What will matter most in 2024
As we wind down a year and enter a new one, there is always a litany of forecasts based on the trends. This time should be different. The year ahead would mark the beginning of a New Era. Reflecting on whether you are prepared for it is perhaps the best way to slide into 2024.
Not trying to follow the trends. Because, the trends are based on the past patterns. It is now time to create new patterns for the emerging era. This new era is for Creators. That is how each one of us at Individual, Industry and Institutional level can remain relevant. The word Impact has to be relevant to larger sections of society, not just a selected few.
We are establishing more and more Open Spaces and Standards for Innovation, Technology and Systems. This democratization of new ecosystems cannot be half hearted or biased towards the Industry alone. It must serve the greater good of the society at large. It must address the segment of one literally.
Unless there is a willingness to be Open at an Individual level, any of these aggregations at the community level cannot succeed. There must be a way to leverage Financial Capital with greater accountability and responsibility. And this must happen at the intersection of Human, Intellectual and Value Capital.
The elephant in the room must not be ignored. There is an urgent need to shift the narrative from data driven enterprise to data driven individuals. The latter will automatically include the former and not vice versa as history teaches us.
With that having been said, let us look at the five Critical Markers that blend into this narrative and compel one to consider in the way the Creator’s Economy is energized.
Marker 1: The Morphing of the Financial Ecosystem to Human Ecosystem
The need for Human Transformation on the Planet has never been greater than now. Digital Technology is changing everything we know about how a connected life works. For the first time, data can connect in real time at source and compute, not just process. All the Devices, IOT, Sensors, Scanners and Wearables are capturing life data and this can be computed in realtime to make Intelligent decisions; at an Individual, Industry and Institutional level. Humanizing Technology is an absolute Critical Requirement that demands new Capabilities.
This Transformation demands Precise and Accurate Data about the Status Quo and the Desired State. The Digital Compass devised by Giggr Technologies is a means to Compute this data on a Continuous basis and help the navigation of the transformational journey for Individuals, Industry and Institutions.
Capability is Human Capital
As the above Illustration 3 (I3) indicates the term Capability is encrypted against two dimensions. The Capacity of Humans to Create to the Potential that Digital Technology offers. Rewiring our minds to make technology work for Life and reversing the trend of humans learning technology to further their work. The capacity is therefore the designing of this new learning to Immersively Participate in Life; Creating the New and Contributing more than just Consuming more of the same.
This new Capacity to Learn in Action and become Able with Digital Skills to contribute to Growth is the secret sauce of the Design Learning Program Crafted and Curated onto the C4 Digitally Intelligent Platform As Service (DIPS) that is offered by Giggr Technologies. Marking the emergence of the Creators of the New. That is critical to resurging growth on the planet that is Sustainable and Inclusive.
A report by global consultancy EY predicts that India’s GCC market could reach US$110 billion by 2030, up from US$46 billion at present. There is a marked shift to make these Global Capability Centers (GCC) respond to Transformative Innovation and Excellence. This projection takes into account only the Incumbent Fortune rated enterprises that have been at it for the last two decades graduating from Version 1 of Outsourcing to Version 2 of Insourced Captives to Version 3 Participating in Innovation Projects to Version 4 of Digitally Transformative Workforce leading Innovation. Despite the head start, the Incumbents are still hovering around Version 2. Startups on the other hand are the ones that are in desperate need to create Global Capabilities that address the New as they don’t carry the baggage of legacy and debt; be it strategic, technology or financial that the incumbent enterprises do.
Are we on the planet geared to service the organization of workforces and workplaces to orchestrate Operations and Innovation mutually inclusively? This is the multi-billion dollar question that Giggr Technologies is answering and so must all enterprises that hope to play a significant role in the immediate future in shaping the growth of our societies.
Marker 2: Transversal Technologies
Technology is becoming increasingly Pervasive and Centric to life. Much like the earlier technologies that changed the very course of life including Fire, Telecommunication, Transportation and Internet; shortening time and space increasing the conveniences of life. The Digital Technology promises to go beyond and Improve the Quality of Life. People all over the Planet will first need to transform themselves to the possibilities of how they can shape technology to serve life. This demands us to be data driven because we are at the epicenter of what we have been sloganeering as “Connecting the Dots”.
Digital Technology is different from Information Technology
Digital Technology means Computing in realtime to produce Intelligent Outcomes that are Contextual whereas Information Technology was about processing data to produce information. Three critical pointers are necessary to bear in mind from a digital perspective:
- It is the Intelligent Process Orchestration that generates Intelligent Data.
