With forecasts predicting slowdowns in the world’s top three economic entities, the United States, China, and the European Union, reports of economic difficulty and recession are becoming increasingly prevalent in news headlines. The emergence of new COVID-19 variants and ongoing conflicts, such as the Russia-Ukraine war, are further exacerbating the situation. Business leaders are now facing the challenge of how to sustain and navigate through these difficult times. There have been many reports of layoffs, downsizing, rightsizing, acquisitions, and business sell-offs. The majority of people have a negative outlook for the near future. However, there are also positive developments such as breakthroughs in emerging technologies like AI and robotics, which bring new opportunities. People who were worried about losing their jobs due to automation may find new opportunities in these fields.
Let’s face it, the world is rapidly transforming towards greater productivity than the previous industrial revolution, as we are in the process of transitioning towards the fourth industrial revolution (4IR) or Industry 4.0. New opportunities are also emerging for those who are well prepared.
While new emerging technologies may eliminate some underperforming jobs, they also present opportunities for those who are willing to adapt and take advantage of these technologies to unlock their full potential. For example, generative AI, whether for text or image-based tasks, can help speed up processes and produce higher-quality output. Instead of focusing on negative thoughts, it is better to acquire new skills and competencies to learn how to use these technologies to improve your existing work and output. AI and robotics are designed to serve humans, so they can free up time for other activities. By thinking positively, new opportunities will open up.
Once you shift your perspective, a world full of potential will open up to you. AI and robotics can be like your sidekicks, if you know how to use them to serve you. No one can control the direction of the world, but you can always control your own thoughts, behavior, and actions. Be a lifelong learner, open to learning new skills and competencies each year. What is your New Year resolution? Have you made plans to learn something new? If not, it would be beneficial to think about it and schedule time to acquire it.
For businesses, it is important to have the necessary skills and competencies to compete in the next wave of big things. This is a top priority for many top business leaders. Are your business leaders investing the time and resources to acquire new skills and competencies? Unfortunately, it can be a challenge for some established companies with a glorious past, they may find it difficult to let go of their past successes and adapt to the future direction of the market. This is why the fall of global empires like Kodak and Nokia is not the fault of one or two individuals, but the collective failure of the entire organization. Their past successes held them back from making the bold moves necessary for future success.
Past success may not be relevant in competing in the future. This is a lesson that everyone needs to learn and accept. The world is transitioning towards electric vehicles (EVs) because of their clean energy and battery power, compared to traditional steam engine-based vehicles. It’s understandable why there is resistance to the adoption of new technologies, as existing players in the car, transportation, oil and gas sectors may see their advantages developed over the years becoming irrelevant. It’s surprising to see that China, in addition to the US, is also becoming a major player in the electric vehicle (EV) market. However, Japanese carmakers are lagging behind with less than 5% market share in EVs. As it’s an economy of scale business, it will be interesting to see how the EV market develops. With the advancements in AI and robotics, self-driving cars or smart cars on the road will free humans from driving and benefit everyone.
E-SPIN Group has been in the business of supplying, consulting, managing, training and maintaining enterprise ICT solutions for multinational corporations and government agencies in the region since 2005. If you have any requirements or project inquiries, please don’t hesitate to contact E-SPIN. You may also be interested in other posts.