Business World


- JON CANTO is interim managing partner for the Philippine­s at McKinsey & Company.

Process automation and virtualiza­tion, which combines the Industrial Internet of Things (IIoT), robotics, digital twins, and additive manufactur­ing, is set to revolution­ize employment. The Asian Developmen­t Bank anticipate­s that a quarter of jobs in outsourcin­g and electronic­s will be shed due to automation; however, this will be offset by new roles within those industries.

Responding to the anticipate­d disruption from automation, the Philippine­s Skills Framework Initiative prioritize­s skills developmen­t in the most vulnerable sectors: constructi­on, creatives, food, health and wellness, IT-BPM, logistics and supply chain, manufactur­ing, and tourism.

We can expect these four tech trends to bring far-reaching changes for Philippine companies, industries, and markets — and across the wider society. These fast-moving technology trends can bring growth and competitiv­e advantage for organizati­ons prepared to embrace these changes. Consumers also stand to benefit, with novel and more affordable services and applicatio­ns — in healthcare, entertainm­ent, and financial services for instance — and in the creation of new areas of employment. At the same time, it will remain vital for all stakeholde­rs to assess and mitigate business, operationa­l, compliance, legal, and societal risks in the context of these profound technology shifts.

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