Emerging Technologies

In a recent survey by the management consulting firm Deloitte, over 50 percent of respondents said that Blockchain was critical and would be in their top 5 strategic priorities.  That view seems to be supported by a market research report that Blockchain projects were likely to experience up to an 80% compound annual growth rate (CAGR) between 2018 and 2025! A September 2019 briefing suggested the global Blockchain market could top $160 billion by 2025. Other suggest that the Blockchain market in the United States will top $40 billion by 2025. Clearly a robust market with high growth.

When I looked into these results, it was unclear just how Blockchain fit and would be strategically leverage within organizations. A co-worker wondered what their definition of ‘strategic’ was! On the opposite end of the spectrum, a much smaller number, only 3%, felt Blockchain was not relevant. Without question, Blockchain fits somewhere in between the two ends of the spectrum. It would be interesting to examine the organizations in that 3% and find out their industry and operational model(s).  Perhaps they have just not examined the current and projected Blockchain application suite that is widely discussed on the web.  However, like most emerging technologies, there are those that believe the value of Blockchain is vastly overstated and may never come to fruition for many organizations.

Now for the issues.  The number-one barrier that was identified in a recent survey was actually a tie between replacing and adapting existing/legacy systems (as usual) and regulatory issues. I am not really sure what they are getting at with regard to regulatory issues, at least at this time.  I would have thought it was finding properly skilled resources to bring these Blockchain concepts into reality.  I thought an in prompt to look into the applications might be of interest.  Here are the top 5 application areas that was discovered.

• Smart Documents
• Security Applications
• Financial Applications
• Cryptocurrency Applications
• Asset Management & Tracking Applications

I like to get this groups opinion about a few of these topics. Here are a few questions.  Have you managed a ‘Blockchain’ project? Is your organization actively exploring the use of Blockchain technology? How comfortable would you be if you were handed a Blockchain project to manage tomorrow?

Looking back, I remember my first personal computer in the early 1980s, the first time logging into an online service (CompuServe - over a 300 baud dial up modem by Radio Shack) in the early 1980s as well, my first IBM PC compatible computer (640k of memory and 20 meg hard-drive), the introductions of servers (no longer just mainframes), cell phones,  the introduction of the web browser (NETSCAPE), smartphones, and so much more.  This technology evolution took decades.

Now the massive advancements and introduction of numerous emerging technologies are beginning to minimize the ability to assess their disruptive changes on one hand, and planning their strategic integration on the other.  This is beginning to have a huge impact on nearly every aspect of our lives (business and personal). A short distance ahead we can begin to get a glimpse of what our business and personal lives might be like with all of the emerging technologies culminating into the high-tech world of tomorrow. 

Some seem to think it is already hear.  Others believe it is vastly overstated and may never come to fruition. What we have begun to experience is without question the new normal.  The new normal is the inflection point where multiple technologies rapidly move from the research and experimental phase to real-world commercial application and a topic on the agenda of board meetings. This period will only take a few years (3 to 5).

The big question on the minds of strategists and business leaders is what should we expect to be the next normal? Perhaps that should be on the minds of every program and project manager as well. All too often we are so caught-up in the trials and tribulations of delivering current programs and projects, future planning falls by the wayside. Don’t you think it would be best if we all take steps and begin to prepare for this coming period of rapid, dynamic change whether it is in 2025 or beyond. After all we will be expected to deliver it!  I think we all would be much better off that way.

INSIGHT: John Sculley former Chief Executive Officer (CEO) of Apple in the early 80s said, “The future belongs to those who see possibilities before they become obvious.”

Looking at a number of ongoing discussions on professional blogs, social responsibility is now a growing requirement for every organization and I would add professional. Interestingly enough, the project management profession is far from being exempt from this responsibility. An organization’s products, services, policies and programs are under increased scrutiny with respect to the implications these elements have on society. A subtle movement has been taking place for years that focuses on holding organizations accountable for fulfilling their civic duties and monitor their efforts to benefit society in general. It looks at an organization’s efforts to benefit the planet, people, prosperity and peace. All noble efforts to say the least. Some find this troubling because in many cases these undertakings run contrary to maximizing profits, which has been a primary focus for decades.

Emerging technologies bring with them some unique capabilities that some find troubling. There are some that are so troubled by one or more of these technologies, they take action. Artificial intelligence is one of the emerging technologies that has taken center stage when it comes to some being troubled.  An interesting example became well publicized when Google employees and other protesters/critics voiced their concerns when Eric Schmidt delivered his keynote address at Stanford University’s AI conference. Another example came late in 2018 when workers at Amazon’s warehouse in Europe spoke out saying ‘we are not robots’ in their protests. Once again, these show a derivative implication from the disruption of emerging technologies. Could the protests impact programs and projects – yes. As a profession and as the person on point for delivery of initiatives that might be disputed, it is a risk that must be assessed and managed.  On the other side of the coin, we may all be managing programs and projects that are clearly an organization’s undertaking within their social responsibility efforts.

THOUGHT:  Carrie Underwood, American singer, songwriter, and fashion designer said, “Successful people have a social responsibility to make the world a better place and not just take from it.”

Check out the results of my poll asking if those responding organization was socially responsible.
Link: https://www.projectmanagement.com/polls/587748/How-socially-responsible-is-your-organization-

When talking about break-through technologies - some place them together under the header of Exponential Innovation, while others put them together under Exponential Technology.   No matter what you call them, they are those technologies where their capabilities (functionality, capacity and performance) doubles in each reporting period of time (typically annually). These technologies are at a point in their evolution where their price/performance makes them viable solutions to real-world problems that up until this point in time, could not have been functionally and/or economically addressed.  Now let’s consider the current spike in the creation and discovery of advancements in technologies that bring with them creative products and services, innovative solutions, and breaking traditional best practices and or thought processes. Basically, we are talking about DRAMATIC CHANGE!

When discussing this topic, many are quick to point to the evolution of microprocessors (chips) as to the first initiation of such an occurrence and reporting. Regardless of its point of origin, it is changing how we must think about business strategy. Below are five of the more commonly referenced exponential technologies of today (alphabetical order).

• Additive aka Accretive Manufacturing (3D Printing)
• Advanced Robotics
• Artificial Intelligence (AI)
• Biotechnology
• Virtual Reality/Augmented Reality/Human Augmentation (VR, AR and HA)

Stop for a moment and think about these five technologies and the potential implications of their exponential advancement on your organization and more importantly, your career. Now consider this represents only a small percentage of the technologies commonly put under this same exponential innovation umbrella. How prepared are you and your organization? If you’re not, time is flying by.  It might be a career limiting move if you fall behind or fail to catch up.

INSIGHT: John D. Rockefeller said, "Don't be afraid to give up the good to go for the great."

November 2019 - I was just named by Thinkers 360 one of the 'Top 50 Global Thought Leaders and Influencers on FinTech'

Link: https://www.thinkers360.com/top-50-global-thought-leaders-and-influencers-on-fintech-november-2019/