Emerging technology (ET) could have different meanings for different people and organisations, according to their context and starting point. Although it is a term which is generally used to describe a new technology, it can also refer to the continuing development of an existing technology. High potential, disruptive nature, uncertainty of output and interdisciplinary are a few characteristics of emerging technologies. Leveraging these, ET can have potential business impact and the ability to change the status quo.
For a business leader considering investment in ET, timing is of utmost importance. Technologies like artificial intelligence (AI), machine learning (ML), augmented and virtual reality, quantum computing, and blockchain, can drive considerable growth for organisations. However, without the right approach, these can result in wasted investments and loss of business opportunity.
So, what can help a business leader to avoid falling for the hype or lagging behind? How should he/she balance these efforts with other pressing needs like compliance obligations and day-to-day operations?
Key findings from the recent PwC 2023 Emerging Technology Survey Shows that show that very few companies are getting investments right. Executives in these organisations have reported higher benefits (based on the two indexes measured) from ET in general and GenAI particular. We call these companies EmTech accelerators (7% of respondents).[1]
While most organisations have invested in proof of concepts for individual ET, they realise that when these technologies converge, they create something greater than the sum of their parts. A few examples of the same are as follows:
- Cognitive automation: By combining robotic process automation (RPA) with AI and ML techniques, organisations can develop cognitive automation solutions that can analyse unstructured data, make intelligent decisions and adapt to changing circumstances, thus significantly enhancing the capabilities of RPA systems.
- Integration with edge computing: Advanced analytics and big data technologies can integrate with edge computing infrastructure to enable real-time data processing and analytics at the edge, supporting latency-sensitive applications in internet of things (IoT), AI and other areas.
There are other examples like:
- AI applicability on cybersecurity applications
- explainable and augmented AI
- hybrid and multi-cloud analytics.
There are four practices that explain their outperformance of EmTech accelerators. We’ve outlined these here:
- Think big: Use ET for reinvention.
Most organisations have taken a measured approach to ET. Now, many of these technologies are too valuable to treat as isolated pilots or PoCs. EmTech accelerators are not aiming for operational efficiencies – they are aiming for new operations.
- Commit to it: Allocate the right resources.
EmTech accelerators invest wisely in financial and human capital. They achieve a balance between upskilling the existing workforce and acquiring external talent.
- Think convergence: Integrate your ET.
EmTech accelerators understand the integration imperative very well. ET work well together and the combining impact of multiple technologies and their resultant computing power can be really disruptive.
- Drive integration: Embed EmTech into business strategy.
When ET is a part of business strategy, it has a higher chance of fulfilling its potential. Therefore, both business and technology leads need to collaborate to connect the dots with the existing technology and business landscape to make a transformational impact.
Organisations are increasingly looking to harness ET to create impact at scale. They do not want to fall into the use-case trap. Senior stakeholders are looking for technologies which are designed for trust and have explicit usage policies, data governance and responsible practices defined. As the world embraces these technologies, business leaders need to invest shrewdly and execute their plans wisely to make an impact and build an organisation that’s fit for future.
[1] https://www.pwc.com/us/en/tech-effect/emerging-tech/emtech-survey.html
Author – Dheeraj Gangrade
Partner and Leader – Consulting, GCC, PwC India