user experience, employee experience and something called “multi-experience.” The idea is to interconnect and enhance each of these to achieve a more holistic overall experience for all stakeholders. By 2026 technology research and consulting company Gartner is predicting that 60% of large enterprises will use total experience to transform their business model to achieve “world-class customer and employee advocacy levels.” It is one of twelve trends in 2022 that Gartner outlines in its October report.
Read on to learn about the twelve trends:
Total Experience is on the list. Gartner cites a use case involving Fidelity Spire, a free app offered by Fidelity Investments that uses a total experience approach in its financial services. It works like this: analytics and AI learn client behaviors to proactively respond to a client’s next action and to create realistic training simulations for staff. Unified identity services help clients move easily through self-service onboarding and integrate the advisor’s view across multiple touchpoints. The research firm is advising clients that want to adopt a total experience approach to instruct teams pursuing experience improvement initiatives to partner with and learn from others. “Make all leaders of experience-related initiatives equally responsible for solving the combined needs of customers and employees,” says the report.
Distributed Enterprise is a virtual-first remote-first architectural approach to digitize consumer touchpoints and build out experiences to support products. Gartner predicts that 75% of organizations that exploit distributed enterprise benefits will realize revenue growth 25% faster than competitors.
AI Engineering is the discipline of operationalizing updates to AI models, using integrated data and model and development pipelines to deliver consistent business value from AI. It combines automated update pipelines with strong AI governance. By 2025, Gartner predict the 10% of enterprises that establish AI engineering best practices will generate at least three times more value from their AI efforts than the 90% of enterprises that do not.
Decision intelligence: Integrating data, analytics and AI allows the creation of decision intelligence platforms to support, augment and automate decisions. In a recent survey by global research and advisory firm Gartner, 65% of respondents said the decisions they make are more complex than just two years ago, and 53% said they face more pressure to explain or justify their decisions. The uncertainty introduced by COVID has only made matters worse. It is no surprise then, that organizations are increasingly turning to AI to help improve decision making and get better business outcomes.
Generative AI is a form of AI that learns a digital representation of artifacts from sample data and uses it to generate new, original, realistic artifacts that retain a likeness to the training data but don’t repeat it. That allows generative AI to be an engine of rapid innovation for enterprises. By 2025, Gartner predicts generative AI will account for 10% of all data produced, up from less than 1% today.
A data fabric is an architecture and set of data services that provide consistent capabilities across a choice of endpoints spanning hybrid multicloud environments. It is a powerful architecture that standardizes data management practices and practicalities across Cloud, on premises, and edge devices.Gartner predicts that by 2024, data fabric deployments will quadruple efficiency in data utilization while cutting human-driven data management tasks in half.
Cybersecurity mesh architecture is a distributed approach to scalable and flexible cyber control. The mesh changes the focus from protecting a traditional IT perimeter to a more modular approach that centralizes policy orchestration but distributes enforcement of cyber security policy, allowing network managers to offer different levels of access to different constituents and assets and making it harder for cybercriminals and hackers to exploit an entire network. Gartner predicts organizations adopting a cybersecurity mesh architecture will reduce the financial impact of individual security incidents by an average of 90% by 2024.
Privacy-enhancing computation approaches allow data to be shared across ecosystems, creating value while preserving privacy. Gartner is predicting that by 2025, 60% of large organizations will use one or more privacy-enhancing computation techniques in analytics, business intelligence or cloud computing.
Cloud-native platforms take advantage of the core elasticity and scalability of Cloud computing. By 2025 Gartner predicts cloud native platforms will serve as the foundation for more than 95% of new digital initiatives, up from less than 40% in 2021.
Composable applications are made up of packaged-business capabilities (PBCs) or software-defined business objects. PBCs create reusable modules that fusion teams can self-assemble to rapidly create applications, reducing time to market. For example. Gartner says Ally Bank has created PBCs representing repeatable capabilities such as fraud alerting, which its fusion teams can assemble in low-code environments, saving over 200,000 hours of manual effort. The technology research firm predicts that by 2024, the design mantra for new software-as-a-service (SaaS) and custom applications will be “composable API-first or API-only,” rendering traditional SaaS and custom applications as “legacy.”
Hyperautomation is a business-driven approach to identify, vet and automate as many business and IT processes as possible. It requires the orchestrated use of multiple technologies tools and platforms, including RPA, low-code platforms and process mining tools. Gartner is predicting that adaptive governance, powered by hyperautomation, will become a differentiating factor in corporate performance.
Autonomic Systems are self-managing physical or software systems that learn from their environments. But unlike autonomous or automated systems, they can dynamically modify their own algorithms with no software updates. This will allow rapid responses to change, enabling management at scale of complex environments.
IN OTHER NEWS THIS WEEK:
TRANSPORTATION
Einride and GE Appliances Announce Deployment Of The First U.S. Fleet Of Autonomous And Electric Trucks
Swedish freight technology company Einride, one of The Innovator’s startups of the week, and GE Appliances, a Haier company, announced a partnership for the implementation of electric and autonomous trucks at scale. It will be the first time an autonomous and electric truck is live and operating on U.S. soil. The partnership will represent Einride’s first installation with its renowned Pods in the U.S., which will operate on GE Appliances’ 750-acre Appliance Park campus in Louisville, Ky
Hertz Embraces EVs And Partners With Uber
Hertz is linking up with Uber to make 50,000 Teslas available in Uber’s ride-sharing network by 2023, the latest development in the rental-car company’s efforts to build momentum postbankruptcy. The deal comes days after Hertz said it is making a significant investment in an EV rental fleet, including an initial order of 100,000 Teslas by the end of 2022 and new EV-charging infrastructure across the globe. The new Hertz is looking to redefine its role in the transportation world, going beyond the traditional buyer-seller relationship between rental-car companies and auto makers.Mark Fields, Hertz’s interim CEO, told the Wall Street Journal that he sees opportunity in the company becoming more like a fleet-management provider, helping businesses manage vehicle offerings to customers.
