How Can We Cope With The Accelerating Pace Of Technological Change?

Major breakthroughs in technology used to only happen every decade or so. These days, though, it seems like new advances are being announced every other month.

However, these developments have disrupted just about every sector of the economy, causing unprepared companies to lose market share.

How can we keep up? In this article, we’ll share several tips on how to adapt to the dizzying rate of technological change.

1) Keep on top of the latest trends

In today’s rapidly changing world, knowledge is the best defense against being automated out of an industry by the competition.

Subscribing to tech magazines and trade publications allows professionals and executives to stay on top of the latest trends, while various online news forums can provide day-to-day news on developments which may disrupt certain sectors of the economy in the near future.

With this knowledge, executives can make decisions which can boost or maintain revenue, thereby avoiding declining revenues that can put a company’s future at stake.

2) Cultivate an attitude of curiosity

It is not enough to be aware of technological changes; business leaders also need to actively learn about them, everyday.

By exploring things that pique one’s interest, trying out new systems and technologies, and questioning long-held assumptions, those with influence within their companies will be actively honing their creativity, a skill essential to those who want to thrive in the near future.

3) Take courses to fill knowledge gaps

Once skill deficiencies in a company’s workforce have been identified, executives can then hire employees which possess the educational background and skill set that will be necessary for future success.

Current employees with knowledge gaps can be sent to take courses, thereby addressing any deficiencies.

Taking the second step is crucial for success, as investing in tuition is cheaper than having to spend tons of money recruiting scarce talent or losing market share due to the technical disadvantages of being saddled with under educated employees.

4) Don’t be afraid to learn from the young

Millennials and members of Generation Z are well-equipped to help older employees and executives learn crucial skills, as they have been immersed in high technology since they were young.

From leveraging social media to using smart phones in stylish cases to learn about any topic within a matter of minutes, they have the experience to help older generations to adjust to today’s realities, despite their junior age.

As long as those being taught keep an open mind, they will have no problem helping less knowledgeable individuals get a better grip on the increasing rate of technological change.

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