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Forbes
03-06-2025
- Business
- Forbes
How Emerging Technologies Are Powering Business Resilience
Resilience in the digital age begins where human insight and AI innovation converge. André Rizzo, McGill Executive Institute Faculty Member and Digital Transformation and Emerging Technologies Advisor, contributed to this story. As companies adapt to digital transformation, resilience has become essential. Organizations can no longer rely on rigid processes or legacy systems in a business landscape defined by constant change and uncertainty. Emerging technologies, such as predictive analytics, advanced artificial intelligence (AI), cybersecurity, and the Internet of Things (IoT), offer the means to improve efficiency and the tools to build resilience and adaptability. Companies that leverage these technologies are better prepared to withstand disruptions, adapt to shifting market demands, and even capitalize on emerging opportunities. True digital transformation is not just about adopting new tools — it's about embedding continuous learning, flexibility, and forward-thinking into the company's culture. As emerging technologies continue to evolve, organizations must integrate them strategically, ensuring that each addition aligns with their overarching goals. When done effectively, this approach transforms digital transformation from a short-term initiative into a long-term advantage. This article explores how emerging technologies are shaping businesses' resilience, and what companies can do to embrace them effectively. Predictive analytics is one of the most powerful tools in today's digital arsenal, turning raw data into actionable insights. More than a retrospective tool, it enables companies to foresee trends, identify risks, and make informed decisions. By examining patterns and predicting future outcomes, companies can proactively address challenges and capitalize on opportunities before they arise. For example, predictive analytics is transforming inventory management. Retailers use predictive algorithms to optimize stock levels, forecasting which products will be in demand based on historical purchasing patterns, seasonal trends, and external factors like economic conditions. Logistics companies also rely on predictive analytics to anticipate demand and manage supply chains more efficiently, reducing delays and cutting costs. In healthcare, predictive models help hospitals manage patient flow and resources, anticipating spikes in demand based on factors like flu season or regional outbreaks. Predictive analytics enables companies to shift from reactive to proactive management, strengthening their resilience against sudden changes. By continuously monitoring and adjusting operations based on predicted outcomes, organizations can stay agile and responsive, even in uncertain conditions. AI is transforming businesses in profound ways, enhancing efficiency and supporting faster, data-driven decision-making. While early concerns around AI focused on fears of automation replacing human jobs, the current focus has shifted to augmentation — using AI to empower human workers rather than replace them. By handling repetitive tasks and analyzing vast datasets, AI gives leaders more bandwidth for strategic thinking, creativity, and complex problem-solving. In customer service, AI-driven chatbots and virtual assistants are revolutionizing how companies interact with customers, providing fast, accurate responses and reducing wait times. Financial institutions use AI algorithms to detect fraudulent activities in real-time, analyzing vast amounts of transactional data to identify suspicious patterns. Meanwhile, manufacturing companies are leveraging AI to improve quality control by identifying defects early in the production process, reducing waste, and optimizing resource use. AI is also a game-changer in areas like predictive maintenance. In industries where equipment downtime can lead to significant losses, such as manufacturing or energy production, AI models analyze data from IoT-connected sensors to predict when machines are likely to fail. This enables companies to perform maintenance before issues arise, reducing costly downtime and prolonging equipment life. As companies continue to integrate AI, they are finding new ways to use it to enhance resilience, streamline operations, and improve customer experiences. As these systems become more adaptive, their potential to drive resilience and transformation across industries continues to grow. As digital transformation accelerates, cybersecurity has become a non-negotiable aspect of resilience. With increasing data volumes, more sophisticated cyber threats, and heightened regulatory scrutiny, companies must prioritize cybersecurity to protect sensitive information, maintain operational continuity, and safeguard customer trust. Cyber resilience goes beyond traditional security measures focused on prevention. Today's cyber strategies also emphasize rapid detection, response, and recovery. By implementing comprehensive cybersecurity frameworks, organizations can respond swiftly to threats, minimizing potential damage. For example, advanced threat detection systems use AI to identify unusual patterns in network traffic, enabling teams to respond to potential breaches before they escalate. Additionally, organizations are increasingly investing in encryption, multifactor authentication, and employee training to reduce the likelihood of data breaches. Cyber-resilient organizations go beyond defense, preparing for rapid recovery through disaster