Technology shift is rendering several previously important human functions as redundant. The use of the internet, robotics, the cloud, machine learning, Artificial Intelligence (AI) and now Big Data have brought about a huge digital economic revolution. A professor at the Northwestern University though feels that the pace of change will be slower than that experience during the dot-com boom of the 1990s. A second economy is now on which is autonomous and virtual. An external intelligence has now been coupled to the inherent human one providing the machines and algorithms powering this virtual economy. Businesses can now leverage enormous piles of data warehousing that now resemble supersize libraries. Major tech revolutions happen about every two decades. The personal computer was the first major tech revolution in recent times, followed by the internet in the 2000s. We are at the stage of the third morphing which includes elements such as magnetic sensors, gyroscopic sensors, radar and many other sensors to measure temperature, pressure or flow, all connected via wireless networks.

Source:https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/where-is-technology-taking-the-economy?cid=other-eml-ttn-mkq-mck-oth-1712

Uploaded Date:12 March 2018