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Business News

Five tech trends that will influence business in 2021

This piece describes some tech trends for 2021 and how they will influence business and our daily lives.

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Five tech trends for 2021
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With new technologies popping up, innovation around the application of existing technology is quickly changing how organizations are operating and how we interact with the world. The quantum leaps being made in computing potential, data capture, and connectivity are stimulating this huge change.

In this piece, we will describe some tech trends for 2021 and how they will influence business and our daily lives. Bear in mind that the COVID-19 pandemic has made a visible impact on the development of tech trends in recent times.

Business and IT are closely connected. In managing daily operations, most organizations rely on digital technologies and currently, there is a lot of focus on established and reliable technologies that allow employees to work remotely from home, to curtail the spread of the pandemic. Therefore, to stay competitive in the marketplace, companies should decide on which of these emerging technologies would be a source of business innovation and consider integrating them into their business models.

Artificial Intelligence (AI)

Simply explained, AI is programming machines with human attributes like reading, seeing, completing tasks, speaking, recognizing emotions, and learning from repeated interactions. AI uses algorithms that can be adapted to the location, user history, or even speech. They can perform tasks that are dangerous or tedious, more accurately and much faster than human beings.

Experts predict that all software will use AI in a few years. Organisations should, therefore, start now to think of how they can take advantage of AI to create better products or provide superior service offerings.

Augmented Reality (AR)

AR is a fast-growing technology that affords a user real-life experiences in a virtual space. Organizations can apply this kind of technology across a wide spectrum of human activities from art and entertainment to commerce, education, and even the military.

Blockchain

The fortunes of digital currency Bitcoin and investment in cryptocurrencies are drawing public attention to Blockchain technology, which can provide a secure system for recording and verifying transactions, storing records and performing a myriad of other tasks. Organisations can use Blockchain technology to transform time-consuming, centralized, less reliable, and less secure systems. For instance, the platform, ‘My Vote’ uses Blockchain technology to collect users’ data and give residents or voters a more direct voice in the political and legislative process.

Automation

Robotics is not a new phenomenon but with advancements in machine learning and connectivity, everyone is putting automation firmly at the top of the technology trends table. From industrial applications to convenient devices at home, automation will be the main focus of technological change, with conceivably far-reaching economic and social consequences.

Internet of Things (IoT)

Nowadays, organizations prefer to call the combination of technologies and the connection of people, devices, content, and services the ‘Intelligent Digital Mesh.’ This foundation for new business models, platforms, and possibilities will surely transform how we live and work with implications that go far beyond the technology itself and involve disciplines such as law, business, economics, and even politics.

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It is still early for the application of IoT strategy but it is obvious that opportunities will exist for those with the professional knowledge to connect these platforms as well as those with the data analytics skills to utilize the rich stream of information created by IoT applications.

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Nairametrics frequently publishes articles from experts such as financial analysts, economists, researchers and investors. We also feature articles from guest writers and bloggers who wish to push their views and opinions through our platform.To get your articles on Nairametrics, kindly send an email to [email protected] and we will publish it within 24 hours of approval by our editorial team.

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Business

Lagos agricultural sector to generate $10 billion in the next 5 years

The agricultural sector in Lagos state is projected to generate as much as $10 billion within the next 5 years.

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Lagos, Sanwo-Olu, Businesses that must remain closed after May 4
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The Lagos State Governor, Mr Babajide Sanwo-Olu, has projected that the agricultural sector in the state could generate as much as $10 billion within the next 5 years.

This is as the governor noted that Lagos could no longer afford to rely exclusively on other states for its food, adding that it was time to unlock its immeasurable agricultural potential through the implementation of the 5-year roadmap.

This disclosure was made by the Governor at the formal launch of the state’s 5-year Agricultural and Food Systems Roadmap, on Thursday, adding that most of the investments would be private sector-driven while the government acts as the catalyst and enabler.

