I recently had an in-depth conversation with a leading expert in the financial services industry about how large, well-established companies should react to the rise of the tech firms.
The expert shared several fascinating insights that every large corporation should consider, regardless of their industry.
Two comments, in particular, stood out:
Innovate quickly: The highly ambitious tech companies are well-funded, extremely nimble, and are chipping away at market share. Well-established firms can no longer rely on old product lines for future performance so they must innovate quickly which is not part of their DNA.
The workforce is evolving: Top university graduates used to aim for a career in the biggest companies or in consulting. The reputational damage suffered by many companies after various crises has turned young talent away from established companies and, instead, towards the fast-moving world of tech and entrepreneurship.
Large companies must use the collective power of their employees in a much more clever way if they want to survive the upcoming tech upheaval.
One HR software business is helping these large companies do just that with its single view of everything in one place: skills, experience, accreditations, preferences, goals, feedback and more – meet Adepto and its Total Talent solution.
“You are about to become obsolete. You think you are special, and that whatever it is that you are doing is impossible to replace. You are wrong. As we speak, millions of algorithms created by computer scientists are frantically running on servers all over the world, with one sole purpose: do whatever humans can do, but better.”
‘Robots Will Steal Your Job, But That’s OK’ by Federico Pistono
AI (Artificial Intelligence) is here.
We’ve all heard the stories of driverless trains, customer service chatbots, and more.
Estonia is soon to start trialling ‘Robo Judges‘ in law courts.