Managing Emerging Technologies: Building Blocks of Industry 4.0, Challenges and Opportunities, SMAC, IoT, Blockchain, and Big Data

Managing
emerging
technologies
[Type the document subtitle]

Managing emerging technologies- 1
Managing emerging technologies
1. Building blocks of industry 4.0 (forbes).
 Artificial intelligence:
It refers to the capability of the computer machines to learn to perform
various activities of human intelligence.
 Advancement in logistics and supply chain management:
The technological enhancement of the computer software such as the
identification of the weather conditions and accordingly the system will
prioritize the activities.
 Simulation:
With the assistance of the technologies the intimation of any contingency
situation is been informed by the computer systems.
2. Challenges and opportunities of industry 4.0.
 Challenges:
The prominent challenges that a company might face is treating data as the
most valuable asset of the business, management of the cyber security and
huge costs incurred in establishing the capabilities for digital advanced
transformation.
 Opportunities:
The emerging opportunities in the industry 4.0 include the rise in the
production activity, reduction in waste, enhancement of business to a
digital level, more reliable patterns of production and the development of
the economy (Ilie-Zudor, 2015).

Managing emerging technologies- 2
3. SMAC:
The SMAC basically is the accumulation of 4 technologies for the enhancement of
the business these 4 technologies are detailed below:
S: Stands for social media junctions used to get connect to the customer in better
way to understand the needs and wants.
M: Stands for the mobile which is considerable source of exchanging data,
communicating with people, for the purpose of shopping and various other
features which are used for other purposes.
A: Stands for the analytics used to understand the buying patterns of the
consumer, as power processing has become cheaper which allows firms this
priority.
C: Stands for the cloud which basically allows the firms to use the new
technology, which assists responding to the market trends more rapidly.
4. Technology assessment process on personal study experience.
Based on the personal experience the macro technology assessment helps to
understand or analyse the effectiveness, safety, and the cost efficiency of the
technological equipment. This type of technological assessment helps to confirm
the decision is made on the basis of the evidence, which is in benefit of the
business and its sustainability. Technological assessment decision should always
be based on the evidence which actually confirms to the growth of the business
(Beth-AnneSchuelke-Leech, 2018).

Managing emerging technologies- 3
5. Emerging technologies and disruptive technologies.
 Emerging technologies:
Emerging technologies are basically the technologies which are obscure
and are not much used or been accepted widely as they are still emerging
and do not have complete existence.
 Disruptive technologies:
Disruptive technology is kind of a biggest break in the industry as it
distorts the existing market by forming up a new market and adding up the
new value networks in the industry (Banta).
6. Need for new business and operating models based on the following criteria:
Option Description Example Benefits Value
1. Use
technology to
enhance
traditional
business
models
Digital
Marketing
Twitter,
Instagram
(#hashtags)
Enlarged
market and
increase in the
customer base
It provides
digital book
keeping
SEO Cloud bakers,
Mule soft
Customer
satisfaction
Cost effective
2. Transform
existing
business
models
digitally
MIS
Microsoft
dynamics
Rapid
scalability
Familiarity
ERP SAP Assessment of
data from any
source.
Co-ordination
of resources,
activities and
information
3. Invent Mobile apps for Ethno graphics Better Customer