CHALLENGES FOR MANAGING BUSINESS WITH 21ST CENTURY TECHNOLOGY

Kathleen Wilburn and Ralph Wilburn

Review of Business and Finance Studies, 2018, vol. 9, issue 1, 13-30

Abstract: Businesses in the 21st Century are facing a new world that includes having to decide what technology they need to adopt from Artificial Intelligence (AI), Big Data, to robots, drones and 3D printers, as well as create a workforce that includes part-time and contract employees, plus full-time employees who want a purpose in their work. As companies replace humans with robots to increase efficiencies as well as use AI algorithms to crunch Big Data, the workflow and processes must be restructured to accommodate technology, and employees must be trained to use it. Employee engagement must be supported to ensure employees are making decisions to support company goals and values in a technologically-assisted environment. According to research, cognitive abilities, complex problem solving, and social skills will be necessary in work environments where machine thinking and human thinking will become interdependent. Scenario thinking will provide the insight into how new technologies or demands of workforce might affect an organization’s structure based on its future goals; thus, allowing it to adopt technology that will serve its purpose. It will help the organization focus on using technology to solve problems and accomplish its goals while considering possible ethical issues

Keywords: Technology Changes; Management Changes; Workforce Changes; Internet of Things; Artificial Intelligence; Ethics; Big Data; Corporate Social Responsibility (search for similar items in EconPapers)
JEL-codes: M14 (search for similar items in EconPapers)
Date: 2018
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