Governor Sanwo-Olu opined that the Roadmap would also lead to wealth generation, value creation, food security, the industrialisation of the agricultural sector and the entrenchment of inclusive socio-economic development of the state.

He said that the roadmap essentially focuses on 3 pillars, which are: growth of the upstream sector, growth of the midstream and downstream sectors as well as improvement of private sector participation.

What the Lagos State Governor is saying

Sanwo-Olu, in his words, said, “Our strategies for sustainable Agricultural Development shall focus on three pillars. First, we will grow the upstream sector through interventions by leveraging technologies that are capable of lowering the cost of production of value chains; Focus on growing the midstream and downstream sectors that are of value and lastly, we will improve on private sector participation by developing and initiating policies that will encourage more private investments in agriculture.”

The projection is that the total investment in the Agricultural Sector from the government, private sector, donor agencies and development partners will run into over $10 billion in the next five years. While we expect most of the investment to be private sector-driven, the government will continue to provide the needed infrastructure while the private sector will be encouraged to lead the key projects.’

The governor pointed out that the state had already started the revamping of its Agricultural Land Holding Authority (ALHA) to support investment in agriculture, giving assurance that the coconut belt would also be strengthened with increased private sector involvement.

Sanwo-Olu listed some State’s landmark investments that will aid smooth delivery of the Roadmap to include the Lagos State Aquatic Centre of Excellence (LACE) that would boost fish production from 20% to 80%, the Imota Rice Mill, the Lagos Food Production Centre Avia, Igborosu-Badagry as well as other statewide agriculture-focused initiatives.

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He said, “I am greatly encouraged by the interest already generated in the Five-Year Agricultural Roadmap and I hope it will be sustained and backed with concrete action on the part of our development partners and the international community. I assure you that the Lagos State Government is putting in place deliberate incentives to make your investment safe, secure and profitable.’

Sanwo-Olu, therefore, urged potential and established stakeholders in the agricultural sector to partner with the state in order to transform the agricultural sector for food security, wealth generation, poverty eradication, economic diversification, rapid industrialisation and accelerated socio-economic growth.

Bottom line

This is a very laudable initiative from the Lagos State Government especially at a time the country is looking at diversifying its economy. The successful implementation of this programme with the expected benefits from the value chain will contribute significantly to the economic development of the state and the country in general.

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The investment in the transformation of agriculture to agribusiness is one way of achieving the dream of attaining self-sufficiency in food production and creating more wealth.

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Business News

NNPC, SEEPCO sign gas development agreement for domestic market

The execution of the deal is to help reduce gas flaring in the country and a show of NNPC’s commitment to facilitating the country’s transformation into a gas-powered economy.

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The Nigerian National Petroleum Corporation (NNPC) and an indigenous oil exploration and production firm, Sterling Exploration and Energy Production Company (SEEPCO), both partners in the Oil Mining Lease (OML) 143, have signed a Gas Development Agreement (GDA).

The execution of the deal is to help reduce gas flaring in the country and a show of NNPC’s commitment to facilitating the country’s transformation into a gas-powered economy.

According to a tweet post from NNPC on their official Twitter handle, the agreement between both parties was signed at NNPC’s head office, NNPC towers, on Thursday, April 22, 2021.

The statement says that this latest milestone provides the terms for the development of OML 143 Gas, providing gas for the domestic market which aligns perfectly with the Federal Government’s National Gas Expansion Programme (NGEP).

What this means

The execution of this project will not only help to support the Federal Government’s effort in reducing gas flaring by monetizing it but will also play its part in the government’s effort in the expansion of gas utilization in the country as a cleaner, cheaper and more reliable alternative form of energy.

This is coming at a time when the Federal Government is shifting focus to gas utilization as an alternative source of energy especially with the increase in the retail pump price of petrol. This is one of the various initiatives by the government as represented by the NNPC towards providing alternative sources of energy.

 

SSKOHN
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