How technology is transforming and streamlining businesses

Cloud computing. Augmented reality. Artificial intelligence. These are among the buzzwords describing the digital transformation of commerce and industry. Digital technology is being used in revolutionary ways to innovate, maximise profits and improve productivity. Research cited by Businesstech shows that South African businesses are serious about digital transformation, with executives believing that by 2024, as much as 50% of revenue will be driven by digital transformation. Also, a study referenced by BizCommunity reveals that 94.5% of South African companies surveyed recognise the need for digital transformation.

Bringing business to the cloud

Simply put, cloud computing involves using servers hosted on the internet to store and process data. As many small and large businesses in South Africa have discovered, this can provide not only unprecedented profits but also the opportunity to become innovators and change the nature of their industry. The cloud gives businesses of every size and in every industry access to technologies that would otherwise only have been accessible to major corporates. The benefits of the cloud include, among many others, cost savings, unlimited storage capacity and immediate access to innovations.

Banking is one of the many industries in South Africa in which the power of cloud computing has been seen, with market newcomer Tymebank making waves with the use of this technology. Tymebank's Chief Information Officer, Dieter Botha, credits Amazon Web Services with helping the bank to innovate and reduce costs while implementing the digital infrastructure required to transform the landscape of South African banking.

The realities made possible by augmented reality

Augmented reality is not a new buzzword, but it is still being used in new and dynamic ways. This technique of adding virtual information to a real-world environment has applications in numerous fields, from marketing and advertising to design, business logistics and training. It provides, for example, a cost-effective strategy for product development and opportunities to provide training without the risk of costly mistakes. The South African Sugar Association has used augmented reality to great effect by investing in a Soldamatic welding simulator. This enables trainee welders to gain the skills they need while offering the association immediate savings.

Intelligent use of artificial intelligence

Artificial intelligence (AI) is the idea that human intelligence can be mimicked by machines to complete certain tasks. Thanks to the power of computer science, machines are being "taught" to solve problems. The use of AI is growing in leaps and bounds in South Africa, with recent research undertaken by Microsoft and EY tax advisory services showing that almost half of South African companies are currently running AI pilot programmes.

The potential applications of artificial intelligence are endless, and the technology is being used by South African companies in a wide variety of fields. For example, Aerobotics uses drone technology combined with intelligent software to transform raw footage of farmland into yield estimations and valuable insights for farmers, resulting in lower costs, reduced water wastage and greater crop yields.

In another example, one of South Africa's pioneers in machine learning, Xineoh, uses algorithms to predict potential purchases based on user behaviour - a development which has endless possible applications in the growing world of online shopping.

The ongoing war on rhino poaching provides a third example of a cause that has received a helping hand from AI. Deep learning, which falls under the umbrella of AI, has been incorporated into anti-poaching surveillance software to assist in differentiating actual threats from false alarms caused by animals, weather and other natural causes.

In the words of Samer Abu-Ltaif, Microsoft's President for the Middle East and Africa, "Artificial Intelligence is already improving our lives today and promises to change the world in ways unimaginable to us now."

Technological and digital transformation is taking us towards a future that is bright, smart and filled with opportunities. Innovative technology and smart campaigns are an integral part of the strategies that 3Cube Property Solutions undertake to connect business with property. For more information, contact us today.