planning and robust data back-ups. This also means faster adaptation to new types of threats, reducing financial and reputational damage. The Internet of Things (IoT) continues to redefine industries by connecting physical devices to the internet, enabling data exchange and remote monitoring. IoT devices offer unprecedented levels of insight into daily operations, from tracking equipment health to monitoring energy usage. This connectivity helps companies streamline operations, enhance productivity, and improve resource management. For example, in agriculture, IoT sensors measure soil moisture, temperature, and crop health, allowing farmers to optimize irrigation and fertilization. In retail, IoT devices monitor stock levels in real-time, triggering automatic reorders when inventory is low. In the energy sector, smart grids equipped with IoT sensors allow for more efficient energy distribution and rapid response to outages. The potential for creating adaptable business environments also extends to employee safety and customer experience. In the workplace, IoT-enabled wearables monitor environmental factors, ensuring that employees remain safe in high-risk settings like construction sites or chemical plants. Additionally, IoT data can help businesses create more personalized customer experiences by tracking consumer behavior and preferences, offering tailored services and recommendations. While technology is an essential part of building resilience, creating a culture that values adaptability and innovation is equally important. The most resilient companies foster a growth mindset, where employees are encouraged to embrace new ideas, adapt to change, and learn from failure. Organizations can cultivate adaptability by offering continuous learning opportunities, promoting cross-functional collaboration, and creating spaces for experimentation. By implementing 'innovation hubs' or dedicating time for brainstorming and prototyping, companies can give employees the freedom to explore emerging technologies without immediate pressure to produce results. Encouraging open communication and feedback helps employees feel valued and engaged, building a sense of ownership over the company's digital journey. When employees see that their contributions and adaptability are recognized, they're more likely to support transformation efforts enthusiastically. Resilience is not just a response to crisis — it's about proactively positioning the company to thrive in uncertainty. Emerging technologies like predictive analytics, AI, cybersecurity, and IoT are powerful tools that help companies anticipate and adapt to change. However, true resilience requires more than technology alone. Companies must also foster a culture that prioritizes adaptability, encourages continuous learning, and values employee contributions. As businesses move forward, embracing resilience as a core principle will enable them to thrive in an unpredictable world. By strategically integrating emerging technologies, building robust security, and creating an adaptable environment, companies can not only withstand disruptions but also seize new opportunities. To build a future-ready business, leaders must invest in both technology and an adaptive culture to succeed.
Forbes
27-05-2025
- Business
- Forbes
How To Navigate The Hype Cycle Of Emerging Tech
Strategic tech adoption means putting the right pieces in place, at the right time. The Hype Cycle ... More helps companies invest with clarity, not just urgency. André Rizzo, McGill Executive Institute Faculty Member and Digital Transformation and Emerging Technologies Advisor, contributed to this story. As technology continues to evolve at an unprecedented pace, companies are presented with exciting yet overwhelming options. AI, blockchain, Internet of Things (IoT) — these terms dominate today's business conversations, creating pressure to act fast. But adopting tech purely for the sake of staying cutting-edge can backfire. The real key? Invest in technologies that align with your company's vision and goals. The Gartner Hype Cycle provides a valuable framework to help companies gauge the maturity and potential of new tech and make smarter, more strategic investments. It maps out the lifecycle of technology trends, from their initial 'Innovation Trigger' to the 'Plateau of Productivity.' After a new technology is introduced, it quickly gains attention, reaching a 'Peak of Inflated Expectations,' where interest and over-promising are at their highest. Eventually, enthusiasm wanes, and technologies enter a 'Trough of Disillusionment' as initial challenges arise. Only after reaching maturity does the technology climb toward productive, real-world use. Understanding the stages of the Hype Cycle allows companies to adopt technology strategically, based on readiness and relevance. Instead of adopting trends for the sake of keeping up, companies can evaluate which technologies align with their goals and when the time is right to jump in. This avoids wasted resources but ensures that businesses invest in technology that can truly drive value. To navigate the hype effectively, one should adopt a practical, phased approach to tech adoption. For instance, AI, IoT, and blockchain have evolved significantly in recent years, each offering specific applications. Artificial Intelligence, now a mainstay in healthcare and finance, is transforming data into insights that empower more informed decisions. Blockchain, once synonymous with cryptocurrency, is expanding into areas like secure transactions and transparent supply chains. IoT continues to redefine