- That data Journeys from Creation (Master, Meta, Empirical, Analytical, Contextual, Intelligence) to Consumption in a Cyclical Continuum.
- Each Role in that Process across the Seven Stations of Life enable a Human to work with Technology in tandem; sharing, collaborating and creating in Communities of Interest (COI) graduating to Communities of Practice (COP) Glocally converging the Physical and Virtual without even a nanosecond lag.
The very premise of enmeshed networks presents the opportunity to network life across the seven stations of Environment, Education, Health, Wealth, Mobility, Technology and Governance. It is a matter of time before wireless connectivity is another common public utility goign way beyond the 5G spectrum that is available today.
The Sources of Data that provide inputs every nanosecond through Conventional Computing Devices, IOT, Wearables, Scanners and Sensors make a compelling argument for weaving processes from Creation to Consumption in a Cyclical Continuum. Where Data is not just the conventional Text but also Video, Audio and Graphics.
Can AI read a CT — Scan in flight and reduce the time of a Biopsy report production by instantly producing a first opinion that can be further validated by a Radiologist?
This is the Future of a Progressive Planet where the work each individual produces is empowered by Diversity, Equity and Inclusion and the outcomes contribute to Sustainable Growth. These intelligent systems of the future need the Human Learning and Intelligence to fine tune them for Optimal Performance.
The Digital Maturity Compass (DMC) is a powerful tool that enables Individuals, Industry and Institutions to mark their Transformative Journeys with the Status Quo and Desired State; Continuously Transforming Course to the demands of the Changing Landscape.
The biggest bane of technology today is that it is discrete in its function across the different spheres of our life and also within each of those spheres. The challenge of any digital transformation is to bring about that connectedness. Which is when the true potential of the investments going into the new digital infrastructure will show not just Returns On Investment (R.O.I.) but also Returns On Assets Deployed (R.O.A.D.).
We have long heard Corporate Slogans about Humans being Assets but hardly have they been treated so. They have been treated more as Resources and so has Technology. That one uses and throws away. The Digital Technology demands a different approach with both the Humans in their Various Roles they play across their life and the Technologies they use being critical to Precision and Accurate Outcomes that address all the five Value Dimensions of Quality, Cost, Delivery, Service and Flexibility; mutually inclusively.
Role Driven Digital Identity (RDDI) and Data Autonomy are an antidote to all the doubters of how Artificial Intelligence (AI) and Cognitive Intelligence (CI) can contribute to the greater good of our societies.
The narratives around technology lack maturity mainly because of the Commercial Biases of the Powerful Industry Players. One that can easily be broken by emerging Startups that show the courage of conviction to rewire their learning to an adaptive new; not more of the same. The Flow of Work, Data, Information and Intelligence must be centric to roles in every sphere of life; interplayed between Humans and Technology that is automated to contexts. This is the Key to making Transversal Technologies relevant. It only Creates Value and in no way diminishes Profits.
Marker 3: Shifting Demographics
Until recently, the dominant demography in most societies have been the GenY Millennials, GenX and Baby Boomers who wisdom and experience was counted upon to run enterprises and society.
There is also the realization that as we see the promise and progress of digital technology, these generations are the biggest blockers. Because of not only their need to defend and protect their legacies but also of their relative reluctance to adapt to the new with their conservative mindsets. It is also relevant to note that there is a need for the generations beyond the millenials to stay in the workforce for a greater amount of time than conventionally owing to the cost of living. therefore their falling in line to the relevance of progress is extremely critical from their POV as well.
The economic definition of Risk today has shifted from the evaluation of the Risk of Doing Something to the Risk of Not Doing Something.
The GenA and GenZ are born not with a proverbial Silver Spoon in their mouth but rather Technology in their hands. They don’t relate to any of the Socio Economic and Political ramifications of the World Wars and Freedom struggles. They aspire for a Meaningful and Independent Life that is not based on Instructions but rather free will. They want to Contribute and are more Socially Conscious.
This generation is Future of Workforce in the next 20 years and logic demands that the rest of the segments therefore align themselves to the Aspirations of this emerging generation. And they have to be enabled with Visualizing, Virtualizing and Visionizing their Aspirations.
Giggr Technologies embeds its Design Learning Methodology onto its C4 Digitally Intelligent Platform As Service (DIPS) to catalyze their Transformative Journey and become Creators. Connecting them to Ecosystems based on their Interests and Passions and bringing them the access to Data, Talent, Resources, Materials & Energy, Finance and Infrastructure to Create Solutions and Applications. Advancing with Risk Assurance from Conceptualization to Engineering to Personalization to Commercialization in a Continuum.
