Intelligent Technological Development
Many companies want to make big investments in intelligent technology, such as robots, AI and digital customer experiences. But that in order to succeed, it is not enough to increase manpower and competence in the area, companies must also modernize their existing technical infrastructure. In a recent report presented by the company NTT Security, it appears that one in three decision-makers in state that their organization would rather pay a ransom to a cyber criminal than invest in preventive IT security.
A new analysis made by bank and the savings banks shows that 29 percent of small businesses experience increased competition through digitization. But the companies view of the future of the jobs performed today varies greatly between different industries. Almost a third of small businesses feel increased competition from businesses with e-commerce, new payment solutions, robotization or sharing services. Within consulting operations, hotels and restaurants and entertainment, a majority believe in more jobs.
At the same time, companies in trade and manufacturing expect that the jobs in their type of business will decrease over the next five years. Various future forecasts have shown that between 10 and 50 percent of today’s jobs will be replaced by robotization, automation and AI within 20 years. But new technology and new business models are already sharpening the competition considerably. However, the effects vary between different industries.
Within the manufacturing industry, trade and transport, over 40 percent experience increased competitive pressure from digitization, while the corresponding share is 15 percent within the construction industry. This is shown by the survey among 1,000 small businesses conducted by bank. As an entrepreneur, you cannot close your eyes to the rapid technological development. The basis of how goods and services are produced and distributed is changing rapidly and will affect all industries.
Anyone who wants to be competitive in the long term needs a strategy to meet and benefit from the transformation, business economist at bank and the savings banks. 35 percent of the companies state that they believe that employment in the type of operations they operate today will increase within the next five years. The small businesses themselves do not believe that technology development will unilaterally lead to the elimination of today’s tasks. Monitor the world around you! Long-term success requires an overview of changing behaviors among customers and competitors.