efficiency in sectors like manufacturing and retail through smart environments and data-driven insights. Rather than adopting technology based on market buzz, companies should first identify the tools that support their unique business goals and vision. Assessing infrastructure, budget, and skills readiness ensures a smooth transition that aligns with long-term strategy. The Hype Cycle divides the lifecycle of a technology into five distinct stages, each with its own set of risks and opportunities. The cycle begins with the Innovation Trigger, when new technology is introduced and initial excitement builds. This stage is marked by potential more than practicality, as new technology ideas start to gain attention in specialized circles but may lack a clear or proven application. In the Innovation Trigger phase, investors and early adopters tend to show interest, but skepticism and uncertainty also remain high. Next comes the Peak of Inflated Expectations, a period when hype around the technology reaches its zenith. In this stage, early adopters have started implementing the technology, and media coverage often sensationalizes its potential. The Peak of Inflated Expectations is a high-risk period, as unrealistic promises are made about what the technology can achieve. Companies jumping on board too quickly at this stage may find that reality doesn't match the hype, leading to disappointment or wasted resources if the technology doesn't deliver as promised. The third stage, the Trough of Disillusionment, follows as the excitement fades and challenges become apparent. Limitations, high costs, or compatibility issues often emerge during this phase, resulting in slower adoption rates and critical feedback from early users. Many technologies fail to make it out of the Trough of Disillusionment, as companies and investors abandon them due to perceived shortcomings. However, technologies that offer genuine value often survive this phase, undergoing refinement and optimization to address their early challenges. The Slope of Enlightenment represents the point at which companies start to see practical applications and real benefits. Organizations that implement the technology at this stage do so with a more balanced understanding of its limitations and advantages. The hype has settled, and companies now focus on extracting measurable value from their investment. Finally, technology reaches the Plateau of Productivity, the point where it becomes mainstream and is widely adopted. Here, the technology has proven itself reliable, with a solid track record of delivering results. It's at this stage that late adopters typically come on board, implementing the technology with greater confidence in its effectiveness and long-term potential. One of the most significant benefits of understanding the Hype Cycle is the ability to time technology adoption strategically. Jumping in too early — during the Peak of Inflated Expectations — can lead to high costs, integration challenges, and underwhelming results, as seen when companies rushed to adopt blockchain before it was mature. Early adopters can also face challenges with scalability, security and regulatory compliance. On the other hand, waiting too long until a technology reaches the Plateau of Productivity can mean missing out on the competitive edge that early adoption can offer — especially in fast-moving industries. To make the most of emerging technology, companies should consider adopting a phased approach. Starting with pilot programs allows organizations to test the waters, measure impact, and make adjustments before a full-scale rollout. Pilot programs are a low-risk way to gauge whether a technology is suitable for the organization. By implementing a technology on a small scale, companies can identify potential roadblocks and gather valuable feedback, which helps them refine their approach for larger deployments. Another essential component is creating continuous feedback loops. By establishing a system for ongoing evaluation and feedback, organizations can monitor how well the technology meets their evolving needs and adjust as required. A successful technology adoption strategy is not just about recognizing the right time to invest; it's about selecting technologies that align with the company's core goals and objectives. For example, a healthcare organization might prioritize AI for predictive analytics to enhance patient care, while a logistics company might adopt IoT to improve asset tracking and supply chain efficiency. By focusing on technologies that directly support business objectives, companies can maximize the impact of their investments and avoid the pitfalls of investing in technologies that offer limited strategic value. It's also critical for companies to assess their internal readiness before adopting new technology. Factors like infrastructure, budget, and employee skill levels all play a role in determining how successfully a company can implement and benefit from emerging tech. A thorough evaluation process helps ensure that the technology aligns with the organization's short-term goals and long-term vision. This article builds on insights from the first in our three-part series, The Human-Centric Approach To Digital Transformation. In the final article, to be published next week, we'll explore how companies can build resilience in the face of continuous technological change. By focusing on flexibility and adaptability, organizations can prepare to face new challenges with confidence and agility. Join us as we discuss strategies to stay ahead in a rapidly changing world.
