Emerging technology (ET) means different things to different audiences and organizations, depending on their respective contexts and starting points. While commonly used to describe a brand-new technology, ET can also pertain to the ongoing evolution of existing technologies. Characterized by high potential, disruptive nature, uncertainty of outcomes, and interdisciplinary applications, emerging technologies possess tremendous potential to impact businesses and transform current paradigms.
For business leaders contemplating investments in ET, timing is absolutely critical. Technologies such as artificial intelligence (AI), machine learning (ML), augmented and virtual reality, quantum computing, and blockchain hold substantial promise for driving organizational growth. However, without an effective approach, these technologies could lead to squandered investments and missed opportunities.
How can business leaders avoid being ensnared by the hype or falling behind their competitors? How should they balance technological ventures with other crucial priorities like compliance and routine operations?
Insights from the recent PwC 2023 Emerging Technology Survey reveal that few companies are getting their investments right. Executives at organizations that excel in leveraging ET have reported considerable benefits, particularly from general and generative AI. These companies, labeled as EmTech accelerators, constitute a mere 7% of the survey respondents.
Most organizations have invested in proof-of-concept (PoC) projects for individual ET initiatives. However, they recognize that the convergence of these technologies can create significant value beyond their isolated contributions. Consider the following examples:
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Cognitive Automation: By merging robotic process automation (RPA) with AI and ML techniques, organizations can develop cognitive automation solutions capable of analyzing unstructured data, making intelligent decisions, and adapting to changing circumstances, thereby significantly enhancing the capabilities of RPA systems.
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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. This supports latency-sensitive applications in internet of things (IoT), AI, and other areas.
Additional examples include the applicability of AI in cybersecurity, the development of explainable and augmented AI, and hybrid and multi-cloud analytics.
Four practices set EmTech accelerators apart from their peers. These practices are detailed as follows:
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Think Big: Use ET for Reinvention.
Most organizations have taken a cautious approach to ET. Now, given the substantial value these technologies offer, they should not be confined to isolated pilots or PoCs. EmTech accelerators aim not just for operational efficiencies but for transforming operations altogether. -
Commit to It: Allocate the Right Resources.
EmTech accelerators invest prudently in both financial and human capital. They strike a balance between upskilling existing employees and bringing in external talent. -
Think Convergence: Integrate Your ET.
EmTech accelerators grasp the importance of integration. They understand that ET works better together; combining multiple technologies and leveraging their collective computing power can be exceptionally disruptive. -
Drive Integration: Embed EmTech into Business Strategy.
When ET is integrated into business strategy, it is more likely to reach its full potential. Therefore, both business and technology leaders must collaborate to align ET with current technologies and the broader business landscape, enabling a transformational impact.
Organizations are increasingly looking to leverage ET to create large-scale impact. They aim to avoid the pitfalls of isolated use cases. Senior stakeholders seek technologies designed for trust, with clear usage policies, data governance, and responsible practices. As the world increasingly adopts these technologies, business leaders must invest wisely and execute their strategies thoughtfully to build future-ready organizations.