What are some ways a business can stay relevant in the face rapid technology change?
The pace of technological change today is much more rapid than in the last century. Technology innovation helps improve productivity and operational efficiency. Companies need to leverage the advantages that can accrue from technological change. Businesses that understand this simple fact maintain a competitive advantage over their peers. Those unable to do so get left behind, lose market share, and slowly disappear. Kodak is a classic and oft-quoted company that got disrupted by technology.
New technology has a direct impact on the workforce. Workers must learn and adopt new technology and innovation, or companies will be forced to replace them with people comfortable with new skills. The pace of change, as rapid as it is today, has directly impacted the availability of skilled people. Joblessness and skill shortage is a phenomenon that society will be forced to endure.
Even though large parts of the world are under an economic slowdown, skill shortages continue to endure. I do not see this situation improving anytime in the future. Skill shortages are there to stay with us.
Companies, therefore, will have to learn to adapt to this new reality. Internal re-training and education systems and processes must be set up within each company. Such systems will help a company cope with skilled human resources shortages.
Technology is also likely to require changes to business strategies. New products and services will become available with each technology and innovation adoption. Strategies to make these new products and services available to customers efficiently and seamlessly is another imperative that companies will require to incorporate.
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What are the disadvantages of too much innovation?How long does a company like GE survive?Should innovation be integral to a company’s culture?The post What are some ways a business can stay relevant in the face rapid technology change? appeared first on Sudhirahluwalia, Inc.
