In episode 44 of the CXO Minute, Tony Uphoff explains why all companies are becoming technology companies, as technology is changing the operations of entire industries.
Highlights
00:28 — Over the last 90 days, Tony has gotten to speak with C-suite executives from manufacturing, healthcare, entertainment, fashion, government, and consumer packaged goods sectors. The common thread across all these discussions is that it’s clear that all companies are becoming technology companies since tech is changing entire industries.
00:55 — Technology companies continue to innovate with new software tools, platforms, and systems, and by reinventing new kinds of technological hardware. These tech innovations are no longer unique to tech companies — companies from all industries are harnessing the power of business technology and in turn, are reinventing their industries.
01:22 — The blurring of distinctions between what is a technology company has huge implications for CEOs in every sector. The use of business technology isn’t new, but the technologies themselves are, changing how industries operate.
01:48 — Tony references how the Internet changed the way businesses operate — everything from product development to engaging with and serving customers. A major technology transformation is occurring right now, based on the impact of cloud platforms and services, advances in hyperautomation, artificial intelligence (AI), and cybersecurity. As these innovations go mainstream, they are inherently enabling new capabilities — and blurring the lines between what is a technology company and what is a company harnessing the power of technology.
03:16 — A unique aspect of the technology industry is the speed at which it moves — this can be a problem for C-suite executives accelerating their use of technology because the timeframes for operating and applying these new technologies are also accelerating.
04:23 — Business and technology are indistinguishable today. In the near future, the question of ‘what is a technology company’ will be irrelevant. As this convergence moves through every industry, C-suites must understand how to keep pace with technological innovation and embrace the accelerated pace.
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