Forbes
09-05-2025
- Business
- Forbes
The Human-Centric Approach To Digital Transformation
André Rizzo, McGill Executive Institute Faculty Member and Digital Transformation and Emerging Technologies Advisor, contributed to this story. In the Digital Age, People Come First Digital transformation is reshaping industries across the globe, redefining how businesses operate and compete. From AI-powered automation to advanced data analytics, organizations now have powerful tools to enhance productivity, efficiency, and customer satisfaction. Yet, despite the promise of technology, studies indicate that over 70% of digital transformation initiatives fail to achieve their objectives. Not surprisingly, it isn't technical challenges that typically cause these failures — it's the human element. When organizations prioritize technology over the people who will use it, they create an imbalance that often leads to friction, resistance — and ultimately —failure. A human-centered approach to digital transformation shifts the focus to align technology with people's needs, skills, and values. This method not only improves the adoption rate of new technologies but also boosts employee satisfaction and productivity. In other words, successful digital transformation isn't solely about adopting the latest tools; it's about creating a culture that empowers people to harness these tools effectively. Often overlooked because it seems so obvious, leadership plays a pivotal role in human-centric digital transformation. Leaders are responsible for setting the tone, articulating a clear vision, and fostering an environment where employees feel valued and included. In human-centered transformation, leaders go beyond making decisions and issuing directives; they actively engage with employees, listen to their concerns, and involve them in the process. When leaders articulate the 'why' behind digital transformation and connect it to employees' daily roles, they help bridge the gap between technology and people. This transparency reduces fear of the unknown and helps employees understand how the transformation will benefit them personally and professionally. Leaders who embrace this approach understand that their role is not only to manage change but to lead it, fostering a culture where adaptability and innovation thrive. While the topic is complex, one may argue the success of a human-centric digital transformation rests on three critical pillars: early involvement, digital literacy, and a culture of adaptability. Each of these components works together to create an environment where people feel prepared and motivated to embrace change. Involving employees from the beginning of the transformation process is vital for fostering buy-in and reducing resistance. When employees feel they have a say in how new tools and processes will be implemented, they're more likely to support them. In practice, early involvement can take many forms, including workshops, pilot programs, and regular feedback sessions. For instance, if a company is considering adopting a new project management tool, it can start by inviting employees to test various options, provide feedback, and voice their preferences. This approach builds a sense of ownership, making employees feel valued and respected. Early involvement also helps ensure that technology solutions are well-suited to the organization's unique needs. Employees who use tools daily can offer valuable insights into what features or functionalities would improve their workflows. Leaders who listen to and act upon this feedback are better equipped to make technology choices that genuinely benefit their teams. As companies increasingly adopt digital tools, the need for digital literacy grows. Employees who lack confidence or skills in using new technology are more likely to feel overwhelmed or resistant. Providing comprehensive training and support is essential to ensuring that all employees feel capable and empowered to leverage digital tools. Digital literacy training should cover the technical aspects of new tools and focus on their strategic benefits, helping employees see how these technologies align with broader company goals. Offering multiple formats for training, such as workshops, e-learning, and one-on-one sessions, accommodates diverse learning preferences and skill levels. When employees feel proficient and confident, they're more likely to embrace digital transformation confidently and constructively. Additionally, organizations that invest in ongoing digital literacy initiatives foster a culture of continuous learning and adaptability, preparing employees to tackle future challenges with resilience. The third pillar, adaptability, is crucial for sustaining digital transformation. In a human-centered approach, adaptability is encouraged and rewarded, creating a growth-oriented culture where employees feel safe to experiment, take risks, and share ideas. By recognizing and celebrating adaptability, companies signal that flexibility and innovation are valued behaviors. For example, some organizations dedicate 'innovation hours' for employees to explore new technologies, test new ideas, or brainstorm improvements to existing processes. This approach provides a structured opportunity for employees to contribute to the organization's digital transformation, fostering a sense of ownership and creativity. Furthermore, a culture that values adaptability doesn't expect employees to become experts in every new tool immediately. Instead, it promotes a mindset of learning and continuous improvement. In a human-centric transformation, leaders don't simply implement change; they support and sustain it. Effective leaders create open channels of communication, where employees can voice concerns, ask questions, and seek guidance. This transparency builds trust, helping employees feel secure as they navigate changes. Clear communication from leadership is particularly important during times of transition. Leaders should take time to explain the rationale behind each change, address misconceptions, and provide frequent updates. By remaining visible and accessible, leaders show employees that transformation is a shared journey, not an isolated mandate. The evidence is clear: companies that prioritize people alongside technology will be the ones that succeed. Human-centric digital transformation is about more than adopting the latest tools; it's about creating a culture where people feel empowered to embrace change. By involving employees early, investing in digital literacy, and fostering adaptability, organizations can pave the way for sustainable growth and innovation. In the next article in this series, we'll explore how companies can navigate the hype surrounding emerging technologies to make informed, strategic investments. By focusing on practicality and alignment with business goals, organizations can adopt technologies that deliver lasting value rather than short-lived excitement.
