Are you ready for your conventional wisdom being challenged by the changes in thinking being brought about by the introduction of emerging technologies? That is a growing concern of an increasing number of researchers and professionals. It is likely this will hold true for a growing percentage of program and project management professionals and other leaders that face this highly complex situation. An analysis of 17 emerging technologies suggest that they will create a global market of nearly $7 trillion USD in 2025. The new and unique application of those technologies and their implications will create some challenges to our mental models. They will also increase the number of programs and projects that must be managed.
As we evolve through our professional development and careers, we gain experience we use and build upon year after year. Professionals have counted on conventional wisdom to various extents, when it comes to execution of our work, duties and decision making. Conventional wisdom is made up of our past experience and of one's self, as well as subject matter expertise and what we learn from other professionals their body of ideas, explanations or advice that has gained general acceptance in a field. That is what makes PMI and the ProjectManagement.Com platform so valuable.
The numerous pieces of emerging technologies, individually and when 2 or more begin interacting, will challenge conventional wisdom! These new and exciting capabilities open up innovative opportunities for change and those changes are what create competitive advantage and completely new business models. It is critical that PMs engage program and project stakeholders and ensure they are aware of the issues and opportunities emerging technologies create. They must also be made aware of the challenges they create for program and project management. Stakeholders must be educated at a high level, and provide a transfer of awareness of the disruptive implications of the new and emerging technologies involved in the initiatives under management. This requirement holds true for C-level executives and members of the Board of Directors as well.
I am sure this is not the first time most PMs have needed to adapt during their careers. Nor, will it be the last time the need to adapt arises. That being said, what is changing is the frequency this is likely to occur and the speed the adaptation must stake place. Harvard President Charles W. Eliot said in his 1869 remarks, “A good past is positively dangerous, if it makes us content with the present, and so unprepared for the future.” I would add it gives us a false sense of security in our decision making. The current state business and technology demands we open our minds, continuously explore what might be possible and seek out value from emerging technology.
WARNING: 2 Significant Cyber Threats
Categories: Cyber Threats
WARNING: SIGNIFICANT CYBER THREATS IDENTIFIED!
February 9th, 2021 the U.S. FBI issued an ALERT. They warn companies about the use of out-of-date Windows 7 systems, poor account passwords, and desktop sharing software TeamViewer.
Currently (Jan 2021) estimates reported that there are around 100 million PCs that are still running Windows 7 and support for that operating system ended in January 2020! That means updates and patches stopped back then!
As for TeamViewer: The TeamViewer community is currently identified as over 200 million users worldwide. To put that in context, that is greater than the combined populations of France and the United Kingdom!
Immediate corrective actions are highly recommended.
Edge computing refers to devices that collect, generate, process or otherwise handle data and function not on what is commonly referred to as a computer network but in a hybrid setting. This vast array (and growing) number of devices in operations produce a substantial amount of data that is sent back to a common processing center and is further processed with the outcome put to use. This is what is expected to drive the Edge computing market to $7 billion by 2025. That is a 7-time increase from 2019. Once again, another technological initiative with new components that has begun to fall on the plates of program and project managers. It is also driving demand for data scientists, that is another profession in short supply.
The challenges of digital business transformation, privacy and compliance have fueled the growth of both edge and cloud solutions. This is particularly true for small and medium sized organizations. Many believe this trend will continue for the foreseeable future. With all that is changing, who could blame any business leader looking to off-load their IT infrastructure to a highly qualified 3rd party. This allows them to concentrate on the business side of the growth equation. So, combined edge and cloud technology initiatives, will grow and increase expectations and demands being placed on program and project managers for at least the next few years!
We are in the 4th Industrial Revolution (4th IR). Just as has been discussed on this blog before this continues to create the need for change. There are multiple technologies that are, and will contribute to the 4th IR. I am actively tracking 17 of them at this time. That being said, biotechnology is one of those technologies and it will play a transformative roll in the 4th IR and the information that is generated is where a substantial amount of value rests. Currently the top countries in terms of spending in biotechnology are the United States followed by Japan, Switzerland, France, Germany, and Denmark. It should be noted that China continues to increase its investment in biotechnology research and development. With all the potential that biotechnology is showing, we will continue to see increased investment by both the public and private sectors around the globe. All that means more biotech projects and that means assignment for PMs.
INSIGHT: There appears to be a considerable amount of public concern about some of the areas of biotechnology and the potential impact it could have on society. One recent conversation highlights this concern. Think about the implications of integrating 3D printing and genetic engineering (creating human cells). The combination of genetic engineering and 3D printing has brought public concern of the creation of replacement human parts. That is something to think about for sure.
Bioinformatics – it alone is estimated at growing at a double-digit compound annual growth rate (CAGR) to over $18 billion USD by 2025. Again, with that amount of growth, a number of bioinformatics programs and projects will need managed.
CAUTION: Analysis requires increased care as some place the biotechnology data under the umbrella term – Big Data while others break it out separately. Either way, some of that information is regulated!
Like all emerging technologies, Bioinformatics is in the basic and applied research stages and begun to enter the commercialization stage. Its robust growth brings with it the ever-nagging problem of finding properly skilled resources to write the software, analyze the data, build the products that support the acquisition of the data and so much more. A quick search of one job board find nearly 3,500 bioinformatic jobs listed. Another technology where subject matter experts are in short supply.
Reconfigurable computing (RC) is an area of research that is poised for advancement and growth in the next few years. RC is the umbrella term that includes flexible, adaptable, field adjustable hardware and software. The number of applications where RC can play a pivotal role is significant. An online seminar of the subject compared RC to the popular toy – transformers. That should give you a good idea of what this is all about. Although, RC is much less in the physical aspect and much more from an operational perspective. At this point, RC is early in its technology evolution life-cycle. It is well into the basic research with a few ventures into the applied research stage. At this time rough ball-park estimates suggest the compound annual growth rate (CAGR) has just recently entered into the double digits through 2025 with a global market estimate topping $3.5 billion in the same time-frame. It should be noted that some put the estimate much higher, but give the current global situation, the lower figures seem more reasonable at this time.
INSIGHT: Consider the benefits for RC in hostile (remote) environment. One computer that reconfigures itself to support all of the various applications in exploring the moon or mars is a good example. It is more compact than multiple computers, reduces weight compared to multiple computers and decreases the overall cost of building and using multiple computers. Inter-applicability is the key attribute!
Currently there is an open, limited but growing amount of reconfigurable hardware and an even more limited amount of reconfigurable software. Some believe in the next few years we are likely to see an increasing amount of open source reconfigurable software, but I am skeptical. This innovation is projected to bring with it, significant value through a reduction in cost of change as well as increased adaptability.
INSIGHT: Consider the benefits to manufacturing when you have a base model that you can configure to meet your needs as they change! While the current state of this technology is limited, it will likely accelerate and grow in the next several years.
In the near-term, the commercial application space for RC is beginning to bloom with one of the hottest areas being the Internet of Things (IoT). Think about building one basic system and reconfiguring it for the seemingly endless IoT applications that are currently being discussed. Another robust applications space is in the area of sensors. All things considered we are in the early stages of what at this point looks to be another high growth emerging technology with significant amount of work for all of us.
Wishing all of you a HAPPY Holidays!