Changing Attitudes Towards Rapid Technological Evolution

Insights from FRIENDS Consult on why firms should embrace Industry 4.0

FRIENDS Consult being a firm of 70% staff under 35 and 30% ranging from 15 to 60, we consider well-advised technological innovation vital. Providing optimum value to clients is essential for consulting businesses worldwide. Firms must enhance both service quality and customer experience. In a recent doctorate class of mine, we talked about the numerous opportunities brought by digital innovations in the corporate world. We agreed that certain industries are dominated by an overall ‘technological shyness’ caused by generational gaps within the sectors and firms.

According to Pew Research, there is a correlation between age and technology adoption. This creates a situation where more experienced professionals hesitate to adopt digital innovations, due to the amount of uncertainty tech poses in comparison to methods that are “tried and true.”

First, we examine typical clients of consulting. Their reluctance often stems from a combination of inherent risks and the unique challenges specific to their domain. Aside from the general technological shyness, certain industries heavily reliant on physical infrastructure, like construction or manufacturing, face significant disruption costs when integrating new technologies. Moreover, regulations and safety standards can stifle innovation, as regulatory bodies prioritize thorough vetting over rapid adoption.

Additionally, industries with established, successful procedures may be less likely to see the immediate benefit of adopting potentially disruptive beneficial, technologies, leading to a “wait-and-see” approach. This cautious stance, while understandable, can leave these industries vulnerable to more agile competitors who readily embrace technological innovation.

The publishing industry, for example, tends to shy away from trends such as AI. Many publishing houses, literary agents, and printing press establishments bash intelligence tools of any kind. Can we stop and think, however, that the resistance towards this new wave of technology could only be a delaying of the inevitable? Imagine if someone heavily resisted using Google to find answers in its early days. Wouldn’t that have been the same as pushing a boulder up a rock?

Now to consulting firms. Using technology is a crucial strategy and tactic for improving consulting services, allowing organizations to increase efficiency, enhance client relations, and offer more intelligent solutions to business development. After all tech paces up the racing speed to knowledge.

Knowledge industries can see significant overall increase in production speed, better client relations, more intelligent solutions to business development, and increased efficiency if the emerging technologies of Industry 4.0 are put into use.

Perhaps, rather than cautious approach, we can adapt a curious approach. After all, fortune favors the bold.

Keren Obara.

Project Officer FCL.