One of the themes covered during the World Economic Forum’s annual meeting in Davos last month was how rapid advances in technology from software to artificial intelligence and robotics will transform the workplace and society. Experts including politicians, central bankers, academics, economists, and business leaders all agree that the pace of disruptive technologies will accelerate during the next decade plus, and the ability to put these new technologies to use will siphon off the winning economies from the rest. As Larry Fink, Chairman and CEO of BlackRock, noted while moderating a panel made up of central bankers in Davos, “Those countries that adapt to technology are going to be the winners and those who can’t adapt are, in my mind, going to fall farther; so big winners, big losers.”
So how does this translate to business? Well, there will also be big winners and big losers. The ability of a company to adapt and incorporate new technologies into its processes will put it ahead of the curve, and those that fail to keep the pace will quickly see the negative effects of market forces as they are left behind. But it doesn’t stop there. Setting up and new system and implementing software is just the beginning. We continue to innovate and constantly update our fixed asset software products to meet the sophisticated needs of a dynamic market. For our clients to continue to reap the benefits and the competitive advantage gained by software, it is equally important that the software is consistently upgraded to the most current version.