How smart is your business? This is one of the questions that came to mind from attending the Grace Kennedy Foundation Lecture 2018 by Dr. Parris Lyew-Ayee on March 7. His lecture was entitled “TECHARGE: Smart Homes, Smart Businesses, Smart Nations.” It was a fascinating and extremely informative exploration of the history, present and future state of technology and what we should be thinking about. Here are 3 of the many insights:
- Dr. Lyew-Ayee shared the explosive growth and impact of tech companies. What I found really interesting is that he redefined some that we may not have thought of as being tech. For example, he pointed out that the Jamaica Public Service Company, the national electricity supplier, is no longer a utility – it’s a tech company! So, I wondered: what if we redefined our business as a tech business – how would this change how we view it and the role technology plays? Would our customers and customer relationships and experiences change? What about new products and service delivery? What would our back office look like? And how would our people have to be? How many? Where? What would they be doing? How would they have to change?
- Big data rocks! It is the source of value creation, and we ignore it at our peril. The days of anecdotal decision-making are over because big data, according to Dr. Lyew-Ayee, can create massive value:
- a. It makes information transparent and usable;
- b. It enables more accurate and detailed data collection that can be applied to improve organisational functions;
- c. It allows for narrow segmentation of customers and tailored products and services;
- d. It allows for improved decision making;
- e. It provides for more accurate guidance in innovation.
- Technology is important, but useless without people. Technology changes nothing – people do. This of course has implications for our people in terms of skills, their ability to think, reinvent and innovate. And It think it has huge implications for how we lead. Are we open to leading in an environment of rapid change, where new hires know so much more about technology than we do? How smart do we have to be as leaders to create smart businesses? And what do we have to be smart in?
He ended his lecture thus:
“The transformative influences that technology provides for both individual upliftment and societal change cannot be denied but it will be the non-technological elements that will be crucial in determining the extent to which change will occur, for better or for worse. If technology alone can change the world as we know it, then the machines have already taken over.”
Technology is not to be feared – it is to be explored, learned about, embraced, used, changed, discarded, recreated – all by humans. When we adopt this mindset, magical possibilities open to us that can be applied for the good of the world, our businesses and our lives.
Do view Dr. Lyew-Ayee’s lecture and let me know what insights you have: click here for lecture (fastforward to 54:00 for the start of the lecture)
And here are some other similar blogs by Marguerite:
Celebrate! – click HERE to view article
How to live gratitude just for a moment – click HERE to view article
Gratitude is a discipline – click HERE to view article
How to be happy at work – click HERE to view article
Interesting. To your point number 1, one of our clients is in an industry that on the surface is far removed from being a tech company. However, as we analysed the business it became apparent that in fact the business is a tech business and they are now going through a major pivot in technology, people, processes and long term plans.
Thank you Nick. I must say that I am looking at my own business with Tech eyes, and it’s really interesting. As my coach, you will soon hear more!
Gratefully and joyfully
Marguerite
Insightful, useful and interesting once again Thank you Marguerite most appreciated.
Michael H
Thank you Michael. I hope you get a chance to watch the lecture. It’s brilliant.
Gratefully and joyfully
Marguerite