A short meta summary is provided here:
Changes in technologies is always happening due to competitiveness. There is always hope and excitement when a new technology develops and to top it, the business community looks for opportunities to re-adjust their strategies, and reposition their competitiveness in light of the new developments in technologies. There are certain technologies that exhibit early explosive successes indicating potential to change the business structures of the world, enhance the quality of lifestyle of people in 10x type form factor, and bring new significant opportunities in untapped areas, and expands the level playing field for all the segments of the world population. These are considered as disruptive technologies, and in the words of Pete Schumpeter, these lead organizations to “creative destruction” resulting in new industries, new products/services, new production methods, new applications, new lifestyles, bulldozing incumbent businesses with newer ones, resulting in business processes, new business measures, new data, new type of figuring out insights using the new types of data. We have seen early discussions of such topics as big data in the last 6 years. Also, the economic impact of these technologies has the range of most possible certainty of $16.7T to possible maximum value of $33T, over shadowing all the previous impacts of all the developments the history of the world has seen.
In this document McKinsey brings out twelve such disruptive technologies, of which the central technology that in fact builds/supports/empowers all the other 11 technologies, is the “Automation of Knowledge Management”, the one that has the maximum of the most certain value, with an economic value of $5.2T, among a total of certainty value of $16.7. That is close to one third of the most certainty economic value that is possible due to all the other 11 disruptive technologies. The exciting thing is these economic value is realizable in the next 10 years.
This course is uniquely positioned to address the entrepreneurial opportunities that are coming together in the space of data, analytics, and technology, as a platform for knowledge management.
Some key high lights of the knowledge management are:
- This is all made possible because of the enormous computing power achieved in the last 30 years, a 100 fold increase in the sophistication and the variety of applications. The iphone 4c is one such a model compared to the computer used in the Apollo 11 lunar module! This makes it possible in the creation of all types of new data as streams, a continuous flow of data resulting in lots of unstructured data, besides structured data, for which we are yet discover efficient and systematic ways of collecting, analyzing, and applying the insights.
- There will be nearly 230 Million knowledge workers, 9% of the world work force who will be engaged by this disruptive industry
- The economic impact of these 230 million people will cost nearly $9T, which is one fourth of the global employment costs, indicating the importance of HR/people analytics
- This will change the nature of work, creates opportunities for entrepreneurs, help create new products and services, changes organizational structures, changes comparative advantages for nations, affects employment, poses new regulatory and legal changes.
Let us get clarity, explore possibilities, and venture in unexplored areas of opportunities.