Companies and businesses around the world talk a strong game of leveraging technology’s potential to strengthen themselves. In Malta, there’s a race to do just this, and Deloitte’s 2021 Malta Technology Leadership Survey has revealed some pretty informative insights into how this race is shaping, and what it entails for the island.
Uncovering the data beneath
The report drawn up from the survey reveals that there are three key areas that will define who is successful over the next three years; digitisation, the Internet Of Things (IoT) and analytics. For the latter, artificial intelligence has shown to be highly adept at scouring vast data troves to pick out relevant information, whether of a commercial nature, or HR-related.
As far as IoT is concerned, having a company that runs its own intranet or similar system, can do so in a manner that improves operational processes. IoT is a technology enabler that can efficiently address customer pain points, creating a win-win scenario for businesses and customers alike.
Digitisation, then, is the tool most respondents felt would be the key weapon going forward. Already vital in the pre-COVID-19 world, the pandemic only exacerbated the need to have a solid digital foundation and accelerated technology adoption across the board. The same way being financially smart pays off, the same way being tech-savvy, or trusting people who are, is now a key competency for any self-respecting business.
The survey also revealed that the three main focus areas of businesses in the near future will be app modernisation, product focus, and automation. The first one is a given, as all businesses need to move with the times, and given the dynamic nature with which tech operates, getting left behind can happen in a matter of months with little to no warning.
Automation, similar to artificial intelligence, will help speed up several processes, especially if put together. The two can uncover lots of untapped potential and ensure the business in question can take tough decisions faster and with more accurate information at hand.
In terms of product focus, as important as that is, as long as this does not take place at the expense of what the market actually wants, then we’re behind it. If companies however get too lost in trying to perfect their product without actually understanding what their market wants, it’s going to end up as an expensive flop.
Remember: innovation is more than a buzzword
Though most respondents said that expanding to new markets is their main business priority, innovation to create new products and services placed a close second. In response to our above concern, thankfully, using tech to improve the customer journey was then third on the list, with a view to even including the customer when looking to innovate.
These are all pretty good points, as creativity and innovation are key for any business to succeed long-term, and would certainly be a necessity for expanding into new markets as well as remaining relevant to a customer with changing needs.
One major shortcoming
Unfortunately, it was disheartening to see that from all the respondents, 96% were men. Whether a genuine oversight, or maybe not enough respondents got back in time, or whatever, it’s most certainly a statistic that needs addressing over the next couple of months and years. Is it indicative of the industry, or is it misrepresented? Either way, more women are needed in the tech industry, and soon.