Innovation Journal. Technology Coursework Assignment.

Technology and innovation
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1 Techno-finance - (Finance)
Title: Top 5 Digital Transformation Trends in Financial Services
Author: Newman Daniel
Date: 9th May 2017
Source-URL: /sites/danielnewman/2017/05/09/top-5-digital-transformation-trends-in-financial-services/#47fe33c1204c
Key dimensions of the article
The article focuses on how financial service technology (Fintech) has not only made spending and managing but also investing easier than before, as many consumers are migrating to digital currency. Newman (2017) illuminate how trends such as the rise in mobile and online banking have dropped the number of physical banks, how blockchain technology is behind digital currencies such as bitcoin, and how the new rules and experiences associated with these financial technologies have transformed financial services. Fintech has been empowering the users to bank and rethink their financial operations and well-being.
How it could be disruptive
Fintech is increasingly compelling the entire financial industry to rethink the concept of brick and mortar, including all that is associated with it. For example, the use of mobile and online banking has resulted in a drop in the number of physical banks. Blockchain, on the other hand, is more promising in comparison to digital payments. It facilitates safe and secure trading of goods and services for almost everything while eliminating the use of go-betweens for the management and facilitation of transaction. Also, new rules and experiences are emerging because of these trends. For instance, FinTech companies are not being subjected to regulations from federals in comparison to traditional banking organizations. They have options of creating experiences for the user that help in making the lives of customers more comfortable. Besides, these trends have also eliminated the need for physical currency and even enhanced security.
Type of innovation
Mobile and online banking have revolutionized how financial services are rendered. They enable users to pay bills, transfer funds, examine recent transactions, check account balance, block one's ATM, among others. It is also cost-effective since financial institutions provide such services at less cost to the clients. Blockchain innovation impacts on processes of record-keeping and initiation, processing, authorizing, reporting, and recording transactions. It helps in the administration of trade finance transactions, particularly for financial institutions. It involves the use of smart contracts for automating workflows, as well as clearing calculations which minimizing the time for processing besides benefiting banks through reducing errors associated with human mistakes.
My attention
Fintech has reduced the powers of the traditional financial institutions and banks leading to the democratization of the industry. Instead, the power is with the consumers where supply and demand dictate what happens on the broader market.
2 Internet of Things (IoT)
Title: Value co-creation with the Internet of things technology in the retail industry. Journal of Marketing Management
Authors: Balaji M. S and Roy Sanjit Kumar
Date: 2017
Source-URL: https://doi.org/10.1080/0267257X.2016.1217914, https://doi.org/10.1080/0267257X.2016.1217914
Key dimensions of the article
The authors of the article contend that IoT (Internet of Things) has become a novel paradigm that seeks to act as the bridge between the real and the digital world. Because of the advancement in communication and internet technology, various industries have begun experiencing a new era characterized by IoT. The retail industry has significantly embraced this new paradigm with the anticipation that it has the potential for changing the shopping experience of the customers. Because this research study relies on the service-dominant logic in the industry, the interaction of customers with the Internet of things within the context of retail technology usually leads to co-creation of value. The authors conclude based on their findings that the determinants of co-creation of value in the retail industry with regards to users of IoT technology include the functionality being considered superior, ease of use, and aesthetic presence and appeal. Moreover, co-creation of value also impacts on the continuance intentions, as well as word-of-mouth intentions of customers. Such findings demonstrate that through the IoT, the delivery of superior customer experience is increasingly becoming dominant.
How it could be disruptive
Data are increasingly characterizing contemporary society as the new oil. As a result, entrepreneurs in different industries are harnessing and investing on the power associated with data as a way of serving customers better, improving operations, and the creation of business opportunities to improve the metrics of profitability. IoT (Internet of things) has been used in the description of the interconnected of the ecosystem of objects which are Internet-enabled where sensors, networks, devices, microprocessors, and datahubs communicate. Consequently, through providing limitless opportunities, the retail industry has been ushered into a new paradigm. IoT is the real game-changer in the supply chain in the retail section through personalizing the shopping or customer experience, including their remote interaction with products.
