Is technology the only way forward?
The world’s first mobile phone call was made on April 3, 1973, when Martin Cooper, a senior engineer at Motorola, called a rival telecommunications company and informed them he was speaking via a mobile phone.
That was over 40 years ago — and a far cry from the innovative products and services on display this week at Mobile World Congress.
Take a minute to think about how much our world has changed in those 40-plus years since then and how much we now rely on technology, our mobile devices especially.
The invention of the first mobile phone is arguably what brings us to our current position, as we stand on the brink of the Fourth Industrial Revolution. Technology is fundamentally altering the way we live, work, interact and relate to one another. In its scale, scope, and complexity, the transformation will be unlike anything the world has experienced before.
We don’t quite know how it will unfold but one thing is clear, it will affect stakeholders from across all sectors; public to private, academia and civil society. But what specifically does it mean for business leaders?
In this environment of constant disruption, business leaders can’t afford to not be prepared. Let’s take mobile and artificial intelligence (AI) as an example.
Our world is becoming increasingly interconnected and mobile is at the forefront of almost all emerging innovations and ideas. Mobile devices are a massive part of our lives and nearly everything created or being created has a mobile component.
To date, those who have gained the most from these advances have been consumers able to afford and access the digital world; technology has made possible the development of new products and services that increase the efficiency and the pleasure of our personal lives.
It’s clear that these two areas alone, if they’re not already, will soon become a much bigger part of our personal and more specifically, our working lives. Technology is important and mustn’t be ignored.
So considering this for our business leaders, should they be prioritising and investing in technology no matter what?
Investing in technology should be a part of a company’s strategy; it’s a key component for any company to be considered ‘fit for growth’. But it’s not enough to wait until you have a good idea or the right opportunity to invest in technology. Equally, it’s also not just about adopting technology alone. In fact, around 70% of business transformations fail despite increased adoption of digital and new technology. Businesses need to be striving to be fit.
But what does it mean to be ‘fit for growth’ in the digital age?
Fit for growth means refocusing the company around the things it does best. And with technology becoming a given asset to any company, it seems to me that there also needs to be an equal focus on people and relationship building. If you and your competitors have the same technology, what makes you different, how do you stand out with your clients and potential clients?
The answer is that you need to bring the power of diverse perspective in order to unearth new value. Technology, for example, is part of all emerging innovation so don’t focus on the challenges of your company today, focus on the opportunities in the market for you to own tomorrow.
