Emerging Technologies

We have entered a period where for program and project managers to be successful, they must be fluent with current technologies and have an appropriate consciousness of emerging ones. One of the top technology strategists I interacted with recently said, “the most dangerous issue we face today is the increasing number of those who think they know what is going on in the rapidly changing world of technology and in all actuality they don’t.” I believe that equally as dangerous are those that do not believe they need to maintain a solid awareness of current technologies and those that will be emerging in the near-term. During a board meeting a co-project manager was asked about demonstrations that took place over emerging technologies that are a threat to multiple well-paying jobs for workers. This was particularly important given the company was about to kick-off a series of projects under an automation initiative that leveraged a few of these job disruption technologies!  The program manager stated they were unaware of the events that occurred in multiple countries and covered by the news media within the past 30 days.

As a long-time program and project manager, I can easily see just how my career could have been negatively impacted by a lack of technology awareness.  As professionals, we should stop and consider for a minute the emerging technologies that are likely to impact the company we work for or that could be introduced into one of our current programs or projects. The number of technology related questions seem to increase on a very frequent basis. Here are a few of the most common that I have seen asked and have actually experienced personally.

1. What are the top three technology risks for this project?
2. When did you first become aware of and monitoring a technology (they named) that would be a part of this project?
3. What do you feel is the biggest challenge you face as a program or project manager of initiatives that involve new technologies?

What if you were interviewing to become a program or project manager? How comfortable are you that you could properly respond to these three questions?  After all, related current and emerging technologies are part of domain knowledge.  However, having a proper response is not an easy task. You have to filter out the bias reports about existing and emerging technologies. It would be very interesting to hear some of you respond to these questions in the comment section below!

INSIGHT:  Researching one specific technology often results in conflicting information from well reputable sources. Do you believe analysts say what supports the majority of their clients?  That seems to be a growing opinion!

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.”

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."

Earlier this year, Forbes published an article titled, “Today's Companies Have a Technology Adoption Problem, Not an Innovation Problem.” By most accounts they are correct.  As for emerging technology, some organizations don’t understand it, some believe they can’t afford it, others believe it is just not necessary. Whatever the reason, failure to monitor and adapt to emerging technology driven change is a big risk.

Leveraging these emerging technologies is necessary for any business to grow and prosper as well as for an increasing number to even survive!  The following are the five most likely highly disrupted industries based on my analysis of the current state of emerging technologies. (In alphabetical order)

• Construction
• Finance & Insurance
• Government
• Healthcare
• Real-Estate

The way we live and work is changing. Emerging technologies have begun to have an intense effect on organizations large and small.  There is a delicate balance that must be achieved between likely benefit(s) and the risk(s) of dealing with the new/unknown.  Subject-matter Experts (SME) believe organizations need to take the first step.  They commonly recommend ‘Pilot Projects’ as the best approach.  Some suggest organizations seek and independent opinion from an objective third-party about the emerging technologies and or project(s).  That is great advice before any organization jumps into the deep end of the emerging technology application pool. We all know what that means, more pilot programs and projects coming into our offices and being laid on our desks. Given the current workloads, resource shortages and increased expectations with regard to accelerating the delivery pace, the existing demand and overload sure looks like it will continue to increase with little regard to PM workload.

Insight:  Douglas Rushkoff, American Journalist said, “When things begin accelerating wildly out of control, sometimes patience is the only answer. Press pause.”

The business world is undergoing dramatic changes.  Digitization and emerging technologies are about tremendous implications today and will continue throughout the next few years. Both digitization and emerging technologies, are rapidly driving global economic and business transformation and it’s demanding global expansion and integration. The continuing wave of digitization and change, as well as emerging technologies are basically making businesses borderless. Organizations, employees, and governments must begin to respond to this global transformation.  Nearly all organizations that were asked stated that digitization and emerging technologies will be disruptive in the next few years.  All things considered, there is a widening functional gap between organizations that are beginning to mature in their digitization and those who have not yet begun. Nearly all have come to believe that usage of emerging technologies has just begun and is starting to accelerate and have significant implications. This requires all organizations, managers, employees as well as colleges/university students to begin and prepare and obtain the new skills that are required given to going digital and transformation driven by emerging technologies.  All of this has combined to dramatically change risk models and demand new business and operational processes, metrics, and risk mitigation.  With all of this considered, less than half of professionals that were asked, believe their organization’s leaders are spending enough time addressing digitization and emerging technologies.  How prepared are you and your organization?

John Naisbitt, a U.S. Business Executive said, “Whenever a new technology is introduced into society, there must be a counterbalancing human response - that is, high touch - or the technology is rejected...”