The Basic 8 technologoies which all companies have to take under serious consideration is underlining the PwC in its recent report with the title Tech breakthroughs megatrend.
In a latest survey, PwC has evaluated over 150 technologies globally and has developed a methodology aimed at identifying technologies that concern small & medium private owned companies up to entire industries.
The result of this methodology is a “Basic 8” technology guide that PwC believes will exert great influence on business globally in the near future.
This 8 technologies are:
internet of things
The technologies that will have the biggest impact will vary from sector to sector, but PwC believes that the list of 8, includes technologies that will have impact on many industries, globally, in the coming years.
According to Vicki Huff Eckert, Head of New Business at PwC’s global network: “Most companies have set the foundations for emerging technologies by investing in areas such as social networks, mobile devices, data analysis and cloud. It is time for executives to look at more advanced technologies that will have a bigger impact on business. ”
In order to reach “Basic 8,” PwC “filters” technologies based on their business impact and commercial viability for the next 5 to 7 years (just 3 to 5 years for developed economies). These criteria included the degree of influence of technology on companies and industries, its global spread, its sustainability technique, including its ability to become a dominant trend, market size and growth prospects, and the pace of public and private Investment.
According to the results of the survey, companies are constantly awaiting the next major innovation, believing that a single technological trend will either not have a significant impact or it will take a long time to influence their industry. But today, overturning is taking place at a faster pace and on a larger scale than ever before. Historically, innovations disturb the balance for the innovators. In this sense, technological breakthroughs are de facto a dominant trend.
Wide use of technology combined with increased accessibility, influence, depth and impact will accelerate the implementation of “Basic 8” technologies.
PwC believes that “Basic 8” technologies will change the business models applied by companies, creating both benefits and difficulties. The dominant trend of emerging technologies will affect strategy, customer loyalty, business functions and compliance, regardless of industry and geographic area.
Therefore, business leaders must respond effectively to three fundamental questions:
– Do we have a sustainable innovation strategy and process?
– Have we quantified the impact of new technologies?
– Do we have a ‘road map’ for emerging technologies and update it on the basis of new developments?
According to PwC’s report, executives should not treat “Basic 8” technologies as a list of tasks that they assign to the CIO or the CTO. Instead, exploration and quantification of emerging technologies – and the strategic planning for their exploitation – should be a key element of corporate business strategy.
Prior to developing a strategy for innovation and the exploration and quantification of emerging technologies, executives have to educate (or update their knowledge) on these technologies and the opportunities they offer.