Posted inBusiness

Corporate success pinned to adapting to digital revolution

With the dawn of AI, drones, genetics, and robotics, among other cutting-edge digital technology, the world is witnessing a revolution as profound as Johannes Gutenberg’s printing press in the 15th century. Those who fail to adapt will lose relevance, the chairman of OpenExO,said

Unprecedented developments in technology and artificial intelligence (AI) could pose challenges to the regimes and leaders of countries that are unable to keep pace with what is happening around them, according to Salim Ismail, the co-founder and chairman of OpenExO, and member of the Board of Directors of the XPrize Foundation.

In a lecture held at the Sheikh Zayed Grand Mosque, Ismail commended the UAE’s flexibility in its efforts to modernise government work, calling it the most optimal means to prepare for the future.

The lecture, which was attended by Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, is the fourth and final Ramadan lecture organised by Majlis Mohamed bin Zayed. The lecture focused on how technology helps institutions grow and prepare for the future.

In his lecture, Ismail highlighted the features of the technological shifts currently taking place, stressing the need to rapidly adapt to recent changes.

Ismail underscored the importance for decision-makers and governments to show flexibility and adapt at a faster pace than before, noting that the flexibility of all types of institutions enhance their chances of success.

He further highlighted the resistance to change shown by some institutions, affirming that those that fail to adapt to the digital revolution will lose relevance, offering the example of Amazon, which based its success on adapting to change.

Referencing Johannes Gutenberg’s printing press in the 15th century as an invention that changed the world and revolutionised ways of transferring and exchanging knowledge, Ismail said that the world is now witnessing a similar moment, due to advances in computers, AI, 3D printing, drones, genetics, and robotics.

“Old technology was very expensive and inaccessible to many poor countries, but the most prominent feature of modern technology and innovations is their fast spread and affordability,” he said, citing the example of villagers in Vietnam who use solar energy to power fishing boats.

Such practices shape the future of humanity, when everyone will have access to and be able to utilise tech solutions to support their businesses and regulate most aspects of life, he said.

This was the last lecture in a series of talks held during the holy month of Ramadan, which discuss a number of vital issues of interest to individuals and societies by hosting a group of specialists and researchers in various fields.