We all understand the term industry pretty well. Industry is a sector that produces goods or related services within an economy. Automotive, Healthcare, Utilities, High-Tech and FMCG to name few widespread industries.
But, interesting fact is that Four of the five most significant organizations in the world are tech companies, and it’s a category everyone is clamouring to dip into.
But, if I say that, Every Company is a Technology Company, may be hard for you to digest at first go. Now, all industries, all companies’ values technology a lot. Key reason being, without significant technology investment, established companies will be overtaken by the next generation of start-ups’ that put technology first. Going forward, companies will move beyond just integration to have technology as the foundation. The effects of technology have been far-reaching, and that’s not slated to stop anytime soon.
There are multiple signs which industry showcases that how technology is becoming predominant. Let’s discuss few of them. You must have heard terms – CTO, CIO and you can relate these positions to Technology or very large-scale industries. But current situation in every industry – irrespective of its size, it has technology-based leader in executive ranks. Earlier, technical leadership was only necessary on a consultative basis and companies were relying on skilled vendors. Now, every company is aware of the fact that ongoing technical leadership is need of the hour to compete in current competitive environment.
Another reason to look deep into technology domain is that it provides great competitive advantage.
Technology is a catalyst for cutting costs and companies see technology drift from merely an operational expense to see it as a competitive advantage. Large corporations are fundamentally shifting their view on technology as a way to gain market share, launch competitive products and enhance their services. This advantage is fueled by the emergence of cloud technologies. We started leveraging technology from doing calculation using Microsoft Excel which has now advanced to analyse large quantities of data with Python programs. Companies are readily using tailored solutions to increase the efficiency of team members throughout the organization.
Do you think companies can make this makeshift from traditional mindset to technology driven framework without hiring right talent? Well, answer is “NO”.
Organizations of all sizes and across all industries are currently demanding employees with technology skills. From engineers to developers to marketing and sales, employers are expecting talent to have technology skills. Industry is currently facing technology skills shortage and the gap between demand is going to widen. Even the rise of low-code no-code software platforms designed to allow anyone (even business users) to create software, still we don’t have enough techies in the right roles.
To conclude, I will say we have already entered an era where there is a blurring line between technology and traditional industries. Earlier technology was considered peripheral area, but now technology is now foundational aspect of business. Also, coming generations of workforce will require an understanding of technical skills in order to be successful in the workplace regardless of function and role.