Tech Breakthroughs are a Megatrend
In January of this year, the 19th Annual Global CEO Survey showed that the majority of CEOs (77%) believe that advances in technology will transform their business over the next five years. A recent PwC technology article has expanded on this, explaining that businesses struggle to keep up with the acceleration of technology, despite more executives becoming knowledgeable about tech.
The article mentions five catalysts of change that contribute towards companies integrating technology in their industry:
• Becoming more comfortable with technology
• Globalisation of technology
• Advantage of technology in terms of competition
• Cheaper access to technology
• The multiplier effect of technology
In addition, PwC analysed technologies with the most impact, and made a list of eight essential technologies that are currently relevant:
• Internet of Things (IoT)
• 3D Printing
• Virtual Reality (VR)
• Augmented Reality (AR)
• Artificial Intelligence (AI)
• Robots
• Drones
• Blockchain
Finally, the article claims that the technologies above will greatly affect certain aspects of business, including:
• Customer Engagement
• People and Talent
• Strategy
• Operations
• Compliance
It concludes by advising CEOs to strategically use technology to their company’s advantage as well as protecting their business against competitors using the technology. An important part of any business’s strategy should be developing their action plan for using new technology. Although it is difficult to get ahead of changes in technology, companies must adapt. Questions are also posed in order to aid organisations in their involvement with technology, such as whether or not they have a lasting innovation process.