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Business Management Review | Saturday, October 29, 2022
Process Automation, Applied AI, Biotech, Future of programming and Cleantech are some of the ten key transversal technologies that Romania should use in order to build long-term resilience, boost its future performance, and close the gap compared to the rest of Europe.
FREMONT, CA: According to a McKinsey Global Institute report titled, Securing Europe's Future Beyond Energy: Addressing the Corporate and Technology Gap, the EU-30 consisting of the EU-27 plus Norway, Switzerland, and the UK) is falling behind the US in terms of the industrial-scale adoption of technology. The report, which evaluated the corporate and technological competitiveness of the EU-30, was released in September 2022. Transversal technologies like AI, biotechnology, and the cloud, which have applications across industries, are now the foundation of all sectors of the economy
Ten Transversal Technologies “must-haves” for Romania
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Next-level Process Automation
Process automation can aid businesses in increasing functionality and process efficiency. Romania outperforms its EU peers in innovation, with firms like UiPath setting the global standard for robotic process automation. Romania, however, is lagging in adoption and thus is losing out on the advantages that process automation can offer.
Future of Connectivity
Smart branches in commercial services, remote monitoring in healthcare, and smart cities in the industry might all be examples of emerging connection technologies with significant productivity and efficiency benefits. Romania has a high adoption rate despite having lower innovation and production of these technologies than the top five performers in the EU-30. For instance, remote telehealth consulting increased due to the COVID-19 regulations in Romania.
Distributed Infrastructure
Object-oriented and other information technologies, such as edge and cloud computing, that software architects use to manage, store, and process data are collectively referred to as distributed infrastructure.
To catch up in this area, Romania must take major action. In Romania, 14 per cent of businesses used cloud computing services in 2021, compared to 27 per cent in CE nations and 41 per cent in the EU.
Next-generation Computing
Next-generation computing processes data and boosts aerospace, defence, energy, and utilities productivity. This technology is based on quantum phenomena. Regarding innovation, Romania lags below the top five EU-30 nations in both the usage and production of next-generation computing technologies. Because of the widespread lack of European adoption and manufacturing, Romania and other EU nations may pass on rich chances.
Applied Artificial Intelligence
Applied artificial intelligence is progressing in Romania, where innovation is on the verge of overtaking manufacturing and adoption. Comparing Romania to the top five EU-30 innovators, its degree of innovation is still quite young. Although Poland has been the region's second-largest publisher of AI research over the past 20 years, its real investment spending trails that of EU competitors. With more than 50 firms in the agritech industry alone, Romania is in the lead regarding output and acceptance.
Future of Programming
It is anticipated that programming will move toward a no-code or low-code development environment. With the automation, machine learning, and AI industries receiving the most attention, this could increase the effectiveness and speed of programming development across industries. With innovators like DRUID AI, an end-to-end platform for conversational business applications powered by artificial intelligence, Romania has a strong performance in invention and production. Romania still has a ways to go in terms of adoption.
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A set of cybersecurity principles called trust architecture prioritises resource protection, such as assets, workflows, services, network accounts, and more. Strong adoption and manufacturing are present in Romania. Compared to the top five performances among the EU-30, the nation does reasonably well, and domestic company Bitdefender consistently ranks among the top international cybersecurity companies. Innovative security techniques have also emerged in Romania, such as Typing DNA, which gives a person's typing style a biometric fingerprint for increased protection.
Bio Revolution
The growth of computing, automation, and AI, along with advances in biological science, might hugely impact economies and people's lives in various sectors, including consumer products, healthcare, agriculture, and energy.
Compared to the top five EU-30 nations, Romania's biotech sector is still in its infancy, with modest invention but very little manufacturing or uptake. Innovative Romanian companies are slowly starting to emerge, such as Rayscape, whose software helps radiologists find lung nodules through the use of a recognition system, and Lumen, a research business that wants to empower the blind.
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Next-generation Materials
Newly developed materials have the potential to save significant amounts of energy, carbon, and money while increasing functionality and lowering manufacturing costs.
Romania has a lot of potentials. Although there is a demand for these materials, there is a shortage of innovation and production, which presents a chance to jump-start the industry.
Future of Cleantech
By eliminating the need for manual oversight and utilising natural resources, sensors, gateways, embedded radios, and cellular routers can maximise process efficiency. Clean technology has a wide range of industrial applications, and some examples include renewable energy systems and sustainable goods and services.
Adoption has outpaced innovation and manufacturing. Comparatively speaking to its peers in the CE, Romania has fewer cleantech patents. For instance, from 2012 to 2021, Romania produced only five patents in environmental technology, versus 86 from Poland. Due to the success of platforms like Bon app. eco, which strives to reduce food waste, and EcoTree, which digitalises recycling, Romania's cleantech business is beginning to gain traction.
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