Role of Technology in the Industrial Sector

By CIOReview | Thursday, May 16, 2019

FREMONT, CA: Within the past few decades, the world has experienced a major tectonic shift in industrial advancements. Technology has risen to a titanic position in the business ecosystem as it possesses the capabilities to revolutionize an entire industry on its own. The technological advancements have set various anomalies to the way things are performed. Significance of technology determined by business professionals and revolutionist has helped the companies to set a sky-scraping benchmark in the world.

Big data, fiber optics, drones, image recognition, machines learning, computer software play a crucial role in the various industrial sector. Big data is an analytical tool used to process complex datasets which reduces human effort. With the age of data rapidly creeping in the statistical evaluation and intelligent fabrication performed by big data is gaining momentum in healthcare, manufacturing, financial, retail, and education industry. Statistical examination of patient's genomic data provides pre-detection of health abnormalities and improves quality of life. In retail, big data administers the behavioral pattern of customers to initiate intelligent business decisions. American Express, the world’s leading financial service company, is utilizing data to detect fraudulent activity. In Menomonee Falls School District, the data is being used for controlling everything from highlight areas where students may not be learning efficiently to planning school bus routes for comfortable transportation.

Drones have seamlessly transitioned from being a prototypic toy into an advanced tool in major industries. Amazon has invested US$ 1billion on developing a drone delivery system which will eliminate the middle man and also reduce delivery time to a minimum. Drones are now being crafted to deliver essential healthcare supply at remote areas and also being utilized by agribusinesses to detect pest and disease crops. Mining companies are scanning and surveying mines with the help of heavy-duty drones.

Image recognition is the new wave which has hit the industry by storm as technologies tend to drive towards a more visually operated approach rather than sticking to age-old methodologies for statistical analysis, evaluating behavioral pattern, detection of fraudulent activities and digitally enhanced augmented reality (AR). Virtual reality (VR) has made several headlines in real estate, automotive, gaming industry. The contribution of technology in the industry remains unparallel to any other, and with every passing second, it keeps on rising higher and higher.