FINANCIAL SERVICES
More Evidence That The Traditional Finance Sector Is Embracing Cryptocurrency
ProShares, a financial services firm that offers a variety of exchange-traded products (and has more than $54 billion under management), launched the first exchange-traded fund* (ETF) based on bitcoin futures. Meanwhile, Mastercard announced a partnership with digital wallet app Bakkt that will let banks issue debit and credit cards that earn crypto rewards.
Buy Now Pay Later Market Set For Explosive Growth
New RBC analysis suggests that the U.S. buy now, pay later (BNPL) market is set for explosive growth and Visa says issuers, acquirers and fintechs are snapping up its installment payments technology across the globe. Visa’s enthusiasm for the sector is in line with recent RBC Capital Markets analysis which suggests that there remains a large untapped market outside of Millennials and GenZ consumers in the U.S., fuelled by a strong preference for instalment payments over credit.The US BNPL market could comprise around 50% of the global market by 2024 – making it worth more than $3 trillion
In Asia Pacific, HSBC has tapped Visa Installments to roll out BNPL options, joining Moneris, CIBC, Commerce Bank, Desjardins, ScotiaBank and others in North America, and Home Credit Bank and Russian Standard Bank in Russia. Visa is also working with Cybersource, FIS, Global Payments and Tsys in markets across the globe to enable its technology.
Meanwhile, this week Visa announced that one of the original BNPL giants, Klarna, has signed a global brand deal to accelerate its expansion and scale in several markets.
ENERGY
Enel Green Power Partners With Startup That Makes Wind Turbine Blades With Fabric
Italian renewables company Enel Green Power announced that it’s partnering with Scottish startup ACT Blade, which uses fabric in its wind turbine blades. In general, the recycling of metals (which make up the majority of a wind turbine) is straightforward, while the composite materials used to make up the rotor blades is more complex to recycle. Enel says ACT Blade’s technology is an interesting option in order to make wind power even more circular and sustainable.
FOOD AND AGRICULTURE
IBM Partners With McDonald’s, Acquires McDTech Labs To Automate Drive-Through Orders
IBM has entered into an agreement with McDonald’s, to further accelerate the development and deployment of its Automated Order Taking technology. Under the agreement, IBM will acquire McD Tech Labs, which was created to advance employee and customer facing innovations.
SPACE
Jeff Bezos’ Blue Origin Plans Business Park In Space
Jeff Bezos’ space exploration company Blue Origin has announced plans to launch a commercial space station into low-earth orbit in the latter half of this decade. Describing the endeavor as a “mixed-use business park” in space, Blue Origin, and its main partner on the project, Sierra Space, said it would house up to ten people in an area of about 30,000 cubic feet. According to a promotional website, the station, to be called Orbital Reef, will be an ideal location for a “space hotel”, “film-making in microgravity” or “conducting cutting edge research”.
LOGISTICS
Russian Post Teams Up With Yandex To Deliver Mail In Moscow
Self-driving robots have started delivering parcels in certain Moscow neighborhoods after tech giant Yandex teamed up with the state-run Russian Post service, the companies said this week. Yandex, which operates a raft of services from online search to ride-hailing, already uses robots for food delivery in Russia and on some U.S. college campuses in a partnership with GrubHub , but a tie-up with the federal post service could widen their reach
RETAIL
Saks E-Commerce Business Pairs Robots With Workers
Seven months after launching its stand-alone e-commerce unit, Saks Fifth Avenue said it has started shipping online orders from a high-tech Pennsylvania warehouse, deploying dozens of autonomous robots programmed to help workers. With its new team of robots and the advanced facility, both operated by GXO Logistics, Saks is aiming to keep up with skyrocketing online sales.
SUSTAINABILITY
A Road Map To Get To Net-Zero Buildings
A new action plan released this week by the World Economic Forum offers a set of principles to help companies deliver net-zero carbon buildings and meet key climate commitments. Developed in conjunction with JLL and the Forum’s Real Estate CEO community, The Green Building Principles: The Action Plan for Net Zero Carbon includes a set of key principles companies can formally adopt along with an action plan on how to implement them.
SOCIAL NETWORKS
Facebook Targets The Metaverse
Facebook rebrands as Meta. The move reflects a plan by Mark Zuckerberg, the chief executive, to refocus the Silicon Valley company around what he sees as the next digital frontier: the unification of disparate digital worlds into something called the metaverse. “We’ve gone from desktop to web to phones, from text to photos to video, but this isn’t the end of the line,” Zuckerberg said at the social-media giant’s annual developer forum called Facebook Connect. “We believe the metaverse will be the successor to the mobile Internet.” Facebook is already investing heavily in creating that new reality of shared online spaces inhabited by digital avatars, with projects ranging from virtual-reality glasses to an e-commerce platform.
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