Digital technology is revolutionising business and offering new approaches and efficiencies for those implementing change. In this series of Insights on the digital future, adapted from an article written for the 2019 Bristol Technology Showcase, we look at some of the most transformative technologies and trends, and the challenges and opportunities they are bringing for businesses.
Digital transformation – the shifting of products, processes and interactions into the digital realm – is at its most impactful when it changes the business model. This might mean different raw materials, different energy requirements, different margins, different cost variables and a different customer relationship to the traditional business model for the activity or product in question. A completely different model can be exploited to generate dynamic competition, challenging incumbents, shifting customer expectations and creating disruption. Those that embrace the potential of technology have an extraordinary opportunity to change how they do business.
"An amazing digital playing field"
Next-generation connectivity now promises to take earlier advances in the tech sector to new levels and to make ideas that previously did not work into something feasible.
The first article in our series looks at how next generation connectivity is enabling "digital twin" systems, which in turn are allowing "as a Service" concepts to be extended into physical assets, and what this means for businesses.
AI: the technology supercharger
Transformative technology is opening up new possibilities and unimagined improvements, and this can be seen particularly in areas such as the convergence of artificial intelligence with other tech.
As we explain in our second article, AI is not just powerful in its own right but gives a transformative boost to other technologies.
New interfaces and new interactions
From augmented or mixed reality to (potentially) direct brain interfaces, technology is enabling fundamentally different ways of interacting with digital content.
In our third article, we explore these advances, how they are being used in industry, and some of the fundamental questions they pose to regulators and society.
A lawyer's role in digital change
New technology is often far ahead of settled legal frameworks, giving rise to regulatory terrain that can be challenging for businesses to navigate.
In the final article in our series on the digital future, we look at how lawyers can help guide a path through this unfamiliar landscape.
If you would like to discuss how Osborne Clarke can help your business navigate these challenges and realise the opportunities that digital transformation brings, please contact one of the authors below, or your usual Osborne Clarke contact.