Risks and Disruptive Potential of Technology in the Service Industry
As a double major in Accounting and MIS, I am constantly researching how my two fields of study intersect and recently PricewaterhouseCoopers (PwC) has been following the potential benefits and risks of the anticipated technology trends for 2018 – 2019. With this growing trend of technology being integrated into services firms, there are a plethora of new technologies to choose from. Some listed in this article include the Internet of Things, edge computing, the cloud, advanced data analytics, artificial intelligence, and machine learning. Historically, Tech CEOs and CEOs of all other industries do have varying concerns about threats to their organizations’ growth; but with the current integration of varying technologies into most industries, a lot of these historical threats are now coupled with real-time threats constantly looming over an organization growth prospects. PwC has listed 6 key elements for managing these potential technology disruptions as a framework for all firms and companies alike to use when creating its own “optimal strategy:”
- Address problems before they become visible to others.
- Reflect and improve with agility.
- Rethink incentives to promote responsibility.
- Work with regulators, not against them.
- Build common standards openly and collaboratively.
- Seek competitive advantage through integrity.
With technology playing a larger role in “regular business,” do you think it is changing the idea of what business issues are and how they pose threat to prospective growth? Also, can service firms now consider themselves tech companies? To read more details and examples of service firms integrating technology, go to the link below.