Insights on Growth Strategies
Technology: a threat or an opportunity?
It depends who you ask and what lens they are looking through....
In our blog post ‘Are You Automating Your Business?’ we highlighted the increased risk of new competitors emerging from previously unlikely areas as a result of leveraging technology.
Examples included Tesla, a tech company who disrupted the car industry and Amazon who disrupted the book industry (and traditional retail). But there are countless more examples aside from these silicon valley titans.
Well, since the big-C hit in early 2020 digitisation has accelerated even faster than anticipated.
Many jobs, events, sports games and even family reunions have become digitised. As the old saying goes, “Necessity is the mother of invention” and this has certainly proven to be the case in many industries around the world.
And, as a byproduct many of us are feeling a sense of fatigue through ‘digital isolation’. We’re craving the real life human connection that our brains are wired for.
But, there is some upside to this accelerated digitization.
Growing networks. Through networks we see innovation accelerating too.
And it stands to reason therefore that the bigger the network, the faster the innovation.
So whilst it's easy to fall into the minutia of our working days, we could instead reframe these digital experiences as a means to growing our networks. Think about it. These digital networks are tools that allow us to connect our minds with the minds of others, exchange ideas, and become catalysts for innovation.
And these digital networking opportunities are exponential...
Where the evolution of the coffeehouse in the eighteenth century was a key driver for people from all walks of life connecting and sharing information in the cities, so the internet became the global means for connecting more and more people.
In 2010 approximately 1.8 billion people were connected via the internet. That was approximately a quarter of the global population.
Just 7 years later that number had grown to about half of the global population, or 3.8 billion people.
And it’s predicted that this rapid growth is set to connect the rest of the global population by 2030. That’s another 4.2 billion people joining the global conversation.
Whilst some see this as simply overwhelming or irrelevant, we choose to think of it as an exciting global innovation lab! This exponential level of connection will lead to an ever accelerating level of innovation. More change will be possible in one year than our grandparents experienced in a lifetime.
We think that’s exciting.
But it’s only exciting if you’re open to the idea of being part of one giant global connected community. If you are then you’ll have access to (and be part of) more game changing innovation, sooner.
So to answer the question ‘Technology: an opportunity or a threat?’ now you understand why we say that it depends who you ask and what lens they are looking through...
In fact there are already so many amazing opportunities to adapt your business to the new and emerging economy. We’ve touched on some of these in other blog articles such as ‘The On-demand Economy Shift’ and ‘Have your business in the cloud, not your head…’ but there are many more.
As business advisors and business-focussed accountants we see it as our job to help you navigate and strategise your business into the future. In our industry we’ve had to adapt rapidly too, so we understand.
But we see a world of opportunity and we’d love to help you achieve the same in your business.
Join the world opportunity, lets talk! Contact us for professional business and accounting advise.