Overhyped technologies in IT

S Mohini Ratna, Editor, VARINDIA

Digital transformation has created a massive wave across every line of business, be it healthcare, banking & finance, manufacturing, or telecom. The advent of new-age technologies like cloud, AI, analytics, software-defined networks, automation, and blockchain has propelled seeking possible IT transformations that are cost-effective with minimum human intervention.

Not all technologies live up to the hype or fulfill their initial promises. In the ever-evolving landscape of technological advancements, certain innovations have captivated public attention and failed to spark widespread excitement. With technology and tech news now both pervasive and mainstream, many outside of IT  from veteran board members to college-age interns  are equally enthusiastic about bleeding-edge technologies.

CIOs are not immune to the hype surrounding emerging technologies. A survey found that, 80% of CIOs are planning to invest in emerging technologies in the next year. However, it is important to remember that not all emerging technologies are created equal. At the same time, Some of the key challenges CIOs are grappling with today include cybersecurity and data privacy, digital transformation and innovation, cloud adoption, modernization, talent acquisition, and IT cost optimization

Many people are fascinated by the latest tech gadgets, even if they don't believe in technology for technology's sake. They’re not the only ones enthralled by tech. Nearly every new technology is naturally accompanied by hype and/or fear, but at the same time there is almost always a core of merit and business value to that new tech. The challenge is moving from the initial vision/promise stage, to broad commercial and consumer adoption and pervasiveness.

There are four emerging technologies that IT leaders and analysts believe are primed to underdeliver:

Generative AI: No one denies its transformative potential, but digital leaders say a majority of people seem to think generative AI. Today’s hype may be distracting enterprise leaders from fully understanding how generative AI (also known as GAI) will evolve and how they can use that power in the future. We can’t deny the fact that,  digital transformation is complex and time consuming; it’s not like a firm can just take a GAI ‘black box’ and plug it into their business and achieve increased efficiency right away.
Quantum computing: Quantum computing holds immense promise for solving complex problems much faster than classical computers. However, practical quantum computers that can outperform classical computers for general-purpose tasks are still in their early stages of development.

The Metaverse : Although some of the excitement about the coming metaverse has died down, some say this concept remains overplayed. They’re skeptical of any claims that the metaverse will have us all living in a new digital realm, and they question whether the metaverse will have any big impact on daily life and everyday business anytime soon. Same goes for extended reality (XR)  that fusion of augmented reality, virtual reality and mixed reality. Virtual spaces provide a completely different experience. However, the actual market potential may probably not be as big as it is being projected now.

Web3: Similar to their feelings about the immersive web, tech leaders say Web3 and its components  blockchain, NFTs, and cryptocurrencies  haven’t quite delivered on all their promises. They just need to see more maturity before investing. Experts say, blockchain has huge business potential in smart contracts  supply chain transparency, healthcare, finance, currency, artwork, media, fraud prevention, IP protection, deep fake mitigation  but there is slow uptake on implementation.

Digital experts cite issues with other Web3 technologies, too, noting that most companies can’t figure out what to do with cryptocurrencies. Furthermore, many people remain skeptical about cryptocurrencies and NFTs  especially after the past year’s headlines about crypto exchange problems and NFT devaluations.

Advisers say CIOs should be mindful of the hype surrounding emerging technologies, but they should also keep a watchful eye on their development. It is important to note that not all overhyped technologies are created equal. Some, such as blockchain and quantum computing, have the potential to be truly transformative. However, others, such as VR and AR, may not live up to their full potential.

As the world eagerly anticipates ground breaking technological advancements, it's essential to critically assess the progress and challenges faced by emerging technologies. These overhyped technologies have encountered obstacles that have hindered their widespread adoption or realization of their initial promises. While they may continue to be subjects of ongoing research and development, it is crucial to approach them with caution, separating fact from fiction.

By learning from the shortcomings of these technologies, we can navigate the technological landscape more discerningly, recognizing the potential, limitations, and ethical considerations associated with emerging innovations.