IT Trends, Issues, & Challenges Flashcards
(28 cards)
A general direction in which something is developing or changing.
Trend
TRENDS IN INDUSTRY:
- Internet of things
- describes physical objects that are equipped with sensors, software, and other technologies allowing them to connect and exchange data with other devices and systems - Automation
- refers to the use of technology to reduce human intervention in processes. It involves creating machines, programs, or robots to handle tasks that were previously done by humans.
Benefits of IOT and Automation
- Increased Efficiency and Productivity
2 Enhance Convenience and Comfort - Improved Safety and Security
- Data Driven Decision Making
- Resource Management
- Innovation and New Opportunities
EXAMPLES OF TREND IN INDUSTRY
- Ford Assembly Line
- Amazon Robotic Fulfillment Center
- Smart Home
- Singapore (Smart Cities)
- BGC and New Clark City (Aspiring smart cities in PH)
TREND IN HEALTH:
- E- Health - Refers to the use of information and communication technology in health care
- the use of 5G technology for hospital operation - 5G remote surgery
- AI-powered health apps and hardware - ex. apple watch
TREND IN BANKING
- Online banking, also known as internet banking, lets you manage your bank accounts through a secure website or mobile app. It’s like having a mini bank branch accessible from anywhere with an internet connection, 24/7 - ex. Gcash, Maya, and Gotyme
Online Banking vs. Traditional Banking
Online Banking
- Available 24/7 and conveniently be accessed from anywhere
- Lower fees or no fees
- Financial transactions can be processed quick and efficiently
- Sometimes do require minimum balance fees
- Online and Phone customer services
- High Interest rate
Traditional banking
- Physical branches
- Human interaction and personalized attention
- Low interest rates, monthly service fees, account fees
- Obtain physical documents such as cashier’s checks, safe deposit boxes
- Additional services include investment advice, retirement planning, loan services
- In-person, online, and phone customer service
TREND IN BUSINESS
Ecommerce - refers to the buying and selling of goods and services over the internet. It encompasses a wide range of activities and has transformed the way we shop. - Ex. Shopee, Lazada, Amazon, TikTok Shop
_______ people worldwide purchased goods and services online in 2023 (Help Scout, 53 Key Ecommerce Statistics)
Over 2.64 billion
A whopping ___% of online purchases are made using smartphones (Forbes Advisor, 35 E-Commerce Statistics of 2024)
91%
________ have traditionally been the largest ecommerce user group
(Statista, 2023)
Adults aged 18-24
___% of consumers have reached out to customer service via social media platforms in the past 3 months, up a significant ___% from 2022 (HubSpot Blog, 50 Ecommerce Statistics To Know in 2024).
19%; 45%
TRENDS IN EDUCATION
- Gamification - is the application of game design elements and principles in non-game contexts. In simpler terms, it’s about using the fun and engaging aspects of games to motivate people to participate in activities that wouldn’t normally be considered games.
Ex. Flexbox Froggy, Flexbox Defense, Scratch - A Learning Management System (LMS) - is a software application that helps organizations plan, administer, deliver, and track educational courses and training programs. Imagine it as a central hub for everything related to learning within an institution or company.
Ex. BULMS, Google Classroom - Artificial Intelligence (AI)
Ex. Gemini, ChatGPT, QuillBot
ISSUE AND CHALLENGES IN INDUSTRY
Worker
Industry
Environment
ISSUE AND CHALLENGES IN INDUSTRY
Worker
Job Displacement - A major concern surrounding automation is the potential for job displacement. As machines become more sophisticated, they can take over
tasks previously done by human workers. This can lead to unemployment and
economic hardship for those whose jobs are automated.
ISSUE AND CHALLENGES IN INDUSTRY
Industry
- High Initial Investment - Implementing automation can be expensive. Setting up
automated systems, including robots, software, and infrastructure, requires a significant initial investment. This can be a barrier for smaller companies or those
with limited financial resources. - Technical Expertise - Operating and maintaining automated systems requires a different skillset than traditional manufacturing jobs. Businesses may need to
invest in employee training or hire workers with specialized technical skills to manage and troubleshoot automation effectively. - Lack of Flexibility - Automated systems are often designed for specific tasks and
may not be adaptable to changes in production processes or product designs. This
lack of flexibility can be a challenge in dynamic and ever-evolving industries. - Security Concerns - Industrial automation systems can be vulnerable to
cyberattacks. Malicious actors could disrupt operations, steal sensitive data, or
even cause physical damage. Robust cybersecurity measures are essential to
protect automated systems. - Maintenance and Upkeep - Automated systems require ongoing maintenance and upkeep to function properly. Companies need to factor in the costs and resources associated with maintaining their automated equipment.
