How New Tech and IT will Shape Business Practices
Apple hitting one trillion dollars in market value, making it the first publicly traded U.S Company to do so has been record-breaking. Combining the valuations of Amazon (valued at $889 billion), Microsoft (valued $828 billion), and Facebook (valued at $513 billion), account for 20% of US GDP, and surpass the Germany’s GDP. Such a significant share in the market only emphasizes the evolution of technology.
Most of the tech world are anticipating the development of emerging technologies that will bring limitless opportunities. The integration of this tech into our lives has come slowly. Facial recognition software for hand-held devices became a reality when Apple launched the iPhone X. Also, the broader applications of emerging tech serve communities and society as a whole.
For example, with virtual reality, high school students from Fukuyama Technical High School in Japan are working to recreate the city of Hiroshima. The teens are listening to testimonies from survivors of the US atomic 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, and mail. 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 many headlines are asking this , we are not addressing how these technologies will integrate with existing organizations. Specifically, how will the technological advancements affect business practices? 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.” These advancements will affect IT departments and their operations first as they are at the forefront of these discussions. Further, developed IT management practices are now a important resource for organizations.
A survey that took data from 246 IT organizations identified 5 defined categories of coping mechanisms to consider during the shift in IT management practices. They were; Education and Training, Vendor Support, Endurance, Internal Procedures, and Consultant Support. It’s crucial for all organizations to plan for the inevitable change in business practices for long-term success.
What are some key steps necessary to the process of developing such a contingency plan?
1) Establish objectives – Define organizational goals and make realistic timelines. Begin with a broad outline of the potential that each type of emerging technology has for your organization, and decide which ones would be best to work with.
2) Allocate resources – The only thing preventing organizations from expanding operations is their financial concerns. Does it make sense for your organization’s budget to incorporate emerging technologies into your business? For some, it may be beneficial to start partnerships instead of starting from scratch.
The uncertainty about new technologies has made many speculate and confused. However, business organizations can prepare for the integration of these emerging technologies into their management practices. With the right steps, the evolving tech landscape may serve to benefit businesses in the long term. Shifting IT practices can ensure an increase in productivity and business growth, as the world dives further into the technological revolution.
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