Lead Your Company into the Coming Technological Revolution
According to renowned futurist, Thomas Frey, in little more than one decade, over two billion jobs will disappear. The loss will be the byproduct of automation, computerization, and artificial intelligence, as well as a shift towards new industries. These new industries include 3-D printing, driverless cars, big data, virtual reality, drones, and the Internet of things. What do these predictions for tomorrow mean for leaders today? Review these key suggestions to learn more:
- Adopt new technologies: Not long ago, companies integrated unfamiliar technologies into their business, such as personal printers, computers, and the Internet. Even if your business is not a direct player in new verticals such as AI, big data, and the like, consider harnessing them anyway to set your business apart from the competition. For example, invest in AI to increase safety and efficiency in your warehouse, or use big data to uncover underserved customer segments.
- Be mindful of scalability: When adopting new technologies, especially as it relates to product development, be prepared to scale. Demand can surge overnight, and your company must be able to capitalize on the opportunity. Indeed, the scalability gap continues to close every year. It took 120 years for the first billion cars to sell, 23 years for McDonald’s to sell its first billion meals and 8.5 years for Facebook to reach its first billion users. Uber reached one billion riders in 5.5 years and its Chinese competitor, Didi Kuaidi, reach its first billion passengers in only 11 months!
- Hire the right talent: By 2030, those entering the workforce will change careers six times during their life. These changes will have less to do with being fickle, and more to do with responsiveness to new technologies. Hire talent that can handle career shifts as the needs of your business change. Ensure you hire resourceful, adaptable, focused, determined, and flexible staff.
- Quickly train your employees: Whereas a skill was typically learned over the course of several years, either through a college or trade program, in the future, the notion of “reskilling” will need to take place over a much shorter time span. Choose development programs that provide concise but effective training, so that employees can pivot into new areas.
Crestcom offers a development program that helps leaders think about these and other key issues. Learn more today.