• Chris Day

Emerging Technology

Updated: Jun 18, 2019

Emerging technologies like blockchain, smart contracts, machine learning AI, and robotic process automation will impact current business workflows, organizational structures, and 3rd party relationships in ways not quite understood or planned.

IT and HR professionals will need to have a deeper understanding of the "what" regarding the tech and the "how" as it impacts business workflows.

Change Management will need to wrap all this work in order to be effective.

For HR, People, Process, and Tools will change. Having a better grasp of the tech and its promise, as well as current deployments, will only accelerate HR's value.

Read, Reach Out, Learn. Did I say Research as well?

Here are some basics regarding the emerging tech listed above:

A distributed ledger stores data in a very specific way that can be considered to be a new IT solution design pattern called blockchain.

For me it's about how the data is encrypted, how it can be shared, and based on software solutions, how the distributed ledger can certify that the data being added hasn't been tampered with or altered.

Data persistency within the blockchain can be assumed to be 100%. Look up persistency.

Smart contracts can permit transactions and carry out agreements across disparate, anonymous “trustless” parties without the need for a central authority, legal system, or external enforcement mechanism.

Machine learning is a study of algorithms and statistical models that systems use to perform specific tasks minus the explicit instructions. The models derive patterns of discovery or execution on their own or with oversight.

Colloquially, the term "artificial intelligence" is used when a machine mimics "cognitive" functions that humans associate with human "thinking" such as "learning" and "problem solving.”

In contrast, robotic process automation (RPA) systems develop an "action" list by watching the User perform that task in the applications’ graphical user interface (GUI)s. Customer service agents using multiple systems/screens can use RPA can to automate those tasks and improve overall customer satisfaction as well as improve efficiency.

Current metrics show that implementing some of these technologies, individually or in an ecosystem, have shown positive impacts on customer satisfaction as well as business process flows by reducing costs as well as eliminating non-value added tasks.

However, there is a certain inherent distrust of these technologies as well. Legacy people running legacy systems might want to continue doing things the same way, just because.

These technologies have the potential to impact:

Banking, Supply Chain, Payments and Settlements,

Provider Credentialing, Trademark Use and Validation,

Contract Management, Mortgage Origination and Processing, Land Records, just to name a few.

As noted above, People, Process, and Tools will change.

That's a given.

Being on top of your tech game will help accelerate your value.

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If these concepts interest you, let's talk more!

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