We are excited by the many new technologies that are providing firms with ample opportunity to improve current products and processes and to radically rethink and disrupt existing business models.
Whether 3D printing, blockchain technology or the internet of things or machine learning tools, it is clear that these changes affect all industries and sectors. We cannot say now whether we will one day refer to this time as the 'fourth industrial revolution' (after the steam engine, electricity and electronics) or in another, not yet imagined, way; only time will tell.
What is of great relevance, however, is the way firms can and should respond to these new technologies and the opportunities and challenges they provide. It is here that lofty claims are made about how these technologies are going to profoundly change or even 'revolutionise' how we do business. These claims are commonly made on the basis of technical feasibility alone.
This 'fallacy of materialistic determinism' is a common thread when discussing new technology. It misses the important point that whether a technology is adopted or fades away is as much about societal context and complementary assets, as the capabilities of the technology itself. Many superior technologies have come and gone, and some of the most hyped technologies of today may follow suit. More than ever, it is important to be able to separate fact from fiction and understand possibility in practice.
In the words of the science fiction author William Gibson, ‘The future is already here; it is just very unevenly distributed.’ The work of the lab is to recognise and understand the pieces of the future already around us, and to provide guidance about using these futures in 21st century business and society.
Current research
