Positioning Your Business For Success – Top Tech Trends By McKinsey

Digitalisation

Bill Gates once said that “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.”

Peter Diamandis, co-founder of Singularity University (an innovation consultancy) claims that “In the next decade, we will experience more progress than in the past 100 years.”

Taken together, it seems that technological development would far surpass our wildest expectations!

What’s Trending in Technology

A recent study conducted by McKinsey has identified 7 cross-industry tech trends that would cause a shift in the company strategy, organisation, and operations around the world in the next 30 years.

The chart below features seven cross-industry trends:

  1. Automation & Virtualisation
  2. Increasing Connectivity
  3. Distributed Infrastructure
  4. Next-gen Computing
  5. Applied AI
  6. Future of Programming
  7. Trust Architecture
Content source: McKinsey

Effects And Impacts On Businesses

Labour and Time

The massive shift will happen in multiple areas, where half of more current-day work activities will be automated, while software development and analytics will see a potential 30x reduction in its lifecycle duration.

Business Processes

More than 75% of enterprise-generated data will be moving to the cloud, while more than 75% of digital assistants will see improvements in usability, personalisation, conversion, and usage. This would also suggest a burgeoning adoption of cloud computing and digital assistants in virtually every front-facing touchpoint of a business.

‘Web3’

It was also predicted that possibly 10% of global GDP could be associated with blockchain technology in just the next 6 years. ‘Web3’, as some would call it, runs on a decentralised networks and protocols. The most well-known blockchain would be Bitcoin. In fact, financial institutions are also beginning to see its potential and are getting on board in the recent years.

3-Tiered Approach To Leveraging Tech

To effectively leverage and innovate, businesses will need to have the foundation, the tools, and the foresight for its application. The chart below, adapted from the original report, helps to frame how you can approach the adoption of these technologies in tiers.

Content source: McKinsey

These work together to create exponential growth, new potential business models, and innovative operations and processes. For example, new programming modalities for software development, novel architecture paradigms for resilience, speed, flexibility, and the use of increased computing power and connectivity to deliver at scale.

Build Your Fundamentals: Doxa Connex

Coincidentally, Doxa’s collaborative trade platform, Doxa Connex, is built on strong fundamentals to facilitate your digital transformation. Our platform’s infrastructure (our Distributed Infrastructure) is built securely on the cloud and is designed to be easily enhanced through microservices. This gives us the flexibility to support procurement, payments, and financing in one expanded ecosystem. It can scale to fit the needs of businesses of any size, while requiring no IT commitment on your end.

Additionally, to deliver maximum value to our users, buyers, and their suppliers, Doxa Connex hashes your audit trail onto the blockchain (our Trust Architecture). This reduces the reliance on any one party to prove the authenticity of their transactions and facilitates the flow of money securely.

Finally, with interconnectivity and integration at its core, the platform is readily integrated with other tools and your technology stack through an open API protocol.

Start ‘Capturing The Most Benefit’

Implementing these trends require a thoughtful analysis of the impact, technical maturity, and fit within the organisation and the broader industry.

Here are some of the questions that you can consider:

  • How important is this trend for my industry or company?
  • Will implementing these technologies give my company a competitive advantage?
  • Is it the right time to scale any of the technologies given their stage and speed of maturity?
  • How do I approach the technology implementation?
  • How should I operationalise the technology to capture value?

Conclusion

These technologies will continue to see an upward trend in the years to come. The disruptions of 2020 and 2021 have pushed many to digitalise and adopt new technologies out of necessity. These research insights should give one the perspective and framework in building their technological capabilities.

If you would like to start your technology-driven digitalisation journey today, Doxa’s platform can help in establishing those fundamentals.

—————

View McKinsey’s interactive site or read the original report

Similar Articles

Articles