To Capitalize on Massive Opportunities on the Edge, Companies Must Take Immediate ActionSource: Business Wire
New book affirms that organizations need to fundamentally evolve their approach to technology and business models and unlock vast new economic potential enabled by edge technologies
Opportunity at the Edge: Change, Challenge, and Transformation on the
Path to 2025, developed by Fast
Future in collaboration with
Key themes and findings
Commissioned to explore the scale of possibilities presented by edge technologies in the next 3-5 years, the book features insights from 19 leading global CIOs, technology leaders, and industry experts and a perspectives survey of 200 future thinkers from across the globe. It explores the edge technologies that are driving change, the use cases and businesses opportunities these are creating, and the ways in which organizations can adapt to take advantage. Key trends that emerged include:
- The edge of the network holds the key to industry transformation: The edge is designed to enable and capitalize on modern digital experiences at the convergence of people, apps, and things – allowing customer and ecosystem partners to take these actionable insights to then create “experiences” for employees and customers. This is making it possible for businesses and organizations in various industries to leverage data and insights to deliver new and immersive experiences to consumers and end customers. It is driving sectors from education and retail to healthcare and hospitality to rethink how they act today. New types of experiences such as location-aware mobile engagement, digitally assisted patient care, and user-aware meeting rooms can give organizations a competitive advantage.
- One-third of businesses will create edge-enabled mainstream personalization by 2025: The study shows that a clear majority (67%) of respondents believe at least 30% of businesses will be using the edge to create “mainstream personalization” in the next five years. From the classroom to the office, retail stores, and major event venues, edge technologies will enable personalized service delivery that meets growing user expectations of an immediate, customized experience.
- New benefits from the edge will be realized: Other benefits arising include localized products, services, and pricing (52% of respondents), enhanced real-time market insight (50%), improved customer and user satisfaction (48%), and faster product and service innovation (47%).
Opportunities on the Edge
The edge will create transformative business opportunities for industries in all facets of the economy, using data to understand customers and tailor services to their needs, such as:
- A retailer that can provide custom-made clothing, fitted to your 3D hologram, as the industry evolves to provide an anywhere and everywhere experience;
- A classroom environment that automatically adapts to each student’s comprehension and comfort level, as schools and colleges harness edge technologies to enhance student performance, confidence, and mental wellbeing;
- A hospital that uses IoT monitoring sensors to provide continuous patient reporting at the point of care and real-time diagnosis, enhancing the ability of healthcare professionals to deliver efficient and effective care;
- A workplace with always-on tools, enabling collaboration from any device around the world, as offices evolve to facilitate the same level of access and functionality for employees anywhere in the world.
These shifts will be underpinned by emerging business and revenue models, such as payment by facial recognition or biometrics (highlighted by 70% of survey respondents), commercial application of customer data accumulated via the IoT (67%), hyper-personalized instant offers (63%), demand-driven and location-specific pricing (55%), and subscription models for everyday purchases such as food and clothing (52%).
How enterprises must adapt to take advantage
While the opportunities of the edge are considerable, relatively few companies have moved quickly to embrace them. Simply implementing the technologies will not be enough; companies must rethink their entire business strategy to take advantage of edge opportunities. The book outlines several key changes for enterprises to consider, including:
- Embrace a more progressive, experimental approach: A majority of survey respondents said that a change in business mindset was needed to embrace the concept of edge strategies (64%). This could include accepting autonomous decision-making by edge devices (60%), greater top-level support and leadership for the pursuit of driving smarter experiences (53%), and a willingness to experiment with solution design and business models for edge applications (53%).
- Focus on investment, training, and customer need: There were also calls to more clearly define the customer benefits of edge applications (50%), allocate appropriate investment funds (42%), and provide training in how to spot and specify potential edge applications (45%).
- Address emerging security concerns: Enterprises must address the security challenges of a network hosting many more connected devices. These include the creation of potentially thousands of points of risk exposure across the network (82%), uncertainty over whether a device has been compromised (67%), hacking of voice or biometric security (62%), and concerns that IoT devices and sensors are not being built with security in mind (62%).
The research was commissioned by
To learn more, visit
About Fast Future
Fast Future is a professional foresight and publishing firm,
specializing in delivering research, keynote speeches, executive
education, and consulting on the emerging future and the impacts of
technology-driven change for global clients. Fast Future publishes books
from leading future thinkers around the world, exploring how
developments such as the
WE Communications for Aruba, a Hewlett Packard Enterprise company
+44 207 682 3000