How New Tech and IT will Shape Business Practices
The tech landscape has gained significant momentum leading to record-breaking news such as Apple hitting one trillion dollars in market value, making it the first publicly traded U.S Company to do so. Considering the tech giants Amazon (valued at $889 billion), Microsoft (valued $828 billion), and Facebook (valued at $513 billion), combined they account for 20% of US GDP, and surpass the entirety of Germany’s GDP. Such a significant share in the market only serves to emphasize how dramatically the technological landscape has been rapidly evolving. Large investments in the technology sector have brought to (artificial) life some thoroughly impressive tech-focused projects.
Most of the tech world has been eagerly anticipating the development of emerging technologies which bring with them potentially limitless opportunities. The integration of this tech into our lives has come slowly, appearing in small and large ways. Facial recognition software for hand-held devices became a reality when Apple launched the iPhone X. The broader applications of emerging tech exist in multiple facets of the globe, serving not only organizations but communities, and ultimately society as a whole.
Japanese high school students from Fukuyama Technical High School in Hiroshima are working through the summer to recreate the city of Hiroshima before it was destroyed, in virtual reality. The teenagers are racing against time, as they use accounts from survivors of the US atom bomb to recall the city in its former state. Just earlier this year, Drone Delivery Canada, pioneers in drone delivery technology received certification that will allow them to begin commercial trials recreating trips to deliver food, medical supplies, mail and other packages. DDC is aiming to start commercially operating in 2019, according to CEO Tony Di Benedetto.
Successful management of emerging technologies is critical to the survival of business organizations today.
The Future is Now
Are we ready for drones at our doorsteps? While that direction of questioning is frequently the subject of headlines, the line of questioning we are not addressing is how these technologies will integrate with existing organizations. More specifically, how will business practices be impacted by the technological changes? What are organizations doing to accommodate these changes?
Anol Bhattacherjee, professor of Information Systems at the University of Southern Florida emphasizes the high stakes that come with new technologies, noting “successful management of emerging technologies is critical to the survival of business organizations today.” The department at the forefront of these discussions is IT, considering their operations will be affected first. Developed IT management practices are now a critically important resource for organizations.
A survey that obtained data from two hundred and forty-six IT organizations identified 5 defined categories of coping mechanisms important to consider during the shift in IT management practices. They were; Education and Training, Vendor Support, Endurance, Internal Procedures, and Consultant Support. Developing a comprehensive plan to cope with the inevitable change in business management practices is imperative for the long-term success of any type of organization.
What are some key steps necessary to the process of developing such a contingency plan?
1) Establish objectives – The pursuit of integrating emerging technologies into business practices begins with developing a strategy for expansion. Define organizational goals and realistic timelines for their completion. Begin with a broad outline of the potential that each type of emerging technology has for your organization, and decide realistically, which ones would be feasible to work with.
2) Allocate resources practically – Often the only thing inhibiting organizations from expanding operations or exploring new ideas is their financial concerns. Would it make sense for your organization’s budget to try and incorporate emerging technologies into your business, or would it be more practical to collaborate with an established player in the desired field? It may be more beneficial for certain businesses to look into starting partnerships instead of starting from scratch.
The uncertainty and novelty surrounding emerging technologies has made them the subject of speculation, and often confusion. However, business organizations can be diligent and prepare for the integration of these emerging technologies into their management practices. With the right steps, harnessing the momentum that has built up from the rapidly evolving tech landscape may serve to benefit businesses in the long term. Shifting IT management practices in the right direction can ensure that productivity and business growth is only increased as the world delves further into the technological revolution of the modern age.
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