ISSUE AND CHALLENGES IN INDUSTRY
Environment
Sustainability Impact - The environmental impact of automation needs to be considered. While automation can lead to some efficiencies, the manufacturing and
disposal of automated equipment can have an environmental footprint.
ISSUE AND CHALLENGES IN HEALTH
Data Privacy and Security
Access and Equity
Interoperability and Integration
Telehealth Limitations
ISSUE AND CHALLENGES IN HEALTH
Data Privacy and Security:
- Sensitive Data: The healthcare industry deals with a vast amount of personal and highly sensitive patient data, including medical history, diagnoses, and treatment information. Data breaches or unauthorized access can have severe consequences
for patients. - Cybersecurity Threats: Healthcare institutions are increasingly targeted by cybercriminals due to the valuable data they possess. Robust cybersecurity
measures are essential to protect patient data and prevent cyberattacks.
ISSUE AND CHALLENGES IN HEALTH
Access and Equity:
- Digital Divide: Unequal access to technology and the internet can exacerbate existing healthcare disparities. Low-income communities or geographically remote areas may struggle to access telehealth services or online patient portals.
- Digital Literacy: Not everyone has the same level of comfort or proficiency using
technology. User-friendly interfaces and digital literacy initiatives can help bridge
this gap and ensure everyone can benefit from technological advancements in healthcare.
ISSUE AND CHALLENGES IN HEALTH
Interoperability and Integration:
- Data Silos: Patient data may be fragmented across different healthcare providers’
electronic health record (EHR) systems, making it difficult to get a holistic view of a
patient’s medical history. - Lack of Standardization: The absence of standardized data formats and
communication protocols can hinder the seamless exchange of information
between different healthcare IT systems.
ISSUE AND CHALLENGES IN HEALTH
Telehealth Limitations:
- Physical Examinations: Telehealth consultations may not always be a suitable substitute for in-person physical examinations where a hands-on approach is
necessary. - Lack of Broadband Access: Reliable internet connectivity is essential for effective
telehealth, but limited broadband access in certain areas can restrict its reach.
ISSUE AND CHALLENGES IN BANKING
- Cybersecurity Threats: Financial institutions are prime targets for cybercriminals
due to the vast amount of sensitive customer data they hold. Data breaches and
cyberattacks can lead to financial losses, reputational damage, and regulatory
fines. - Fintech Competition: New financial technology (fintech) companies are emerging, offering innovative financial products and services that may disrupt traditional
banking models. Banks need to adapt and innovate to compete effectively. - Changing Customer Expectations: Customers today expect a seamless and
personalized banking experience across multiple channels (mobile, online, inbranch). Meeting these expectations requires investment in digital transformation
and user-friendly technology. - Low-Interest Rate Environment: Persistently low-interest rates can squeeze bank
profits, making it difficult to generate income from traditional lending activities. Banks need to find new revenue streams and explore alternative business models. - Regulatory Compliance: The banking industry is heavily regulated, and compliance
with ever-evolving regulations can be complex and costly
ISSUE AND CHALLENGES IN BUSINESS
- Economic Uncertainty: Global economic factors, trade tensions, and geopolitical instability can create uncertainty, making it difficult for businesses to plan and invest for the future.
- High Competition: The ecommerce landscape is becoming increasingly saturated,
making it difficult for businesses to stand out from the crowd. Effective marketing strategies and a unique selling proposition are crucial for attracting and retaining
customers. - Labor Shortages: A tight labor market makes it challenging to find and retain
qualified workers. Businesses need to develop competitive compensation
packages, invest in employee training, and create a positive work environment to
attract and retain top talent. - Rapid Technological Change: Technology is constantly evolving, and businesses
need to adapt and embrace new technologies to remain competitive. This requires ongoing investment in technology infrastructure, employee training, and
innovation.
