We are living through a radically-changing time driven by technology and its drivers such as artificial intelligence, big data and singularity.
Unfortunately, this quantum leap is predating established tech and tools which are gradually being placed on the endangered list they will eventually become extinct altogether.
These things are disappearing before our very eyes:
Newspapers (including magazines)
For us in the media, this is a bitter pill to swallow. However, there is no need to cry over spilled milk. Newspapers would go into extinction any time soon.
Since the 2008 financial meltdown, the influence of hard copy newspapers has waned beyond expectations. This development has also changed the practice of journalism and advertising as online news sites emerged as a more cost-effective lifesaver for publishers. In the next decade, print media as we know it might not be visible in any connected economy.
Cash & Cards
Admittedly, not so much a technology as a means of exchange, paper money is another victim of technological innovation. We have seen massive growth in contactless and cashless payment systems, Apple Pay and Android Pay means that humble notes are falling out of favour with consumers.
There is also a shift from physical cards (credit, debit) to virtual cards. Fiat currencies are also seeing competition from blockchain and decentralised currencies. With this shift, money would no longer be a measurement of value but energy spent or transferred.
Keys
DNA, iris and fingerprint recognition security systems are moving from the realm of science fiction to reality. The result is that the key, a security technology in use since the Romans, could be reaching the end of the road. Already keys are disappearing from the majority of new cars. By the end of the decade, do not expect to be using keys to enter your home or office.
Recharge Cards
At the beginning of telecommunication revolution in Nigeria, most business-minded Nigerians saw opportunities in selling recharge cards and running roadside call centres. The revolution also saw to a new business in recharge card printing.
Mobile Operators who wanted to maximise profit appropriated the recharge card printing business, establishing multi-million naira printing companies abroad while importing the finished products into the country. Now, it is easier for customers to purchase recharge cards with just a click via mobile phones.
As every new technology is welcomed with open arms, an older one quietly slips out from the back door and disappears into oblivion.
The rate of technological change continues to amaze us. And whilst we enjoy new gadgets and innovations, as marketing people, it also means we will have to adapt to the new normal.
The lives of our customers- work, play and belief systems will be disrupted, they will behave differently and unpredictably, to say the least.
The question is: are we ready for these changes?
First published in NEXTGEN, a weekly newsletter of SBI Media Limited.
