About Lesson
- Growth in technology automation: New technologies that automate certain consulting functions like research, modeling, and analysis are seen as valuable additions to consulting professionals’ abilities.
- Reduced costs: Manufacturers, banks, and retailers, for example, have used computer technology to perform traditional tasks at lower costs and with higher levels of customer satisfaction.
- Technology and Competitive Advantage: When a company is able to outperform its competitors by providing superior value at a lower cost, it can maintain a competitive advantage for a longer period of time. To hold such a position, executives must fully exploit a company’s strengths and develop capabilities and competencies, making it difficult for competitors to copy or imitate.
- Shortage of Skills: As new technologies are developed and implemented, existing employee skills and knowledge must be updated as quickly as possible. In addition, workers with more advanced training and skills will be in higher demand, particularly in emerging industries such as telecommunications, hospitality, retailing, banking, insurance, biotechnology, and financial services.
- Downsizing and Rightsizing: New technologies have enabled fewer people to do more work than previously possible. Companies have long recognized the value of replacing people with machines, also known as automation. Thanks to the introduction of computer information technology in manufacturing processes, physical work is now cut into pieces and converted into digital commands. As a result, many jobs are being lost at a rate that is beyond comprehension. Because of the need to go lean and clean, most companies are letting people go who don’t learn new skills quickly.
- Telecommuting: Rapid technological advancements have resulted in the transfer of work from the office to the home. Telecommuting, also known as teleworking, has become the norm, with employees working from home, usually with computers, and sending letters, data, and completed work to the home office via phones and the Internet. Companies have been able to expand their applicant pool using this method, and employees have been able to live further away from cities and save significantly on rent, transportation, and other expenses.