3 minute read 26 Nov 2018
Computer programmers examining data

How to unleash the transformational potential of emerging tech

By

Dan Higgins

EY Global Advisory Technology Consulting Leader

Technologist. Innovator. Employs technology to help clients solve business issues and transform their operating and business models. Father. Husband. VERY amateur golfer!

3 minute read 26 Nov 2018

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EY Global Advisory Emerging Tech leaders discuss how to start with emerging technology and turn it into new competitive advantage.

In this Transformative Age, businesses are required to adapt continuously to sustain and build new competitive advantage across markets of hyper-connected customers. The rise of platform businesses is spurring industry convergence where organizations need to embrace a “dynamic venturing” approach and capability to foster innovation across internal networks and external ecosystems-of-value to capitalize on the increasing pace in technology innovation.

Five global EY emerging tech leaders discuss emerging technologies and their impact.

Additive manufacturing/3D printing (AM/3DP)

AM/3DP delivers design and manufacturing capabilities never seen in history, creating physical objects from digital files layer by layer. The available computing power, production speed and materials mean that 3DP has come of age — and could replace many traditionally manufactured products in most industries.

EY is helping clients to connect with partner ecosystems to identify those new areas using 3D printing and other emerging technologies — building the value case on potential new operating models, and confirming a secure and sustainable production environment.

Watch Frank Thewihsen detail his perspective on the impact and value of AM/3DP

Artificial intelligence (AI)

What is AI? We think of it as software that emulates human cognition, but it’s really just math at an enormous scale. That’s a simplistic definition of course, but the complexity comes in the range of its potential applications.

AI is going to move very quickly from process and customer centricity, to the foundation of new operating models. And the value that organizations deliver, even their survival, will soon depend on how they implement it.

Watch Keith Strier detail his perspective on the impact and value of AI

Blockchain

Blockchains are, in the simplest terms, shared transactional databases. But what’s different is the decentralized model  which allows many participants to work together without an all-powerful central entity to manage the network.

This has revolutionary impacts on trust, transparency and speed in transactions and in multiparty relationships; it will redefine (or make obsolete) the idea of the trusted third party. And it could apply to any sector in the world.

Watch Paul Brody detail his perspective on the impact and value of blockchain

Internet of Things (IoT)

Since the 1990s, the internet has completely changed the way we live and behave. In the next few years, IoT will have an even greater impact — on the way we build businesses and make them more efficient.
The fact that sensors now cost almost nothing improves an already compelling business case for IoT. It lets you measure, and when you measure you can manage. This new speed of data analysis is just one of many applications for IoT, which will fundamentally transform the way business strategies and operational decisions are formed.

Watch Aleksander Poniewierski detail his perspective on the impact and value of IoT

Intelligent automation (IA)

Intelligent automation is one of the most compelling ways organizations can address their transformation challenges. It enables them to reinvent their businesses based on machine hours, not human hours, doing more with less labor and transferring mundane labor to value-add activity.

IA covers a whole ecosystem of automation technologies, including RPA, and EY is one of the world’s largest consumers and architects within this ecosystem, constantly incubating and offering new solutions for clients.

Watch Weston Jones detail his perspective on the impact and value of IA

Conclusion: Prepare for your next business pivot

There are vast opportunities for applying emerging tech to ignite or support your next business pivot to thrive in the Transformative Age. However, beyond knowing what’s out there and building skills in the “tech that matters,” an organization must have a culture that’s comfortable and confident enough to experiment.

“Dynamic venturing” must become a new core competency in your organization, allowing the business to constantly scan tech and ecosystems across horizons, manage innovation across internal networks and external actors, and reduce time-to-market throughout innovation life cycle stages.

Successful transformations demand capabilities in change management, policies, processes, risks, etc. But they also require expertise to attract new talent, retrain existing workforces and design for the type of worker that will be needed in the future.

Start connecting the dots now — dynamically.

Summary

Organizations with a dynamic venturing mindset will use emerging tech to thrive in the Transformative Age.

About this article

By

Dan Higgins

EY Global Advisory Technology Consulting Leader

Technologist. Innovator. Employs technology to help clients solve business issues and transform their operating and business models. Father. Husband. VERY amateur golfer!