2.28.19

This article is an introduction to a series written by Apple Growth Partners to introduce emerging technology to clients and business owners.

Matthew Silla, ASA, CFA | Senior Manager – Business Valuation

Matt Silla

By Matt Silla, ASA, CFA

Consider a standard workday just 10 years ago. Getting coffee for your colleagues would consist of waiting in line at the coffee shop, placing your order with a clerk, waiting for the coffee to be made, and then hauling it back to the office, where you have to collect cash from your coworkers to cover the tab. Nowadays, you would place the order through an app on your phone, receive a text when the order is ready to pick up, walk into the shop, grab the coffee, Uber back to the office, and receive money from your coworkers through a digital wallet app.

Technology has transformed the way we live and work. And the transformation will continue at a faster pace. Some experts say we are in the midst of a fourth industrial revolution, which is being led by machine learning, robotic process automation, artificial intelligence (AI), the internet of things (IoT), and blockchain.

The development of steam and water power brought on the first industrial revolution, electricity and assembly lines spawned the second revolution. Computers drove the third revolution.
These new technologies will change the way companies – of all sizes and in every industry – act, interact, compete, buy, sell, and grow.

Some business owners and managers may hesitate to remove real people from a process. Coffee shops, for example, no longer need staff to take and fill orders at the counter. Staffing models are evolving to keep up. Leaders need to be preparing for all possibilities. They will have to adapt in order to grow, or even survive, in the new environment. As General Eric Shinseki once said: “If you don’t like change, you going to like irrelevance even less.”

Apple Growth Partners understands that on-going advances in technology will greatly affect the firm’s clients and their prospects for healthy growth. Throughout 2019, AGP will be publishing a series of articles about emerging technologies and their practical business applications. These articles will include steps that business owners can take without being overwhelmed. We want to help our clients be able to discuss these changes with us, their peers, and other trusted advisors. Are you ready to embrace the technology revolution? Stay tuned for this exciting new series.