The four primary pillars of technology, including its conceptualization, development, deployment, and usage are also referred to as the “pillarar elements” of technology. The first of these, technology planning, defines the goals and methods for technology implementation. In the second place, technology developments are monitored, guided, and directed by the key stakeholders in the technology area. And in the last pillar, technology users create and maintain the technology infrastructures.
A so-called fifth industrial revolution is underway, a revolutionary disruptive change characterized by discontinuous innovations in fields such as artificial intelligence (AI), big data, electronic communication networks (ECN), fifth-generation telephony networking, biotechnology and nanotechnology, robotics, the Internet of Things, and energy efficiency. Experts in management consulting agree that this shift is a result of the increasing globalization, increasing workloads, increasing complexity of tasks, and decreasing social conditions that make traditional approaches to problem-solving inefficient and outdated. According to McKinsey, “traditional views of each industry as distinct silos that serve to reinforce different dimensions of the organization, driving substantial technological differences that impede innovation,” contradicting the traditional view that firms are operating in the same ways. Organizations are instead adopting convergence, or working with various technologies and systems to achieve business objectives. These practices reduce organizational complexity, enhance productivity, and allow companies to use information more productively.
Although technological development may be a source of change, many in the business community believe it is not necessarily a negative thing. In fact, technology has been used to improve businesses, provide greater functionality, address new customer needs, and reduce cost. By incorporating the right strategy, businesses can ensure that they maximize their technological investment and reap the benefits of that investment through optimal performance, while also fostering the social conditions necessary for technological innovation.