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6 Trends Shaping 2017 Innovation

By: Robert Wallace

Disruption has always been a part of business, but today it’s happening at a much more rapid pace thanks to innovation and now the secondary ripple effects of that innovation. Over the course of 2016, we saw plenty of savvy companies—from enterprise to early stage—disrupt entire industries with innovative design thinking. So what’s in store for 2017?

According Gartner, there are three major trends that will emerge in the new year:

  • Digital experience and engagement will put us in a constant state of VR
  • Business innovation will transform the mundane into the extraordinary
  • Secondary effects of digital change will prove more disruptive

Diving deeper into each of these, there are several other relevant predictions, business leaders should be attuned to in 2017:

The customer experience will be redefined

Immersive shopping experiences will become more prevalent as more global brands tap AR to aid in buying decisions. It’s estimated by 2020, 100 million consumers will shop in augmented reality for things like furniture, automobiles, makeup, and homes. Imagine what this could mean for B2B companies as well.

Screenless browsing will increase

As we’ve seen screen sizes expand, shrink down, and expand again, we’ll now start migrating to no screen at all as 30% of browsing sessions shift to voice-first internet browsing by 2020. This is becoming more pervasive as technologies like Google Home and Amazon’s Echo find their way into more homes and offices. Startups like HumansFirst have already tapped into this movement, creating an app that brings Natural Language Processing to smartphones. Gartner predicts by the end of 2020, room-based screenless devices will be in more than 10 million homes.

The rise of the “applike” website

The transformation is already starting—the use of mobile apps is on the decline with more users opting for mobile versions of their favorite websites. Brands are also jumping on this as the return on the app investment simply isn’t there.

Tech will transform the workforce

Could employee handbooks be displaced by persuasive technologies that leverage big data? JP Morgan Chase is already using contextual algorithms to influence the behaviors of investment bank and asset management employees to minimize mistakes and ethically wrong decisions. Could these algorithms increase profit margins by way of positively altering employee behavior? We may find out in 2017.

Blockchain will break further onto the seen

Digital innovation has brought about a constant stream of change, but the secondary effects could bring about bigger changes. Take blockchain technology as an example. Commonly associated with Bitcoin, blockchain is expect to expand into other areas such as lending, transfer of other high-value commodities, and even for voting. According to Gartner, by 2022, a blockchain-based business will be worth $10 billion.

Investment needs will rise

For organizations seeking to innovate, there will be a need for greater investment in resources, planning and scaling. It’s estimated that through 2019, for ever $1 enterprises invest in innovation, an additional $7 will be needed for core execution. All the more reason to make sure you have a solid team and realistic expectations in place.

For more on this topic, join us for the January 25 webinar, “How to Thrive in the FinTech Revolution.” More information and registration is available here.

Written by Robert Wallace

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