Technology is going to transform everyone. This is especially true if you are running a business. If you think that you have figured it all out and there is nothing more to learn, then step back. There is so much on its way that you are likely to be swept by the changes that new technologies will bring. The only question is whether you would want to take an active role or a passive role in this transformation. In this article, we will have a quick look at how CEO’s can help lead technology transformation.
What is Technology Transformation?
Technology transformation means a technological advancement that brings significant progress. This progress brings changes in the way things are done. Technology transformation creates new opportunities. It updates or evolves earlier ideas and makes new things possible that were not available with the previous technology.
It is evident how technology has contributed to human evolution. The discovery of fire and the wheel by the caveman changed the destiny of humanity forever. From savages and victims of nature, our ancestors became the masters of these forces and turned their lives into something they could not imagine before. A new reality opened before them. Technology paved the way for this transformation.
Ever since, humanity has come a long way in technology transformations. You need not even go back to a few centuries. This last century is enough. The idea of the special theory of relativity, transformation in the means of travel (automobiles, aeroplanes, railways, ships), the evolution of electronics, the breakthrough of telecommunication, the advent of the internet, television, and the progress of medical science have changed the human condition in the last few decades. The changes also mean how businesses function, which businesses thrive, and how new opportunities are available. The businesses that could not adapt to this transformation became obsolete.
The transformative nature of technology presents opportunities as well as challenges. As the CEO of your business, you need to make decisions to profit your business. Technology can bring those profits to you if you are ready for the changes that technology transformation brings.
How CEOs can Lead Technology Transformation
The first thing CEOs need to understand is how technology can alter the nature of business. Right from human resources to production and marketing, every area of business is going to be transformed. There are a couple of things where CEOs can help their businesses:
Money and technology are closely related. You need to invest in new technology, and this demands funding. As CEO, you should make financial decisions to support the financing of the technology upgrades. Financial concerns play a crucial role in adopting or rejecting a technological advancement. Make sure your business is on the right side of this advancement.
No technological development is possible without research. Research requires resources, inspiration, and focused efforts. All of these are impossible without proper funding. CEOs can foster research in their business environment if they address all these factors. Research can bring technical breakthroughs that can become technical assets for your company. Technical assets benefit hugely in any technological transformation. It’s wise to invest in developing these assets, and research is the best way to develop them.
Supporting Human Resources
Your staff is the best vehicle you have in the technology transformation you are hoping for. Humans are adaptive to change and have the creativity to bring new solutions when faced with challenges. Human resource is a valuable asset that can hugely benefit your business and manage any technological transformation. If you can groom your CTOs for new technology and train your staff adequately, you will witness ideas coming up faster than ever before. The best way to ensure your staff adapts to technological changes is to let them make those changes. Let them inspire and adopt creative ways to integrate new changes.
The best ideas in the business world were often an outcome of casual experimentation. Humans thrive best in the atmosphere conducive to their creativity. Your challenge as a CEO is to nurture creativity in your business. It requires careful efforts, but the benefits are huge. By default, CEOs need to be the face of inspiration in their business. In technological transformations, CEOs need to be the brain behind inspirations.
How important are human resources? A lot. Your human resources will drive the change in your business and make processes smoother for everyone in the business. They will build your technical assets and save you millions of dollars and countless wasted hours.
The next big technological transformation is about data and how it is handled. Big data, Data analytics, AI, Machine Learning are all new frontiers of technological transformation. Hardware support for these technologies is already on its way. NVidia A100 is an example of such infrastructure available on E2E cloud.