Wednesday, April 5, 2017

Similar Prediction about Business Trends in Digital Technology

After reading about "Ten IT-enabled business trends for the decade ahead," I remember that I’ve ever read a white paper from World Economic Forum in collaboration with Accenture that has a similar topic. They released a paper about Digital Transformation of Industries in January 2016 and mentioned five key technology trends: the internet of me, outcome economy, the platform (r)evolution, the intelligent enterprise, and workforce reimagined. Even though the terms are different, the idea of those articles is alike. Based on World Economic Forum paper, "the internet of me" is about placing users as the center of every digital experience. It is similar to the Mckinsey’s idea of freeing the business model through internet-inspired personalization and simplification that also discussed user-centric service. The second key technology, which is "outcome economy," addressed about the ubiquitous of sensor and connectivity. I think it has the same concept with the internet of all things and charting experiences where digital meets physical. Those also explained about how technology, particularly internet connectivity, can make everything accessible and easily monitored using the internet. The "platform (r)evolution" is about how cloud and mobile technology can reduce the costs to establish global platforms. It has a similar idea with "offering anything as a service and engaging the next three billion digital citizens" that discussed how mobile device could improve technology adoption in even some rural area. Another key technology, the intelligent enterprise, is about data science, cognitive technology, and processing power that applying big data to build a higher operational enterprise system. It also has a similar concept with the idea of the competing with big data and advanced analytics. One point that very interesting for me is the last key technology, which is "workforce reimagined" or what McKinsey called as the "automatic knowledge work." In my country (Indonesia); in the last five years, the emergence of new IT companies have already change the industry and the way we are working. IT systems are now replacing many repetitive tasks. As I worked in one of IT company before, we had replaced the physical transaction of flight ticketing and hotel reservations of about 50 thousands transactions per day. We also used data analytics to support our business. These trends are changing very fast in only a few years. Some points have been discussed by McKinsey articles but not in World Economic Forum paper are the social matrix, buying and selling as digital commerce, and transformation of government, health care, and education. However, I think those are only the impacts of cloud and mobile connectivity. Overall, we can conclude that practitioners have the same predictions about this business trends and we can see some of the predictions are happening now. Reference: http://www.mckinsey.com/industries/high-tech/our-insights/ten-it-enabled-business-trends-for-the-decade-ahead http://reports.weforum.org/digital-transformation/wp-content/blogs.dir/94/mp/files/pages/files/digital-enterprise-narrative-final-january-2016.pdf

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