Eight tech­nolo­gies ex­pected to al­ter the busi­ness scene

Financial Mirror (Cyprus) - - FRONT PAGE -

With no short­age of tech­no­log­i­cal break­throughs af­fect­ing busi­nesses to­day and many more on the hori­zon, how can Csuites de­velop ef­fec­tive emerg­ing tech­nol­ogy strate­gies?

For its new re­port, Tech break­throughs mega­trend, PwC eval­u­ated more than 150 tech­nolo­gies glob­ally and de­vel­oped a method­ol­ogy for iden­ti­fy­ing those which are most per­ti­nent to in­di­vid­ual com­pa­nies and whole in­dus­tries. The re­sult is a guide to the “Es­sen­tial Eight” tech­nolo­gies PwC be­lieves will be the most in­flu­en­tial on busi­nesses world­wide in the very near fu­ture: - Ar­ti­fi­cial in­tel­li­gence - Aug­mented re­al­ity - Blockchain - Drones - In­ter­net of Things - Ro­bots - Vir­tual re­al­ity - 3D print­ing The spe­cific tech­nolo­gies that will have the big­gest im­pact on each in­dus­try will vary, but PwC be­lieves the list of eight com­prises tech­nolo­gies with the most crossin­dus­try and global im­pact over the com­ing years.

To ar­rive at the Es­sen­tial Eight, PwC fil­tered tech­nolo­gies based on busi­ness im­pact and com­mer­cial vi­a­bil­ity over the next five to seven years (as lit­tle as three to five years in de­vel­oped economies). The spe­cific cri­te­ria in­cluded a tech­nol­ogy’s rel­e­vance to com­pa­nies and in­dus­tries; global reach; tech­ni­cal vi­a­bil­ity, in­clud­ing the po­ten­tial to be­come main­stream; mar­ket size and growth po­ten­tial; and the pace of pub­lic and pri­vate in­vest­ment.

Com­pa­nies con­tin­u­ally wait for the “next big thing,” be­liev­ing that a par­tic­u­lar tech­nol­ogy trend ei­ther won’t amount to much, or that it won’t af­fect their in­dus­tries for years to come. But dis­rup­tion is hap­pen­ing to­day at a faster rate and higher vol­ume than ever be­fore.

Innovations through­out his­tory have tipped the bal­ance in favour of the in­no­va­tors. In that sense, tech­no­log­i­cal break­throughs are the orig­i­nal mega­trend. The ubiq­uity of tech­nol­ogy, with in­creased ac­ces­si­bil­ity, reach, depth, and im­pact are what will ex­pe­dite adop­tion of the Es­sen­tial Eight.

PwC be­lieves the Es­sen­tial Eight tech­nolo­gies will shake up com­pa­nies’ busi­ness mod­els in both ben­e­fi­cial and quite chal­leng­ing ways. Across in­dus­tries and re­gions, the emerg­ing tech­nol­ogy mega­trend will in­flu­ence strat­egy, cus­tomer en­gage­ment, op­er­a­tions and com­pli­ance. As a re­sult, lead­er­ship ef­fec­tive an­swers to ques­tions:

- Do we have a sus­tain­able in­no­va­tion strat­egy and process?

- Have we quan­ti­fied the im­pact of new tech­nolo­gies? If not, how can we do that— and how soon?

- Do we have an emerg­ing-tech­nolo­gies road map? If so, are we keep­ing it up to date?

Ac­cord­ing to PwC’s re­port, ex­ec­u­tives should not treat the Es­sen­tial Eight tech­nolo­gies as a sort of check­list to del­e­gate to the CIO or CTO. Rather, ex­plor­ing and quan­ti­fy­ing emerg­ing tech­nolo­gies—and plan­ning for them—should be a core part of a com­pany’s cor­po­rate strat­egy.

Be­fore devel­op­ing an in­no­va­tion strat­egy and ex­plor­ing and quan­ti­fy­ing emerg­ing tech­nolo­gies, ex­ec­u­tives should ed­u­cate (or re-fa­mil­iar­ize) them­selves with these tech­nolo­gies and what they can do. Explore PwC’s Tech Break­throughs Mega­trend site and down­load the new re­port at www.pwc.com/TechMe­ga­trend. teams three should find fun­da­men­tal

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