PwC HK: Technology

Harnessing technology

The digital revolution has created a new generation of consumers who want ever-more accessible, portable, flexible and customised products, services and experiences. They expect to move seamlessly – in real time – between the physical and virtual worlds. These consumers are prepared to disclose quite a lot about themselves to get what they want.

Technological advances are also transforming the workplace. They are providing the tools to enable people to work anywhere and anytime, putting more power in the hands of employees than ever before and erasing the ‘four walls’ of the organisation as collaborative networks replace conventional corporate modes of operating.

The social, mobile, analytic and cloud technologies that underpin this revolution are producing numerous opportunities for companies to generate value in totally different ways – and even, indeed, to redefine the businesses they are in. The opportunities are not just confined to the conventional corporate spheres of activity. Armed with new technologies, some firms will be able to solve complex social problems profitably.

What does this mean for your business?

A growing number of companies are embracing ‘disruptive’ technologies. They are investing in social media, mobile devices, cloud computing and big data to engage with customers in new ways and gather insights for developing and marketing new offerings more effectively. They are also joining forces with organisations in adjacent industries.

Given the speed at which these technologies are progressing, capitalising on them can be difficult. It is all too easy to get on the ‘wrong side’ and end up as a casualty, not a pioneer. Many companies are also unsure about how to use the data they collect. Finding good allies is becoming much harder as more firms collaborate.

Workplace transformation has other implications. Most companies will need to provide digital tools for training people who do not pursue traditional career paths. They will also have to adopt a more democratic management style to attract ‘digital natives’ and employ executives who are highly skilled at assembling and managing teams.