Technology is trending on all fronts in 2018. The leap to artificial intelligence is making headlines, big data is getting bigger, and wearables are moving to new industries at a feverish pace — these are only a few of the technology trends that you need to remain aware of during the next few years.
As a technology executive, you need to embrace the trends and steady the ship for a direct course when integrating these new technologies into your business place. Being successful in the industry takes more than an understanding of what is on the horizon. You need to be able to give your company the foresight and desire to understand why the adoption of these trends makes sense and, above all, whether it will make money in the coming years.
Thirteen members of Forbes Technology Council share the most important thing that technology executives need to be doing differently today to equip themselves to be successful. Here is what they recommend:
1. Keep Pace With New Domains
Keep pace with fast-emerging new domains, such as machine learning and artificial intelligence technologies, coupled with advanced sensors, computing platforms and ubiquitous connectivity. The confluence of these fields will have disruptive effects in numerous application areas. – Achin Bhowmik, Starkey Hearing Technologies
Given the low barrier to technology entry today, it’s important to stay abreast by doing a lot of research and hands-on experimentation with tools to understand emerging technologies beyond the hype. It’s also important to weigh aspects like security, privacy, compliance, impact on process and people for new technologies to ascertain the viability of employing the technology successfully. – Sunil Madhu, Socure Inc.
3. Use New Tech To Transform Your Business
The request for proposal is dead — stale tech is evaluated against incomplete, aspirational goals for 12months, built out for another 18, tuned up for another six months, and now we’ve just deployed something that was dead three years ago. Executives need to find ways to test, bend and break tech in the context of transforming their businesses, or they are simply wasting time and money. Lean thinking is key. – Paul Boris, Vuzix Corp.
4. Focus On Strategy And Team
Tech execs need to be concentrated on the strategy and team, and to convey the logic behind these strategies to every single employee transparently. Also, I believe that leadership needs to craft a team that gives the company an unfair advantage. – Luke Beatty, Brandfolder
5. Work Toward Fulfilling Your Vision
Vision is the key differentiator for any organization. With an ever-changing landscape of technologies, approaches and requests, executives need focus to reach that vision. Setting realistic timelines will give your team the flexibility it needs to respond to changing needs, while still keeping you on track to your goals. – Samer Masry, Family Independence Initiative
6. Experiment With New Ideas And Tech
Are we playing enough with different ideas and different technologies that we are challenging the status quo? Experimenting gives permission to fail. It’s through failure that you learn. Experimenting tests hypotheses, brings out curiosity, develops the imagination which creates discoveries and potentially many new opportunities. – Eric Holstein, Cisco Systems
7. Create A Team-Oriented Culture
Company culture is still king. Regardless of the type of company you lead, the tone at the top and the formation of a collaborative and team-oriented culture is still where significant effort needs to be applied. – Tom Lewis, Smart Action Company, Inc
8. Get Out Of The Office
One thing people still don’t do enough is feel the market — be in the field and interact directly with your customers from time to time. Nowadays, it’s too easy to stay at the bird’s-eye view instead of seeing the customer through your own eyes. – Elad Walach, Aidoc
9. Take The Risk To Be Unique
You need to take a risk to invest in something which makes you unique. It can be skill, product or technology. But there must be something where you believe you will be first — soon, later or some day. My own ideas had been shaped during more than 10 years before I managed to execute our exciting product line, which finally gave me the feeling of a sense and uniqueness. – Max Garkavtsev, Qarea Inc
10. Understand The Value Of Remote Staffing
Executives who fully embrace the value of remote staffing really have an edge on the industry. People are the most important resource. With all of the tools available, 99% of tech jobs can easily be done remotely. So choosing not to limit the talent pool to candidates willing to live in market ultimately expands the possibilities of what a company can achieve. – Trey George, A Color Story
12. Have A More Global Perspective
Today’s business leaders need to keep up with the latest technological developments, possess a more global perspective, and be very nimble in their decision making process. – Steve Chen, Blockchain Lab at SCET, UC Berkeley