Over the past few years, speculation surrounding the potential impact of disruptive technologies -- including 5G, quantum computing and artificial intelligence (AI) -- has reached a fever pitch.
Soon, workplaces will feel their true impact.
Emerging Tech To Plan For
A recent survey found that six out of 10 global business and technology executives believe that 5G will cover almost the entire population by 2022, while seven out of 10 believe 5G applications will give them a competitive advantage with customers. Better yet, 5G may help pave the way for low-latency, high-bandwidth networks that are essential for scaling AI, internet of things (IoT) and robotics applications across an enterprise.
But as with any new technology, the rewards of 5G are accompanied by risks. Increased operating costs from the installation and maintenance of 5G networks, coupled with the potential for additional cyberattacks, could diminish the positive impact 5G is set to deliver.
Yet another innovation that offers both risks and rewards is quantum computing. Capable of increasing processing power, quantum computing is poised to solve particularly complex problems while also introducing high-speed testing of formulations. For example, it will enable the pharmaceutical industry to rapidly prototype and model new drug formulations.
Among the potential downsides to quantum computing is the effectiveness of encryption algorithms. As quantum computing becomes more powerful, current encryption algorithms could become obsolete. IT leaders will need to keep up with developments in post-quantum encryption and new algorithms that are being vetted by NIST. Although there’s potential to leverage the power of quantum computing for more sophisticated AI, data modeling and computation, the quantum computing industry’s projected valuation of nearly $50 billion won’t come to fruition if CIOs and IT teams don’t take the time to understand new technologies.
In the same way 5G and quantum computing should be carefully considered by CIOs, it’s worth thinking about AI and machine learning within the context of a company’s goals. After all, there is plenty to gain from the two innovations.
The emergence of new applications within manufacturing and heavily regulated industries such as healthcare stand to increase the impact of both AI and machine learning over the next few years. In fact, research from the McKinsey Global Institute suggests that by 2030, AI could deliver an additional global economic output of $13 trillion annually. However, that’s not to say AI is free from potential downsides. While today, most executives tell McKinsey that they see “moderate value” from AI, use of these technologies is in its very early stages and could lead to a range of unintended consequences, from inefficiencies to new kinds of risks.
Understanding New Technology
CIOs interested in capitalizing on emerging technologies and ultimately staying one step ahead of the competition would be wise to start preparing for the future ahead. From identifying upskilling opportunities to retaining top staff, CIOs who recognize the impact of new technologies as well as what that means for their businesses will be well-positioned for success moving forward.
To ensure the effective adoption of new technologies, CIOs must first understand how those technologies can help support long-term business growth. That’s where it pays to learn from experts. CIOs should make a habit of attending industry conferences and networking with respected authorities in their industry. The sooner CIOs begin to deepen their understanding of a specific technology, the easier it will be to guide conversations about such technologies throughout the office.
Another step CIOs can take to reap the rewards of new technology is joining a peer networking group. Designed to provide insight into the thoughts and actions of other leaders, a peer networking group can help ensure CIOs stay up to date on innovations making their way into the industry. Similarly, regional organizations, along with analyst briefs from respected research firms like Gartner and Forrester, promise to prepare CIOs for emerging tech.
Once CIOs have a good grasp of new technology, it might be a good idea to formalize the introduction of such innovations. After all, technology employees aren’t yet familiar with could cause plenty of confusion. That’s where cross-functional incubation can make all the difference. CIOs that clearly outline the testing and implementation of new technology across teams will increase the chances of a smooth transition.
Hiring For The Future
Keeping pace with new technologies also means building out a staff that both knows how to implement emerging innovations and evolve alongside them. New hires should be well versed in the latest programming languages, such as JavaScript or Python, to ensure they can continue working with new technologies even as their capabilities become more advanced. This embedded flexibility can go a long way toward future-proofing an IT staff.
Continued learning and development is one way to entice new hires while keeping current employees engaged. CIOs should extend development opportunities such as certification programs or access to industry events and conferences. Otherwise, with unemployment at a historic low, there’s a good chance new hires with advanced skills will receive offers from competing companies.
Incorporating Innovation Into Your Plan
CIOs looking to make the most of fresh innovations should re-evaluate their IT strategies long before technologies like 5G are widely adopted. Meeting with teams across departments can help provide the insight needed to adjust specific goals and prepare for the windfall of data 5G is poised to deliver.
Making room in the budget for additional investments may also prove helpful, especially as new technologies necessitate upgrades. For example, the inherent risks of 5G may need to be addressed through the improvement of security protocols. Meanwhile, employees will require supplemental training to keep up with the changes brought about by new technologies.
As disruptive technologies take shape, now is the time for CIOs to plan for change. Those who learn about the impact of new innovations, hire and retain an IT staff with future-facing skills and plan for innovations such as 5G, quantum computing and AI will increase their chances of success both now and in the future.
