Dealing with Numerous Technological Advancements in Business

The internet of things (IoT) is starting to take shape. This year will also be marked by the introduction of 5G internet, speech technologies, and Smart Cities. In the coming years, artificial intelligence and virtual reality will be added to the agenda. These trends and developments would have a major impact on not just our way of life, but also business practices of developers such as ‘android app developer.’

POINTS OF INTEREST ON  HOW YOU HANDLE ALL OF THE TECHNOLOGICAL ADVANCEMENTS

  • Acknowledge the opportunities

In order to make maximum use of these same technological developments, it is first and foremost important to recognize their potential. As a manager it is therefore important to have a broad technical insight into this digital change. Yet many managers indicate that it is difficult for them to show the time and energy for this. Recognizing the opportunities therefore implies freeing up time and budget to discover them. Setting an innovation budget annually is a first step in the right direction. That budget can then be used for participation in test projects, further training of the managers or to make room for new IT vacancies .

  • Dare to change

Dissatisfied user of new work technology Managers are still limited by their vision of ‘classic working’. Recognizing the opportunities is therefore tantamount to acknowledging the changing environment. This changing environment will automatically shape the new way of working.

Self-learning technology can also be used for automatic processing and cataloging of patient files or for smarter data analysis. 5G internet should allow employees to work anywhere. Speech technology will then drastically change the interpretation of functions. Knowing the technology and its impact is therefore crucial to embracing technological developments.

  • Make choices

Not every technological development will add value to the company. It is therefore important to make decisions based on the released budget. For this we could start from clearly defined problems, although that would also be based on an existing structure and could limit us too much.

Perhaps it is therefore worthwhile to think in terms of benefits and only make the cost-benefit analysis in the long term, without automatically falling into doom scenarios. After all, in the past, managers too often tended to label new developments as short-term trends, so that companies now face ever-increasing backlogs. With technology expanding and impacting all facets of society, such laxity can have drastic consequences for corporate numbers. Yet you will never be able to integrate all developments in the company: dare to choose.

  • Also consider the dangers!

Getting used to new technology Technological developments also automatically imply new dangers. They go much further than just missing the boat. We also see this concern recurring among CEOs. In the Benelux, about 33% of CEOs would therefore be concerned about the new risks related to processes and systems. Technological disruption and cybersecurity in particular would be feared, while only 44% of those same CEOs indicate that they are very well prepared for such a cyber attack. Budgetary concerns have not escaped the dance either. Nevertheless, many measures can be taken. We do not need to repeat that it is better to take action in the field of cyber security.

Watch How Technology  impact  your world of work

IMPACT OF NEW TECHNOLOGIES ON OUR WELL-BEING

Discussions about the impact of new technologies increasingly demonstrate the need to measure effects on prosperity and well-being beyond the usual metrics of economic growth and success. These include, among other things, improvements in health, increased life expectancy, greater job security or more equal opportunities. Artificial intelligence (AI), the Internet of Things (IoT) and other aspects of digital transformation can bring numerous benefits to the economy and society there as well.

As part of a study, the McKinsey Global Institute (MGI) examined around 600 technology applications and analyzed the effects on companies, the economy and society. The aim was to find out to what extent new technologies can improve our lives.

Improvements through technology

About 60 percent of these use cases are based at least in part on artificial intelligence (AI). The range ranges from online training and digital employment services to mobile payment solutions for better financial access, online marketplaces for cheaper goods and services, adaptive learning applications that better prepare young people for the labor market, clean technologies for environmental sustainability, AI-based drug research and personalized medicine for a longer and healthier life.

Based on the case studies, the authors developed a wealth model for the introduction of new technologies. This model not only quantifies the impact of technology on economic performance (gross domestic product, GDP), it also takes into account other factors such as health, leisure and equal opportunities.

Technology change in itself is neutral

The study shows that new technologies are bringing about significant changes in the economy and in the workplace. But the same technologies can also help to better address some of the challenges. The study shows that this positive trend will only continue if companies use these new technologies in a correct manner. The potential of AI, IoT, and automation must not obscure the fact that technologies are just tools. This does not solve problems by itself.

Actively exploiting the potential of technologies

For the state and the economy, the study reveals clear priorities:

  • The state can help to drive innovation and improve the well-being of society; to this end, it should promote research and development, including in the health sector, the dissemination of new technologies through appropriate procurement practices and support workers suffering from drastic changes in their working environment with retraining and targeted transitional assistance.
  • With the use of technology, companies can focus on new products, services and markets, expand the skills of their employees, including using of technology, and improve employee mobility by, among other things, creating new careers. They can also focus on the many technology solutions that the study found will improve our lives. And if you want to improve your skills in growing plants, make sure to enter promo code 20as-256495 at checkout.