Developments in Modern Technology
Massive shifts in technology like Big Data, Data Automation, Data Analytics, Blockchain and Artificial Intelligence are ushering in what some are calling the ‘Fourth Industrial Revolution’ and others (perhaps more accurately) are calling ‘the Transformation Economy’.
New Technology & Adopters
"An organization's ability to learn, and translate modern technologies into action rapidly, is the ultimate competitive advantage for their businesses."
"Modern technology that you adopt for your business impresses No One. The experience you create, is everything. But invest in its knowledge pays interest."
“Human capabilities such as judgment, insight, skepticism, courage and integrity will become more important than ever — and SMEs will have to continuously cultivate these skills to keep pace with your clients and technological disruption, and continue to protect and create value for your capital markets.”
Technology Adoption Lifecycle
“Technology is nothing - it can't incite true staff's emotional commitment. What's important is that you have faith in people, that they're basically good and smart, and if you give them the right support and tools, they'll do wonderful things with them.
5 - 7 years
8 - 15 years
When to Embrace New Technology
Technologies change over time. so deciding when to implement new technology provides different benefits and risks. Adopt a new technology too early and you might find that it can’t provide consistent benefits maybe due to an immature ecosystem, interoperability or even unstable engineering. Adopt too late and you may not get the full lifecycle benefits and be forced to amortize the technology over too little time and your costs will not be as low as they could be. Let alone fall behind your competitors.
" Ideally, you only start to invest in a platform or a certain technology that you can take advantage of ... as it grow over time and gives you the longest economic cycle with the lowest possible cost."