The Acceleration, Opportunity, & How To Keep Up
blink of an eye and there’s a new app that changes the way we do business; an AI tool is released that’s going through rapid iterations over weeks (not decades); established companies who have done things a certain way for decades must now make fundamental changes; and there’s no stopping the pace of change.
So why is this happening? Most importantly, how do we keep up with what’s happening in our world today—whether you’re a consumer, a small business or a large corporation?
In this article, we’ll take a closer look at what’s causing this rapid change and what kinds of opportunities are available for consumers, small business owners, large businesses, and anybody else who wants to stay ahead rather than be left behind in the digital age.
Various Forces Driving Digital Transformation
1.Growing Computational Resources Exponentially
For many years, computer speed has doubled, as predicted by Moore’s law. In recent years, with increasing adoption of specialized chips (GPUs, AI Accelerators), manufacturers have achieved speed increases that are greater than what Moore’s law predicted.
Insights from Experts
The Semiconductor Research Corporation says that AI Optimized Chips can perform specific operations at 100 times the rate of traditional CPUs. As a result, innovation cycles have been significantly accelerated in these areas of technology: Machine Learning, Robotics, and Big Data.
Examples of What You Can Do Today
Open AI’s Chat GPT, Mid Journey, and Google’s Deep Mind’s Gem in Ai rely on vast amounts of computational power, which was prohibitive commercially just 5 years ago.
2.Artificial Intelligence (AI)
is rapidly transforming tasks and duties, allowing greater, more efficient and creative means of doing them. AI has advanced rapidly across all industries that utilize Automating work(s).
AI models are improving on a continual and constant basis, thanks primarily to these factors:
- the growing amounts of data and information they are learning from;
- the increased speed of computers and technology available for deployment;
- the increased speed of iteration available to developing companies as a result of deploying online rapidly;
user feedback loops help to further improve an AI model.
Customer Support Example
The implementation of AI chat agents by one of the world’s largest telecommunications companies resulted in:
- A 40% reduction in the cost to provide support;
- A 60% faster response time for resolving issues;
A significant improvement in customer service experience in only three months.
As a result of these advancements, many other business sectors are now looking for opportunities to adopt AI and Achieve the same results.
3.Global Collaboration (HyperConnectiveness)
As technology has advanced to be more integrated than ever before; enabling any team to work collaboratively to Innovate and Improve around the clock (24/7).
The effects of Remote/Hybrid work on Product Development have increased by 20% to 50%, according to Digital Socialicists studying this issue.
Example of HyperConnectiveness
Open Source Software (OSS) has developed rapidly over time as a result of numerous contributors from Around the World. The OSS has seen an average of several thousand updates per day. In the last number of years, projects like Kubernetes and Linux have each experienced more than 300 contributors from countries all over the globe.
4.The Volume of Data Being Produced Has Hit an All-Time High
Data is generated through every interaction that users engage with, including purchasing, searching, and checking into locations. Companies are using data to help with things such as:
- Forecast trends
- Customise user experiences
- Providing better data training for AI
- Improving Supply Chain efficiency
Related To The Above
According to IDC, the amount of data created globally will increase from 2 Zettabytes in 2010, to over 180 Zettabytes by 2025.
The increased creation of data is helping to create an environment where innovation is created faster through having access to constant user interaction and market trends information.
5.Digital Products Can Scale To Millions Of Users Instantly
Digital products do not have the same limitations as physical goods. Digital products can be spread rapidly to millions of users at very little cost.
Example
Within one year, social media applications (such as BeReal) typically grow from fewer than 1 million to over 20 million users, often as a result of viral sharing and global distribution.
The ability of digital products to immediately adapt to user feedback and pressure from competing companies to modify its feature sets, enhances its ability to adapt to customer demands, allowing for quicker updates and better user experiences.
Keeping Up with an Unrelenting Speed of Digital Transformation
Your business can thrive in today’s speed of digital transformation as long as you Actively Pursue Continuous Learning.
The best way to do this is to learn continuously as the capabilities of technology are constantly changing.
1.TIPS ON BECOMING A CONTINUOUS LEARNER
- Set aside 10–20 minutes per day for reading Technology-related News and/or Watching Video Tutorials.
- Find Trusted Technology Leaders who are Sharing Their Knowledge and Follow them on LinkedIn, YouTube, or other platforms.
- Try to Experiment with New Tools, even if only in a casual manner.
2.Utilise A.I. Tools to Streamline Your Work
AI Tools are no longer exclusive to Engineers; Rather, AI Tools are Available to Every Individual!
Examples:
- Produce Written Content more quickly using AI Writing tools
- Automate Mundane / Repetitive Tasks (Scheduling / Data Extraction) by utilising AI Technologies; and
- Create Prototypes Faster by utilising AI Design Tools.
- Implement Chatbots to handle Simple Customer Inquiries; AND
3.Create Your Business’s Tech Agility
Companies that Do Not Change quickly, will quickly fall behind their Competitors!
Ways to Create Agility (with your Company/Organisation):
- Use Cloud-Based Systems; AND
- Utilise Low Code Development Tools to Create and Maintain Your Tech Solutions efficiently and at-Speed; AND
- Consistently Review Opportunities for Automating portions of your Business; AND
Build Strong Cross-Functional Collaboration between Teams and departments.
4.Cybersecurity should be Top Priority
There is a rise in cybersecurity risks as a result of the increased rate of growth within the Digital Age.
Cybersecurity analysts recommend several things when creating a secure environment. These include:
A zero-trust security model;
- Multi-factor authentication is required for every single user that accesses company information, regardless of whether they are on-site or working remotely.
- Regularly auditing systems and processes; and
- Training all employees according to the National Institute for Standards and Technology (NIST) guidelines. This is the most effective line of defense against cyber breaches.
5.Cyber Well-Being Should be a Top Priority
Complete technological immersion will result in employee burnout.
To combat burnout, there are practically proven habits to decrease technology usage and provide more quality time away from technology, including:
- Taking time away from devices;
- Setting limits on the time spent on devices (setting focus mode);
Establishing boundaries for when to stop working.
In summary, you need to maintain a balance between the amount of time using technology and maintaining good mental health to ensure long-term success in the Digital Age.
Embrace the Speed of Change—Don’t be Afraid of It
The speed of change in the Digital Age will continue to increase as technology advances at an unprecedented rate. That speed will not decrease. However, by being aware of what is happening within your sphere, being flexible to adapt as required, and utilizing the proper tools for the Digital Age, you will not be overwhelmed by change, but will succeed.
The Next Step
Pick one area of your Digital Life/Business and upgrade it this week. This can be anything from implementing an AI tool, learning a new software application, improving your Cybersecurity and/or learning about something that’s new in the digital world—by taking one small step today, you will remain relevant tomorrow.
