Companies must learn to evolve

Companies must learn to evolve
Companies must learn to evolve

The need for firms to stay ahead and remain relevant in the competitive market has brought to the fore the importance of technology as an enabler.

The question we need to ask ourselves is whether our organisations and businesses are ready for all the new technological advancements.

Our answer should be yes because we are part of the global village and also going by the popular refrain, evolve or die.

Robotics, autonomous vehicle and cognitive computing and neuromorphic, artificial intelligence are reshaping the transportation, retail, healthcare and hospitality industries in the western world.

Technology has moved on to influence the media industry, including but not limited to music, newspapers, TV and radio with face-up applications and software.

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It is reported that the hospitality, automotive and logistics in some advanced countries are witnessing unparalleled competition from new entrants in their markets with these new technologies.

As members of the most evolved race on the face of earth, it shouldn’t come as a surprise to any of us that change is the essence of all progress. That change is inevitable holds true especially in the IT industry where changes on multiple levels, such as changes in jobs, platforms, frameworks and domains are commonplace.

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However, these changes wouldn’t be realised if the human capacity is not built enough to adopt the new technology.
There have been several companies that had expensive and sophisticated technologies but couldn’t stay relevant in the competitive market because it lacked the ability to use those technology.

We believe awareness is key. Knowing is half the battle. Our eyes and ears should be constantly open to the shifts in the industry and emergence of new technologies.
Our attitude plays the most crucial role in this process. Unless we are open to change and ready to embrace it, we will not be able to work constructively for it.

Accepting the inevitability of change and being ready to tackle it is the mindset we need to cultivate.

Building the human capacity to adopt these new technologies that are evolving is very crucial since the technologies wouldn’t make any transformational change when the humans are not able to use them.

To be more competitive, Ghanaian firms must also increase productivity, with management taking leading roles in accelerating digital technology adoption toward high profitability.

Firms must scan the environment in which they operate for opportunities and threats arising from technology so they could leverage it to reshape the business capacity to align with the environment.

For instance, having realised the attention markets are paying to the power of payment and how they potentially transform the economy, banks, telecom companies and software developers in Ghana are leveraging technology by providing payment solutions which give their customers the convenience and experience they need.

Some of the companies could take a cue and leverage technology with their strategy to achieve the needed results.