3 Ways These Emerging Technologies Are Transforming Business And The World

Sponsored by WMG – The University of Warwick

Over the last few years, the world has witnessed technological breakthroughs which, at the turn of the 21^st century, were deemed practically impossible. But how do we ensure such technologies are utilized to their full extent for the benefit of business and society? And how are they transforming the world?

We spoke with Associate Professor of the MSc in International Technology Management program at WMG – The University of Warwick, Angela Clarke, to find out a bit more about this.

How things are done

There’s no denying the ease and convenience modern technology offers. A vital economic driving force transforming both the face and function of business over the next few years, it’s been forecasted that the digital transformation spend will top US$2 trillion by 2023.

“There are a lot of digital technologies that have been developed, and they cut across lots of industries and different types of companies and so on,” explained Professor Clarke.

With the likes of artificial intelligence (AI), augmented and virtual reality, the Internet of Things (IoT), cloud computing and blockchain disrupting established business processes and changing corporate culture, there’s still “a need to understand the less digital technologies, such as 3D printing, new transportation technology like hyperloop and all the other technologies that are maybe more industry specific,” said Professor Clarke.

“For example, we [WMG – The University of Warwick] work with some pharmaceutical companies and we’re looking at some of the bio-tech stuff that might come along and support it, so there are some  [technologies] which will be industry-specific, but a lot of it is generic to relay to a digital space.”

The MSc in International Technology Management at WMG has a primary focus on emerging technologies and looks at the various ways in which these can best be exploited to the advantage of business and consumers, while considering the cost-efficiency of such tech resources.

The relationship between technology and business is complex and demands patience and understanding to navigate their potential. Knowing how to exploit it and harness it to its full potential can give you an edge for getting ahead of the game.

Who (or what) is doing the work?

As technology continues to develop faster than businesses can handle, “the demand [of work opportunities] outstrips the supply of capable people,” according to Professor Clarke.

“We have in the industry things like AI and robotics, which are helping make a lot of the more routine tasks automated so that it can free people up to concentrate on higher value-adding activities.”

While the number of businesses which rely heavily on automated services (such as robotics) for production increases dramatically, demand for employees with the digital intelligence to work comfortably in these environments will increase.

Whether you want to work in a project management role, supply chain operations or R&D, it’s expected that you’ll have a strong understanding of technology management. According to Professor Clarke, “there are a lot of people who are needed in [these roles] who have an understanding of what the technologies are that are going to enable their business, how they implement them effectively and make sure they get the value out of them.

“There are a lot of consultancies who are keen to get graduates who have a baseline knowledge of emerging technologies and how those technologies are being used in business.” 

Professor Clarke also spoke about how the World Economic Forum and various other organizations frequently talk about “the importance of having ‘systems-thinking capabilities’, which is why we have it as one of our core modules in the MSc in International Technological Management. It helps students to be able to think about complex technologies like smart-motorways, or smart-cities or smart-homes.

“That’s the type of inter-complexity and systems-thinking and systems-engineering that helps people understand – looking at the bigger picture and understanding how technology can play a role in that.”

Making for more personalized and stimulated experiences

The myriad success stories involving emerging technologies are testament to the out-of-the-box thinking that’s needed in competitive markets. These technologies can offer personalized and stimulated experiences that nothing else can – sometimes even going beyond the physical world into the realms of AI and VR.

From simulation-based learning, to bitcoin, smart speakers to augmented reality filter apps, these digital transformations really are leading change both in business and everyday life.