3 KPIs to know your enterprise is going in the right “emerging tech” direction
At an emerging technology gathering in London someone asked the artificial intelligence panel I was speaking on:
“What are the three key performance indicators to know you are going in the right direction?”
My answers were:
KPI # 1: Creating a new market that didn’t exist before with new supply chains and talent needs.
New technologies are transforming value chains and how value is generated all together. Those who are able to realize these new opportunities and extend the existing market into something new will have first mover advantage.
Emerging technology convergences will be key in creating new markets that didn’t exist before. For example AI assistants and toys, synthetic biology and materials sciences for batteries, metaverse spaces and healthcare.
Creating new markets through emerging technologies will also create new supply chains and talent needs. An example of this is when social media hit critical mass and there was the rise of social media marketing and management specialists and eventually whole ecosystems on communicating and selling through these mediums.
KPI # 2: Setting up organizational processes, workflows and assets to be digital twin ready.
The next version of digital transformation or modernization that companies will experience will be through digital twins. Digital twins can be used to create digital copies of a process, asset, machine and even the talent and expertise of an organization. When all these elements are digitized, professionals will be better able to manage all aspects of their organization because they will be able to see the data, interconnections and anticipate and plan how to best allocate and use their resources and what markets to pursue and how, what investments to make and when.
The convergences that create a market impact are proprietary data of business operations and intellectual property, combined with artificial intelligence and visual dashboards that communicate the data relationships. This will streamline business processes and operations while minimizing redundancies.
The best thing an organization can start to do is get digital-twin-ready by conducting a data audit, doing an inventory of work flow processes across an organization and assess that the database of human talent in the organization is as detailed as possible to include key skills and capabilities.
Those who are digital twin ready will be able to reap the benefits of digital twins before their competitors and gain a market advantage.
KPI # 3: Experiment non-stop with what is happening at the edge of your market, because the edge becomes center.
The rate at which technology is accelerating and changing our lives is increasing, making it hard to predict how an industry or market will change. The frenzy of interest after the OpenAI chatGPT launch was something that many in big tech did not anticipate or expect the public to be so eager to create chat bots of their own. Because it is hard to predict what will be of interest or what is the best course of action, experimenting is an important business activity to explore possibilities within the organizations future value propositions.
It is best to have a continuous program for experimentation and to do so with topics, technologies and people who are at the edge of one’s market. The reason for this is because the edge of a market gives signals and indicators of what direction a market will pivot towards. History is full of examples where the edge of knowledge, ideas and practices eventually became mainstream. The key to having a competitive advantage is being able to be ready when that edge starts to enter mainstream consciousness and is just about to hit critical mass.
There is an abundance of opportunities to create new value chains for the many needs across industries and societies. Organizations should hold cognitive and financial space to imagine the prospective possibilities of emerging market opportunities due to technological changes, start thinking about digital twins today and experiment with the edge of their market as much as possible.
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