Access to the Internet has brought great changes worldwide. Major social and cultural changes have been experienced everywhere, and the business world was no exception. The internet allowed access to information in a much faster and more efficient way. It enabled communication between departments, branches and companies. The penetration of the Internet in business is so high that it is almost illogical to think that today a business does not use it in its entirety. The larger the company is, the more indispensable its use becomes, as it has become a vehicle for development.
Among the most relevant technological developments today are: Blockchain, Agrotech, Cybersecurity, Artificial Intelligence, Internet of Things and Fintech. Without going into much detail about each of them (since that is not the main purpose of this article), we can mention that they all have in common that they are disruptive technologies that seek efficiency in processes and effectiveness in critical decision making. Another point in common is their infant state, in other words, all these technological advances are in an early stage of development, so their potential is still unknown and their application possibilities are infinite.
This, from a business point of view, is a huge blue ocean. Most of these technologies that are being created seek to bring something new that serves as a competitive advantage for the company. For the same reason, there is a strong desire on the part of the private sector to acquire these technologies and integrate them into their business model, not only as a support to the existing one, but also as a new division that potentiates their development in order to obtain greater profitability.
The public sector is also beginning to understand that, in order to be more efficient in achieving its budget and fulfilling its tasks, these technologies are an incredible tool and opportunity for progress for its economies. Encouraging their development will be key for the future, as they become more widely used and accessible. A government that understands and manages these tools will play a crucial role in the nation's economic growth.
Up to this point it may all seem like fantasy, something out of the best science fiction movies, but the truth is that a quick search of these terms on the Internet is enough to realize the impact they are already generating worldwide and the hundreds of examples that exist demonstrating the veracity of this article.
Latin America has great potential to be a major player in the fourth industrial revolution we are experiencing. In this globalized world where the internet is within everyone's reach and resources are attainable, the human factor plays a crucial role in its improvement. The Latin American region has enough talent, creativity and passion to become a hub of technological development with the possibility of competing with the great giants of the industry. Now the questions should be: will it be able to do it? or how will it do it?
This article was written by Daniel Cardeño, MBA Global Perspective student, and published in Incatraz Magazine.
