The adoption rate of emerging technologies, particularly internet of things (IoT), cloud computing, robotics and blockchain, are rapidly increasing. Adopting these and more, is necessary for any organization’s success and survival.
Companies are focusing on emerging technologies to transform their businesses. This transformation thrust flows from an unprecedented set of pressures on executives to drive shareholder value, improve productivity and enhance asset utilization.
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Moreover, the rapidly accelerating pace comes at a time when the convergence of advancing technologies, increasing customer expectations and demands, and access to capital for new technology start-ups are magnifying the extremes – from disruption and destruction to innovation and transformation. Current technologies, along with the growing proliferation of emerging technologies, are now considered some of the greatest change agents since the introduction of the internet.
The senior vice-president and partner at SMA, Denise Garth says emerging technologies promise innovative, game-changing breakthroughs that will challenge long-held business assumptions and shift the boundaries between business and industry, creating completely new businesses and industries. Ms Garth said she is not surprised that adoption is being led by IoT. “The IoT is followed by artificial intelligence, drones/aerial imagery and then gamification.”
According to Bhavna Dalal, the Founder and CEO of Talent Power Partners, a leadership development company, IoT connectivity lies at the heart of digital transformation. Ms Dalal says this forms the foundation for a wide range of technologies including automation, artificial intelligence (A.I), machine learning and robotics among others. “The lack of understanding among decision makers of the potential benefits of IoT, and the limited maturity of the industry hinders its smooth adoption.”
Ms Dalal said technology has the power to automate many functions making adopting new skills vital to the longevity of technical careers. “There is now a need to showcase versatility in the skills they possess. The main functional areas to focus this upskilling on include programming, hardware engineering, data analytics, User Interface/User Experience (UI/UX) Design, information security, mobile development, cloud computing and networking.”
She explained that education is one of the means to train fresh talent for a future in emerging technologies. “Many corporate today undertake training and development programs that are directed at their existing employees to improve performance, upskill them and retain a competitive edge.” Ms Dalal reiterated that training and development are the best means of attracting and retaining qualified employees with relevant experience.