Technology Megatrends impacting Economic Development

Enter megatrend into a search engine and you get a lot of hits. Everything from John Naisbitt's original 1988 book, to geopolitics, to new age tenets, can be found. When you further restrict the search to technology, it seems that a significant percentage of this planet's consulting companies have insight into the next big thing(s). From my perspective, after being a practicing information technology professional for 20 years and then moving to academia, I see four trends shaping the information technology space over the next decade. Maybe they will be megatrends, or maybe something new will overshadow them all, but are all going to be important:

  • mobile devices
  • social media
  • cloud computing
  • and data analytics

Mobile devices will drive decisions anywhere, anytime, and all the time.

Social media will give consumers the power to change your products and services, or kill them.

Cloud computing will provide sufficient capacity, cheaply enough for individuals, small business, and big corporations to do things they cannot currently imagine.

Lastly, data analytics, along with big data, will enable knowing what you cannot currently know.

These trends represent major features that will force us to re-think information technology, but ultimately they may have a bigger impact on how we think about our public and private organizations. I am sure that you have already felt some of the impacts of these megatrends in your day to day economic development work. We will talk about each trend and some possibilities of what they might mean to economic development in future posts.


 

Richard Woolridge

Currently an Assistant Professor of Management Information Systems at the University of Arkansas at Little Rock. Previously, twenty years in industry as an entrepreneur, consultant, process developer, project leader, information architect, teacher, developer, and innovator.

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