The main challenge of this demographic shift is to prepare this young generation to the emerging challenges of work. McKinsey’s Research reveals that One in 16 workers may have to switch occupations by 2030. That’s more than 100 million workers across the eight economies
studied — and the pandemic accelerated expected workforce transitions. And as the economics demand more and more people to remain in workforce as a means of supporting their lifestyle, there is no alternative to Learning and Adapting.
The Process of Learning, Training, Practicing, Performance and Measuring needs new pedagogies and mechanisms that will transform the workforce to look at work not just as a job but rather as a pursuit of excellence.
Marker 4: New Resources, Materials & Energy
New Resources such as Robotics cannot be ignored. Similarly, New Materials such as Bio and Nanotech. Energy such as Hydrogen and Nuclear replacing conventional fuels. Machine Learning, Artificial Intelligence and Cognitive Intelligence combined with Enmeshed Networks and Pervasive Computing make a compelling case for Innovation.
Innovation cannot be loosely used. There are two types of Innovation:
- Systemic Innovation: This is the Mind 2 Market type of Innovation that has no precedents. In the current circumstances, this is demanded the most. How else can New Resources, Material & Energy be used with Efficacy?
- Systems’ Innovation: This actually follows the Systemic Innovation, increasing the depth and width of applications and scaling them to more consumers globally.
- Systematic Improvisation: This relates to staying competitive and is a natural housekeeping process emerging the above two. That clearly distinguishes the difference between staying competitive and being innovative.
The challenge of modern times is the abundance of opportunities but the lack of talent to empower it. The Passion for Experimentation and the Aspiration for Moonshots is something that needs to find mainstream expression.
Talent needs to be understood as the expression of the Latent. Where the Latent is what one calls Passion.
With the explosion of the New Resources, Materials and Energy, the Cycles of Innovation need to be speeded up. And the only way this can be realized is by making the distinction between Solutions to be Engineered and Applications to be Personalized. And the entire approach to Commerce be transformed from Creating a Pipeline of Customers to Creating a Pipeline of Intellectual Property (IP).
The conventional understanding of Industrialized Economics needs to be turned on its head to Personalized Economics. This is the promise of digital and the transformations therefore have to realize this outcome.
Innovation is nothing if it cannot find exponential consumption. However, the twist in the modern lexicon to consumption is Responsible Consumption that comes from shaping Cognitive Intelligence. Not harnessing Artificial Intelligence to biases. And this is a movement that needs to start at an individual level. There are no incentives for incumbent establishments to disrupt what is going well for them.
Money has always been short. And it is shorter now. The judicious use of money means bringing to life solutions that contribute to a more productive life.
60% of the expenditure of most governments on the planet are going towards disaster relief. More than 50% of Corporate budgets are going towards Maintenance and Support of Legacy. Where is the hope from these actors to create Value?
There is so much talk about Impact these days. The question though that begs an answer is Impact on what? In which sphere of life do we see an Improvement in the Quality of Life?
- Environment: We are breathing more pollutants than ever.
- Health: We are still unprepared for another pandemic that could potentially bring our Planet to a standstill.
- Wealth: Despite the proliferation of Internet and the democratization of systems, DEI is still a slogan and we have people queing up for jobs when work and entrepreneurships are possibilities.
- Education: We are still stuck with a stone age pedagogy that demanded Creativity when Curiosity is what is required in a digital age.
- Mobility: The unplanned urbanization, the travel of data in advance of People and Goods and the convergence of the Physical with the Virtual not being Imagined and Executed.
- Technology: The over emphasis on Artificial Intelligence which is nothing but an extension of the Information Technology Age when the need really is to transition into an Age of Intelligence with Cognitive Intelligence.
- Governance: The need for Control when democracy is all about allowing people to find themselves and liberate one’s spirit.
Clearly, the term Impact needs to be redefined and the concept of Value renewed with evidentiary systems. We need technology to respond to data driven individuals; where data is conversational and computed in all four forms including Text, Audio, Video and Graphics. Insurance and Assurance for Risk must coexist. And the Economic Measurement of Value must move from Return On Investments (R.O.I.) to Return on Assets Deployed (R.O.A.D.). And the only way this transformation can be made possible is shifting the focus on Efficacy from Efficiency alone. Building a pipeline of Solutions from which Applications can be plugged and played; thereby shrinking the time and space with Quality whose functions are Cost, Delivery, Service and Flexibility.
