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Technology as a Key Enabler in Business Transformation: The Past, Present, and Future
In the ever-changing landscape of business, technology has long been a crucial enabler of transformation. Over the past two decades, organisations have harnessed technology to innovate, scale, and improve efficiency. Now, as we look to the future, the pace of technological advancement is accelerating, and with it, the potential for businesses to reinvent themselves in unprecedented ways. This article explores key past and emerging technologies and their roles in shaping business transformation.
The past two decades have witnessed a digital revolution, reshaping industries across the globe.
Cloud Computing: The Backbone of Modern Business
Cloud computing has revolutionised how businesses operate, providing scalable infrastructure and services. By the end of 2024, it’s expected that 70% of companies will have adopted hybrid or multi-cloud management solutions. Businesses of all sizes can now access high-powered computing resources on demand, allowing them to innovate and grow faster than ever.
A key success story is Netflix, which leveraged cloud technology to evolve from a DVD rental service into a global streaming powerhouse. By migrating its operations to Amazon Web Services (AWS), Netflix scaled efficiently to serve over 230 million subscribers worldwide.
Mobile Technology: The On-Demand Economy
The explosion of smartphones has given rise to an “always-connected” consumer base. With mobile technology, businesses can offer personalised, real-time services that meet consumer demands instantly.
An iconic example is Uber, whose app-based platform transformed urban transportation. In just over a decade, Uber expanded to over 10,000 cities across 72 countries, redefining how people move through cities with on-demand transport services.
Artificial Intelligence (AI) and Machine Learning (ML): The Power of Data
AI and ML have emerged as transformative forces, enabling companies to leverage data-driven insights for decision-making, process automation, and customer engagement. Predictions suggest that by the end of 2024, over 50% of all user interactions will be augmented by AI.
Amazon stands out with its AI-powered recommendation engine, driving 35% of the company’s total sales. AI’s ability to personalise consumer experiences and streamline operations has made it an invaluable tool for companies looking to remain competitive in the digital age.
Internet of Things (IoT): Bridging the Physical and Digital
The Internet of Things (IoT) has opened up new avenues for data collection and analysis by connecting physical objects to the internet. John Deere, a traditional agricultural company, transformed its business model by integrating IoT into its machinery, providing farmers with real-time data to improve crop yields and efficiency.
As we look ahead, several emerging technologies promise to continue transforming industries. Companies that fail to anticipate and adopt these innovations risk being left behind. Extinction is a natural consequence of failing to evolve.
Quantum Computing: Solving the Unspeakable Complexity
Quantum computing, unlike classical computers, leverages quantum mechanics to solve complex problems that are currently intractable. This revolutionary technology could drastically reshape industries such as pharmaceuticals, finance, and cybersecurity.
For example, pharmaceutical companies could dramatically speed up drug discovery processes, and financial institutions could optimise portfolios beyond the capabilities of today’s systems. However, businesses that fail to secure their data with quantum-resistant encryption may soon face critical vulnerabilities.
Advanced AI and Robotics: Automation on a New Scale
The integration of AI with robotics is set to change the workforce dramatically. It’s predicted that by the mid-2030s, up to 30% of jobs could be automated. Companies that embrace these technologies will improve efficiency and free up human workers for higher-value tasks, but those that fail to adapt or upskill their workforce risk significant disruption. What does this mean for the workforce, with around 10 years to go?
Immersive Reality: The Metaverse and Beyond
The rise of augmented reality (AR), virtual reality (VR), and mixed reality (MR) will create new opportunities for businesses to engage with both consumers and employees. By the end of 2024, the metaverse could generate nearly £600 billion in revenue, particularly within the entertainment, gaming, and education sectors.
Companies that fail to adapt to immersive digital experiences will miss out on a key shift in consumer behaviour and engagement.
Sustainable Technologies: A Green Future
As climate change increasingly shapes the global business agenda, sustainable technologies will play a pivotal role in future transformation efforts. By 2030, businesses that prioritise environmental sustainability – through renewable energy, carbon capture, and circular economy principles – will thrive under stricter regulations and heightened consumer expectations.
6G and Beyond: Hyper-Connectivity
The introduction of 6G networks, expected to be 100 times faster than current 5G technology, will unlock new possibilities in sectors such as autonomous vehicles, smart cities, and advanced IoT applications. For businesses, hyper-connectivity will mean greater data collection and processing power, but those that lag behind in adopting this new infrastructure will struggle to keep pace.
The key to surviving, and thriving, in the next wave of business transformation will be the ability to embrace these emerging technologies. The companies that succeed will be those that foster a culture of innovation, continually upskill their workforce, and take a proactive approach to sustainability and ethical practices. Those that fail may have started with the technology rather than the customer.
At How2-Change, we understand the complexities of business transformation and are here to help organisations navigate the technological landscape with confidence. Through our How2-Change Reality Check® methodology, we align stakeholders on the path forward, ensuring a robust strategy that leverages emerging technologies for long-term success.
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