Technology shapes the future, including the direction of business leadership.
In the past, business leaders were not expected to handle tech-related concerns; that was what the IT department existed for, after all. But with the way new technology is affecting processes in the enterprise, business leaders should always be on top of changes to stay ahead of the competition.
We’re only at the top of the iceberg with regards to what technology can do, but within the past decade alone, there have been new developments that already changed the way we do business.
For example, social media. Facebook and Twitter, two of the world’s biggest social networking sites, didn’t exist before 2003, yet nowadays, everyone from corporations to small businesses are utilizing the power of social media to reach out to their audience. That’s just one example of how new technology changes the playing field.
Thus, now and in the future, business leaders must put priority on innovation. Sticking to what’s safe worked in the past, but that’s not necessarily true today and tomorrow. Telecommunications network company Nokia and imaging solutions company Kodak both suffered losses when they didn’t realize on time that their markets moved on to smartphones and digital cameras, respectively. Experience is the best teacher, but you can learn important lessons from others’ mistakes.
Of course, innovation comes with inherent risks, so it’s understandable why it’s not readily embraced by business leaders who are looking at short-term goals only. But for long-term goals, business leaders of the future should be open to taking chances especially in the face of disruptive technology, which refers to a new technology that creates a new market and completely overtakes the market for an existing technology. That’s basically what happened with Kodak. The company thought people would always need film for their cameras, not realizing that their customers would eventually move on to digital storage. And to a lesser extent, that’s what happened to Nokia, too. Although the company already made smartphones, they where nowhere near the capabilities of the iPhone at the time the latter was launched.
Fortunately, disruptive technologies don’t happen overnight. Business leaders who track tech trends will have an idea of what technology will become mainstream in the future. And if you’re looking for one now, keep an eye out for the cloud, particularly cloud solutions for small businesses, and for large corporations as well.
In the future, more people will be on their mobile devices, which enforces the need for an equally mobile storage. Hard disks and other tangible storage devices will take a backseat to make way for virtual storage. If you want your business to remain competitive in the future, you can look into cloud storage now — and the cloud in general — to identify how you can use it to take your business to the next level.