The Global CEO mindset – Global Tech trends gripping the world post 2020
Global Technology Trends – the so what for Global FTSE and FORTUNE CEOs
Technology today is evolving rapidly, enabling ground-breaking progress, causing an acceleration of the rate of change, until eventually it inevitably becomes exponential.
As Global CEOs of FTSE and Fortune firms, ignoring or dismissing these trends will result in loss of market advantage in the medium term. Whilst firms survive for the short-term the lack of responsiveness to key tech trends has a profound impact for Business that eventually become out-dated and see the new market movers taking the space in new and innovative ways. Instilling innovation within the core Busienss model. This is why it is essential that as leading CEOs you listen and act now, for the business will look to you to set the pace and redefine the business model leveraging the power of harnessed technology.
GROUND BREAKING GLOBAL TECH TRENDS – POST 2020 HOTLIST
GLOBAL TECH TREND – Automating Trust
The way we interact with technology has changed dramatically in recent years – and is still changing. Tablets and smartphones enable us to action tasks on the move simply by touchscreen, Alexa standing by to answer your every command). Automating trust further involves ensuring data authenticity, identity verification, precise data analysis and cyber resilience to expand how we transact through technology channels. Google has also confirmed that searches on mobile devices now outstrip desktop searches.
Precise data – Did you know we create more data in a minute from TVs, watches, and other connected devices than was created from the beginning of time until the year 2000. However, there is nothing big about data!
Winning firms are focused on precise data and the ability to augment data There is an unprecedented growth of data underway. In fact, 90 percent of all the data in the world was generated in the past few years.
Combined with machine learning and detailed algorithmic work there is the opportunity to accelerate the data analysis and insight to create decisive business action.
GLOBAL TECH TREND – The Immersive Interface and Extended Reality Technology
- The growth in natural and frictionless communication techniques between humans, computers and digital environments is exponential. Interfaces involve voice, touch and emotion.
- Harnessing the spectrum between everyday physical reality and immersive digital reality provides an additional dimension to customer and client experience.
The ability for Digital Reflection allows a virtual real-time customer experience to be replicated in the digital world. Rolex allows customers to try on watches virtually through an app to see how different styles would look on their wrists through an augmented reality app. The true winning firms are those that are able to effectively optimise the balance of face-to-face and digitised experiences.
The Internet of Things (IoT). This refers to the ever-growing number of “smart” devices and objects that are connected to the internet. Such devices are constantly gathering and transmitting data,. Hyperconnected Networks become the currency and for many the way to access IoT to intelligently connect everyone and everything to enable seamless people systems connected to service and action customers asks.
Cybersecurity and resilience. As businesses face unprecedented new threats, the ability to avoid and mitigate cybersecurity threats will be critical to success over the next decade.
Blockchains and distributed ledgers offer the potential for super-secure data storage authentication, and protecting data could revolutionize how businesses operateand facilitate trusted transactions. From 2020, major institutions are introducing blockchain to prevent large-scale information leakage and Internet fraud. This is having global impact with China approving the introduction of blockchain in services such as ICBC (China Industrial and Commercial Bank), Alibaba Group, China Southern Airlines, etc.
GLOBAL TECH TREND – Quantum Computing Commercialisation
2020 onwards is the quantum computing era. As data reliance increases, quantum computing provides the opportunity to focus on the most impactful social and commercial issues and opportunities. Immense computing power will be required to process the step change in problem solving many industries require.
Work in quantum computing remains predominantly lab based, however the first commercially available quantum computer could potentially be with us this decade.
GLOBAL TECH TREND – Digitising around the Next Gen Business model
Post Covid-19, the digitisation movement has accelerated. Businesses that were digitising pre covid are now on a hyper accelerated path to optimise and digitise their business model adapted to virtualisation of service. To transition manual processes to digital ones requires the integration of automation, robotics and intelligent systems.
Digital platforms (such as Facebook, Amazon) facilitate connections and exchanges between people. The result is established business models reversed such that a platform-based model becomes essential to deliver service.
Digitisation enables ultra-customization and the support of micro-moments at a much Lower cost per transaction. Leading edge firms are moving to give customers what they want at the exact moment and the exact location where they need it, they will rise above the competition. It’s the direct digital access to customers together with specialised data analytics that allows for this targeted ultra-customization.
GLOBAL TECH TREND – Technology Analytics Insights (TAI)
Technology Analytics Insights (TAI) also referred to in literature as AI capability has come into a central focus due to quantum, increases in data and computing power. This enables more human tasks to be computerised enabling people to focus on higher value added activities. Even more processes, decisions, functions and systems can be automated by robots or through algorithmic functions.
GLOBAL TECH TREND – 3D Print Reshapes the Supply Chain
3D and 4D printing is disrupting manufacturing, and other industries, in many positive ways– and will be particularly transformative when combined with trends like mass-personalization. With 3D printing, immensely complex and customisable products can be created more cost effectively than with traditional manufacturing methods with less material.
GLOBAL TECH TREND – Niche Spots
Autonomous driving technology – Autonomous driving is already a hot topic, some Tesla cars can be switched to autopilot mode on the highway, but this is only possible up to level 2 (driving support) or level 3 (operated by the driver in an emergency).
Wearables and augmented humans. What started with fitness trackers has now exploded into a whole industry of wearable technology designed to improve human performance
Nanotechnology and materials science. Our increasing ability to understand materials and control tiny matter opens up materials science and what our consumables are made from.
To say that technology is impacting the world would be a serious understatement. As FTSE and FORTUNE CEOs with international and global outlooks, a globally dispersed workforce there is no time like now to technology proof the business. Many CEOs acknowledge this is easier said that auctioned, So here’s what you need to know to ensure your business stays ahead of the curve and is fit for a technologically accelerated future:
Centre on purpose: Technology is changing the nature of work. Delivering technology for efficiency purposes won’t create long-term, sustainable growth. Create and invest in a technology leadership that understands both the Business and the existing and ness technology to ensure the right balance is attained for your business is within its maturity and growth journey.
Be relentless about client and consumer understanding: Technology is here to serve, serve the customer and the market needs in a value creating way. Technology opens up a world of potential though it is hugely important to ensure that both current and future customer requirements are met. In some cases consumers may not know the potential of the future such that consumer focus groups become key in introducing technology based service models of the next generation whilst ensuring the current model delivers to current requirements. The introduction of the internet as a channel for business is one such change that had to be introduced in the same way by many leading organisations of their time.
Build on data and the current estate reality: Before investing in new technology, fully assess the current estate and take the time to understand what new technology is required and why. Understand the data flows within the business to minimise the complexity of additional technology into the estate and be clear on what you will decommission.
In summary, remember within the C-suite you have a key job of balancing the customer and commercial benefits with technology based opportunities. It is a key skill an d requires clear strategic insight if the business is to lead the market and drive the right status quo for the next technology savvy generation.