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 phenomena 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. Technology change requires individuals to re-invent themselves every few years to keep up-to-date with new business requirements resulting from technology redundancy. The majority find this an arduous task, especially as they get older and find it difficult to unlearn, learn and adapt. A new form of an elite will emerge in the face of frequent technological change. This elite will be composed of learners and adaptors. This class of people revels in unlearning and relearning. Capital will flow towards such individuals and companies, making them rich at a faster pace than before.
Businesses will have to restructure and prepare themselves for this new world. These companies will be capable of rapid unlearning, relearning, and adapting. These will have developed systems that will assist in workforce re-training and redeployment. New education systems and processes will emerge in these rapidly growing and successful companies. These corporations will be able to cut through the cycle of rapid attrition and redundancy. 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 learn to incorporate.
Technology change will not be confined to information technology but will cut across sectors and industry segments. Climate change, for instance, is triggering the emergence of new technologies that will support the energy transition from fossil fuels to renewables. The world is already seeing this change. Green hydrogen will emerge as a new energy fuel in a few years.
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