How Technology Advances Will Transform How We Live & Work
Expanding digitization creates exponentially more data about everything and everyone. Using big data techniques allows us to analyze the data we collect much better and faster than ever before. At the same time, the ability for software to learn and evolve is also advancing rapidly. That means it can address ever more sophisticated problems using computing and storage power available at a dramatically increased scale and dramatically reduced costs.
Companies will have to understand innately the new paradigm of the developing economy. We are working in an era of increased sharing and distributed trust. The internet is driving a shift toward networks and platform-based economic models that are influenced by the new social paradigms in a manner not witnessed before.
In this new technologically-driven world, assets can be shared, creating not just efficiencies but also new business models. Eco-systems are going to continually evolve and transform, while the current leaders will continue to play a meaningful role in developing the new eco-systems. New players, many of whom may not exist today, will also have a major impact in the development of new eco-systems.
For example, blockchain is an emerging technology that replaces the need for third-party institutions to provide trust for financial, contract and voting activities the way it has been done for the last 100 years. And thanks to blockchain, cloud and open-source technology, new businesses have the ability to scale rapidly with limited capital and infrastructure investment.
Software is playing a dominant role in technology. It has no manufacturing cost, it is easy to distribute, and used on billions of devices. It is easily updated and enhanced. Established companies can take advantage of this new paradigm as easily as start-ups. Companies must realize that the value of intellectual property is higher as a shared asset because it escalates the pace of progress in the industry.
Some of the technological disruptions that will impact the way we live, work and do business in the future include:
- Rapid growth of big data
- Advanced robotics with enhanced senses such as dexterity and intelligence
- Intelligent electronic agents
- Next-generation genomics that uses imaging nucleotide base pairs and advanced computational and analytic capabilities
- Energy-storage devices or physical systems such as lithium-ion batteries and fuel cells
- Autonomous and near-autonomous vehicles
- Cloud computing and advanced cloud services
- On-demand services such as Hardware as a Service (HaaS) combined with Software as a Service (SaaS) to form IT as a Service (IaaS)
- Consumerization of IT
- Gamification of training and education
- Social business & social search
- 3-D printing
- Advanced materials
- Advanced oil and gas exploration and recovery
- Internet of Things
- Continued development of mobile internet
- Enhanced location awareness and geo-spatial visualization
- Mobile banking advances coupled with Near Field Communications (NFC)
- Smart TV using apps
- Multiple app stores
- 3D displays for smart phones and tablets
- Interactive multimedia eBooks, eNewspapers, eMagazines and eTextbooks
- Machine-to-machine communication.
Established companies should remember that new options create new leaders, which in turn creates the greatest sense of urgency for current and past leaders to transform. Technology disruptions offer an opportunity if pursued actively today, and smart executives recognize this. In contrast, those businesses turning a blind eye toward these opportunities today, will see increased challenges tomorrow, resulting in chasing these disruptions from behind instead of embracing them as they evolve.
There is great upheaval happening in the technology sector today. What businesses should not do is bury their heads in the proverbial sand and hope they will be spared. Companies must be highly proactive to fully understand the short and long-term implications of the coming technological disruptions.
Marsh & McLennan Agency (MMA) offers an experienced team of professionals to work with your developing company and emerging technologies and risks.
Learn more about how our custom-tailored programs can provide you with exactly what you need to ensure your future success.