There are massive technological changes coming, and they are happening faster than you think. The good news is there’s just as much opportunity as there is risk for your business.
Here are the top 5 to keep an eye on:
1 – Crowdfunding and Sourcing. The ability for ANYONE to now raise capital on an idea means even if you’re in an industry that is capital intensive, the barriers to entry have been levelled. Further, the connectedness of people (the crowd) via the internet means access to skills and labour is abundant like never before. When you see lawyers and accountants outsourcing overseas, you know it’s become mainstream.
2 – 3D Printing. This one is a game changer. China firm WinSun Decoration Design Engineering is printing four story homes. Since 3D printing became somewhat ‘mainstream’ (if you can call it that yet), the technology has increased in speed by 100x. Knowing Moore’s law, this is only going to speed up. To give you an idea, doctors are already printing replacement joints and bones.
3 – Cognitive Computing. Websites and software are pre-empting what you are looking for. How are you serving your customers better by using technology to learn their preferences? The market is starting to expect things tailored to their needs and wants. If you are not keeping up, you may be perceived as not caring about your customer.
4 – Sensors and Camera. From the garbage truck knowing how full the bins are on its route and rerouting to be more efficient, to the wearable sensor technology that tells you you’re low on magnesium. The world of ‘knowing before you do’ is upon us. Think about your products and services – how can you incorporate this
technology with point 3 to innovate your business?
5 – Robotics and Automation. Sick of chasing your dog down the street? Cheetah the robot can now run and jump obstacles faster than Usain Bolt. When you mix this with points 3 and 4, you start to understand why futurists are saying within the next decade or two, 47% of jobs will be replaced by robots. OK, that’s not a short-term threat or is it? Foxcomm (Chinese manufacturer of iPhones) says within 3yrs it plans to make 70% of assembly line work done by robots.
So I hear you saying … well, that’s all great Jamie but those changes don’t apply to my industry. My only comment to that is – “be careful”. Young minds are thriving on these changes and industries are being turned upside down. Be the disrupter not the disrupted.
For more detailed reading on each of these points check out Peter Diamantis’s latest book ‘Bold’.