Advances in Technology
advances in technology megatrend
The scope of this megatrend is vast. Technological change is impacting every industry, and some of those technological advances are specific to particular fields or industries. However, there are several technological advancements that will have profound impact across many sectors. Two of these, and they are related, are the Internet of Things and Artificial Intelligence.
Much of the hype around the Internet of Things has focused on household applications, or "Smart Home" applications, and indeed these applications will have a great impact not only on how people manage their households, but also how companies market, sell and deliver products and services. However, less attention so far has been paid to how the Internet of Things transforms business applications, which could have a far greater overall economic impact. The Internet of Things will impact every industry from farming to advanced manufacturing. This innovation will have profound impact on how businesses manage and control supply chains, how they add value through producing goods and services and how those products and services are delivered. The boundaries between the firm and its suppliers and customers becomes more fluid as data is generated by suppliers and customers and used by the firm, and vice versa, resulting in smoother, more timely, and more tailored transactions.
Artificial Intelligence is rapidly evolving and is poised to disrupt a number of industries and occupations. While in the past, technological advances have more often disrupted blue-collar workers and have, for the most part, enhanced the productivity of professional workers, artificial intelligence has the potential to decimate some perviously professions and severely disrupt others, even those that have been disrupted by prior technological change. Occupations from financial advisors to doctors, marketers to educators, all face either a dramatic shift in the way they operate, or face extinction altogether. These occupations and their respective industries, financial services, healthcare, education, and almost any knowledge-intensive industry face major challenges, but also generate equally major opportunities with the emergence of artificial intelligence.
While artificial intelligence may disrupt some by replacing human expertise in terms of diagnosing a disease, creating a financial plan, pinpointing a market opportunity, or communicating knowledge, those who can embrace these advances and adapt to and unlock the potential of artificial intelligence in their field will be able to provide a quantum leap in the level of service to their customers and generate great gains in competitive advantage over their less adaptable competitors. As virtual agents replace the diagnostic elements of these knowledge-intensive professions and industry roles, this enables these professionals and their organizations to utilize that diagnostic capability and translate it into more effective action.
How will Advances in Technology impact your business?
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Financial Times: Only human intelligence can solve the AI challenge
MIT Sloan Management Review: Companies brace for decade of disruption from AI