The ‘Big’ Technology Ride: What it means for Business Transformation and the Shift!

Many times you might have heard people saying that ‘Change is the ultimate law of nature, and every single thing in this world is inherently subjected to change.’ We all have to agree that technology and evolution have similar story as ‘change’, and over the period of time, technological development has mastered our human race in the most spectacular way. The scale, scope, and complexity of this change are vast- something that is beyond and above our limitations and experience. Neither have we had a complete idea that how this change took place nor we are absolutely confident about the future progression. But one thing that is sure is its dynamic effect on the socio-economic, cultural and industrial sphere of our society.

The BIG Impact- 200 Years of Industrial Revolution:

Ever since the dawn of the industrial revolution, the socio-technological paradigm in industrial structure has seen a visible shift. With each passing day, technology is becoming more and more scientific. And not just the origin is scientific in nature, but also the entire development process and fundamental idea and knowledge behind the technology has an experimental touch. So whether it is about the discovery of artificial intelligence or the advent of superconducting material, every story has similar components like technological invention, extraordinary application, super material and advanced economy.

Three factors that have extraordinarily supported the technological shift:

  • Speed: The pace with which the technology is advancing is phenomenal. In comparison to the previous stages, the latest evolution is at an exponential pace.
  • Scope: As technology is connecting billions of people through smart devices at unprecedented power and storage options, the scope is unlimited.
  • System and its impact. The emerging technology thrives on innovation system, and the impact is ever promising.

Emerging Technologies in Recent Times:

The technological breakthrough in domains like artificial intelligence, robotics, IoT (internet of things), 3-D printing, nanotechnology, biotechnology, quantum computing, etc. is magnificent. As we find ourselves surrounded amidst artificial intelligence (such as in automobiles and virtual assistance), we are simply blown away by the way computing is riding the technology drive. It is the power of computing that makes the vast amount of data available to the user over the cloud- from the use of new software to the discovery of drugs; the advancement of technology drives every single sphere. We can see how the digital technology is interacting with the biological domain every day to give rise to some new heights of innovation. The professional domains are combined as the roles of engineers, designers, architects and conceptual thinkers are collective.

Perks of Technological Advancement:

  • Technological advancement has paved way to higher income levels. With the rise in global revenue, the GDP of nations are improving, and as people are able to earn more, it is developing their buying behavior and socio-economic culture.
  • Technology is becoming a synonym to comfort. It has raised the ‘Quality of Living’. As people are able to live a comfortable life, there is higher contentment and satisfaction. The world is becoming a happier place.
  • Technology is improving our efficiency levels. It is making the world a ‘preferable’ space to live and more than that; it is developing our cult zeal for competition.
  • With integrated technologies, we now understand the power of collective comfort. For instance, if you have a smartphone, then you can use it for multiple purposes like calling, messaging, browsing, filming, booking a cab, watching a movie, listening music, making quick payments, etc.
  • Technology has rationally dropped the cost of transportation and communication. The global supply chain is as lucrative as ever. Economic growth is ever rising, and the cost of the trade is diminishing.

How IT Businesses/ Start-ups can take benefits

  • Don’t scrimp on technology- it is a tool to improve the productivity and communication channels of your business.
  • Manage and know your online data with the help of analytics. It’s insightful.
  • Embrace cloud technology to modify your data space and utility.
  • Make your business contactable through mobile friendliness.
  • If you are planning to go online with your business, make network security a major concern.
  • Research for the best Social Media options for a winning digital presence.
  • Introduce innovation through BYOD (bring your own device) concept to employees

About Writer:

Mr. Paramjit Anand is the Executive Director at Acreaty since 2001, a leading global management consulting firm with the core set of offerings including Business Strategies, Process and People Outsourcing, complete HR solutions, Training & ITES. Acreaty emerged as a key market player in the past decade and has strongly positioned worldwide with an extensive geographical footprint across India, USA, UAE & Ghana. Mr. Anand is a professional & an entrepreneur with over 20 years of experience, including general management of small to large size organizations; corporate development, business operations, complete HR operations, product marketing, and strategy across the globe.