Emerging Technologies

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.

Recently, TED, the nonprofit devoted to spreading ideas through short talks and discussions contacted me.  I was asked to be the host and moderate one of their discussions. I opened the event with a quote.  The quote – ‘May you live in interesting times’ is said to be the English translation of a traditional Chinese curse. Well, given all that is happening these days, you would have to say we have been cursed. I went on to point out that everyone has a different perspective that is based on their life experiences. The cumulative analysis of multiple perspectives is what produces the greatest value. That was what we were trying to achieve.

There are multiple technologies that have begun to emerge that will impact the world in the next few years. We are talking $$ trillions of value. It is being called the ‘Industrial Revolution 4.0’ and its impact on individuals and organizations will be profound. We have touched on this subject here on my blog. Wintergreen Research published a study estimating the Industrial Revolution 4.0 will grow to be $25 trillion USD in emerging market segments by 2025. To put that in context, that figure is greater than ANY country’s GDP (gross domestic product) in the world according to the latest figures in CIA world Fact Book.

To close the event I said, “The signs of the times are out there. Everyone needs to keep their eyes open and continuously read them. It is clear that adapting to the changes that lie ahead will be challenging and no one has all the answers. Areas where continuous education is needed already exist. Will the magnitude of technology advancement and the resulting changes require us to reinvent ourselves – only time will tell. Your views, opinions and interaction will likely give others the nudge they need to take action.”

Many organizations are struggling in their attempts to address the challenges and take full advantage of the many benefits that new technologies bring. Often times, the approach these organizations take is flawed from the start and many of those that aren’t, quickly become outdated.  Many take and approach as if the environment is static.  They suffer from technology singularity, when multiple emerging technologies (sometimes combine) are quite disruptive to their current models and must be addressed. In addition, they are focused on the possibilities that are either pragmatic or strategic.  Very seldom do they leverage both sets of values.  Keeping pace with the accelerating rate of emerging technologies is no small challenge to be sure.  A cohesive set of tactics that leverages a strategic and pragmatic approach further complicates this challenging issue. Those who take full advantage of today’s emerging technologies will bring about a transformation that is strategic, pragmatic and allow rapid organizational adaptation to the continuously changing world in which we operate.

Executive thought-leader Jason L. Ma said, “Passionately develop a positive and pragmatic psychology; a fine skill set; strategic thinking; and execution effectiveness.”