This new dispensation has made the retail industry shift to focusing on customer experience instead of selling products. Comprehending the needs of customers helps in embarking on the provision of exceptional experience journey for these clients. However, online merchants have found it quite challenging to understand the concerns of the customers. As a result, they run the risk of losing them. Besides, most customers rarely provide retailers with the opportunity to fix their concerns before shifting to the next emerging e-commerce platform. Luckily, the wave of IoT has the potential of helping retailers learn through pain about the needs of customers. It also helps them in leveraging real-time data emanating from the sensors of IoT to comprehend when a product that which the customer has purchased or what is out of stock. Therefore, through such ways, the connection of devices as a component of the digitized future is not only transforming the lives of clients but also redefining how the retail industry operates as a way of bringing out the disruption.
Type of innovation
Today, consumers have become tech-savvy. As a result, they seek seamless experiences while shopping for products across all the touchpoints, whether through the use of mobile app, or an e-commerce website, and brick and mortar store. The implementation of technologies associated with IoT can transform the retailers to being experience-based firms. This can only be accomplished through the amalgamation of the in-store and online experience for customers to enhance the latter's experience. Connection of stores will entail issues such as electronic labelling of shelves with dynamic pricing, use of self-checkout through the incorporation of mobiles and digital signs which help in recognition of the identity of individuals, and targeted promotions to people. Wi-Fi is the technology behind the concept, and it is likely to enable retailers to incorporate IoT into the stores.
My attention
IoT is critical to enhancing a robust supply chain. Accomplishing a healthy supply chain will involve automating and optimizing the supply chain in the retail. An IoT-enabled system of the supply chain that is highly responsive, stores with self-sensors, and systems of warehouse with options of automatically ordering products when a certain threshold is reached in the inventory is vital to getting on-shelf availability. On this front, RFID (radio frequency identification) sensors and tags technologies for tracking products help in increasing inventories accounting accuracy of retail stores. It can also help in the reduction of overflow and out-of-stock, which results in a healthy business outcome.
3 Digital Health Care – (Healthcare-monitoring)
Title: Digital Healthcare Growth Drivers in 2020.
Author: Licholai Greg
Date: 14th Jan 2020
Source-URL: /sites/greglicholai/2020/01/14/digital-healthcare-growth-drivers-in-2020/#7d680047511d
Key dimensions of the article
The author focuses on discussing expanded patient engagement and institutional investments as parts of the growth drivers of digital healthcare in 2020. Also, issues about digital applications that help patients to be better decision-makers concerning their health have been examined. Following digital health advancement in 2019, it was anticipated that large institutions seeking product development, partnerships, and improved tools for clinical trials would fuel continuous growth. Some of the issues that are expected to digital driver healthcare include the shift of financing to public health from the private health, acquisitions and corporate partnerships, regulatory innovation acceleration, virtual clinical trials, and artificial intelligence applications.
How it could be disruptive
Innovative tools such as virtual trials and artificial intelligence (AI) have the potential of digitally transforming healthcare. They are critical to empowering patient outcomes, regulatory innovation and adoption of technology, maturation of funding to public markets, and increased alliances between large companies and entrepreneurs. AI is considered as an innovation that provides increased opportunities not only for revolutionizing patient outcomes but also reducing costs.
Type of innovation
Innovations concerning virtual clinical trials are carried out through the use of mobile technology where patients can participate while at home, either with no or few hospital visits. Initially, the virtual approach would be used though passively for collecting information from the patient. However, mobile diagnostics capabilities are increasingly being examined. On artificial intelligence (AI), on the other hand, allows refining of data and the integration of approaches that that help in the comprehension of progression of diseases linked to treatment, environment, and genetics among others.
My attention
Digital healthcare is increasingly helping in the interconnectedness of systems of healthcare towards the improvement of the use of smart devices, computational technologies, techniques of computational analysis, as well as communication media. This helps clients and healthcare providers in the management of diseases and health risks.
4. Virtual reality – holograms (Gaming)
Title: How holograms will change the way we work
Author: Vella Heidi
Date: 18th December 2019
Source-URL: https://flipboard.com/article/how-holograms-will-change-the-way-we-work/a-YG-btJ43Qy-wB4NPPUlUhA%3Aa%3A219080267-cd1690da36%2Fraconteur.net
Key dimensions of the article
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