What Lies Ahead For The Business And Tech World?
What will the tech industry be like in ten years? A new study by the Institute for the Future (IFTF) has revealed some of the current business trends among tech companies and where they’re headed…
It’s no secret that technology has changed how most people do business. New advancements in big data, cloud computing, mobile browsing and social media are just a few examples of the correlation between business growth and technology advancements.
IFTF teamed up with EMC and conducted in-depth research to examine some of these technology advancements. The initial study was conducted by EMC, a leader in cloud computing and database management. It surveyed 3,600 business leaders around the world. Half of those surveyed were from firms with over 1,800 employees (including technology giants Tesla and Netflix), and half were firms with fewer than 1,800 employees.
IFTF has identified five business attributes that a leading organization should have in place in order to succeed in today’s – and tomorrow’s – competitive world:
- Ability to spot new opportunities – using technology and data to find the direction that you want to be headed.
- Innovate in an agile way – using information technology to better design and develop a product or service.
- Demonstrate transparency and trust – ethical conduct in analyzing data and performing research.
- Deliver a unique, personalized experience – breaking down data and information to find exactly what the customer wants.
- Operate in real time – using technology to be available and open 24/7, 365 days a year.
Has business reached a point where it is dependent on the latest technology to advance?
It’s hard to argue that a business can successfully operate without implementing these five attributes. Research has shown that successful companies that continue to see growth are the ones that take advantage of the “Information Generation”. EMC’s research has defined this as “a community of digital citizens living in a global network, always connected with the world’s information at our fingertips”.
Now that we’ve entered the Information Generation, every business decision is data driven. More is expected from companies, and as a result making the most of the latest technology is an absolute must. The idea of a small startup competing with a powerhouse like Tesla isn’t unrealistic; it all comes down to data-driven decisions.
Let’s look in the crystal ball to see what’s in store for technology and business…
IFTF predicts that by 2025 everything will be based around data. We’ve already seen how Big Data affects companies today; in 10 years, we can expect everything from our Google search data to our medical results to be sold and analyzed by major companies.
Another prediction is that the Internet of Things will reach a point where almost everything we own – from car tires to water bottles – will be connected to the internet. You may have heard about Amazon’s Dash Buttons, which seem to be leading the way towards the connected home.
We can also suspect that new algorithms will entirely change the workforce. New advancements could help lawyers, doctors and everything in between to work much more efficiently with large volumes of information. Artificial Intelligence is also thought to become more prevalent in our everyday lives; could our workmates become robots?
A world connected by mobile devices, and one where the cloud provides seemingly infinite storage, proves that no matter where you are, you can manage a business. In fact, in IFTF’s research, 89% of business owners said that the five attributes outlined by EMC’s research are the most critical in their current strategies.
The tie between technological advancements and the ways we do business is strengthening every day. Of course, we can’t predict exactly what changes the world will go through over the next decade, but we have a few ideas. Will we drive a flying car to work? Will robots be handling the mundane tasks that no one wants to do? Will your coffee pot be connected to the internet? Check back in 10 years, we’ll let you know.
Back to the Future II predicted some of the technological advancements that we are seeing unfold today. What are your predictions for our world in 2025? Send us a tweet @VPSnet or comment below to chime in.