Leveraging Technology: Part 1

 

What is Technology?

When we talk technology, what are we referring to? The Merriam Webster dictionary defines technology as the practical application of knowledge especially in a particular area. It also describes it as a capability given by the practical application of knowledge. It is also a manner of accomplishing a task especially using technical processes, methods, or knowledge.  The Collins dictionary introduces a scientific element by defining technology as referring to methods, systems and devices which are the result of scientific knowledge being used for practical purposes. It is also described as the application of practical sciences to industry or commerce. Another definition says it is the total knowledge and skills available to any human society for industry, art, science etc.

What this tells us is that technology has a lot to do with practical application of knowledge gained. When we apply the knowledge we have, we are able to come up with technologies which enable us do things better, faster or find whatever outcomes we are looking for.

Technology is what enables us develop machines whose brief is to make work easier for us. Whenever we use our scientific knowledge to achieve some specific purpose, we are using technology.

Types of Technology

There are different types of technology including

Mechanical technology which includes wheels, cams, levers, gears, belts and engines.  Things Involved with motion are considered mechanical.

Electronic technology-It uses electric circuits to achieve a goal. Anything that runs on electricity is electronic including computers, washing machines, phones etc.

Industrial and manufacturing technology-Its goal is to either produce a product on a large scale or performing another large scale function where customers are not directly present. Cars are created using mechanical robots for example which is highly advanced technology.

Medical technology-Serves the purpose of diagnosing, treating or preventing disease. Include MRI and CT Scanners, Ventilators among other machines.

Communications technology-involved in helping people get and keep in touch with each other.

Information technology-machines that process data and perform calculations at high speed known as computers, Networks-links that allow devices to share data,

Sensors-Devices that record data from their environment such as microphones.

Internet of things-The practice of embedding computers, sensors and networking capabilities into everyday objects such as infrastructure

Transport technology- e.g. high speed trains

Energy-Infrastructure such as solar panels

Agriculture-farm robots

Architecture-tech for buildings such as elevators or smart windows

Entertainment and Media-tools for consuming or producing entertainment and media.

Art and Music-devices such as music synthesizers for creating things of artistic value.

Appliances-technologies that are useful around the house

Clothing and accessories-technologies that go into clothing and fashion accessories such as watches.

Assistive technology-devices that improve the capabilities of people with disabilities such as a hearing aid.

Space technology-tech for exploring or commercializing space such as spacecraft or satellites.

Robotics-A class of machines with semi-autonomous capabilities that can handle certain tasks in real world conditions without direction

Artificial Intelligence-a technology that learns and self-improves.

What technology is relevant to your own situation?

With the extensive list above, what types of technologies are you using or do you need to use in your current station in life. Some tech is applicable across the board meaning that we all need to use it in running our daily lives. For a majority of us, Information and Communication technology is something we cannot afford to live without for long. However things like robotics are not applicable to everyone for one reason or another. The thing you need to be clear about is what type of technology you need in your life to make things easier for you and improve the quality of your life.

Why do people shy away from embracing  

technology/impediments? 

A lot of what I will share in this segment applies to senior citizens but can equally be a challenge to people in the third world or places where exposure to tech has been lower.

I begin with an interesting quote from Pauli Taylor-In the West, it seems more time is spent writing blogs worrying about the threat of AI than implementing AI to introduce better customer experiences. The big threat to our jobs isn’t actually AI, it’s our inability to move away from existing business models and to explore new ones.

Calestous Juma says in his article Why do people resist new technologies? History might provide the answer that society tends to reject new technologies when they substitute for rather than augment our humanity. We eagerly embrace them when they support our desire for inclusion, purpose, challenge, meaning and alignment with nature. We do so even when they are unwieldy, expensive, time consuming to use and constantly breakdown.

He goes on to say that resistance to new technologies is heightened when the public perceives that the benefits of new technologies will only accrue to a small section of society, while the risks are likely to be widespread. They are also resisted when the public perceives that the risks are likely to be felt in the short run and the benefits will only accrue in the long run.

Another impediment to embracing new tech identified by Calestous Juma is the existence of incumbent industries and vested interests who benefit from the status quo. Such will fight attempts to get things done better. Think from your perspective as an industry. Are you part of the incumbents reinforcing the status quo or are you the category that routes for a new way of doing things?

According to Eurostat in the EU, 87% of people aged 75 and above have never been online. For some in this age group because of a struggle with health conditions, they can’t use technologies which depend on their ability to see, hear and read.

The other challenge they face is the degree of knowledge about technology. A lack of sufficient knowledge makes people shy away from embracing new technologies especially seniors in the society. The problem has a lot to do with confidence which is lacking in this regard. You can buy new tools but if you don’t train your people on how to use them, it won’t amount to much.

Lack of perceived benefit or need. Teachers are not able to get certain devices, apps or tools to help in teaching sometimes because other educators don’t know or don’t want to understand the benefits or the possibilities of the tool. (Anne Glasel, 2018). Clarity also from the end of manufacturers o the benefits of the product would go a long way in helping embrace it.

Big gap in technology-too much and too complex technology cuts off those who cannot keep up.

Negative feelings about social Media alongside bad experiences either from them or others.

Fear of the unknown/fears about internet safety which are genuine fears people grapple with. Some people will not shop online because of the undue exposure of their private data. With many data breaches, people do not want to fall victim to the next one because of something they could have avoided.

The cost of acquiring new technologies could also cut some people off-Premium gadgets come with a premium price tag.

The genuine fear of breaking up devices you don’t know how to handle can keep you from engaging them.

The power of habit also inhibits people from embracing new technologies. Sometimes it feels like a massive disruption to their lives to introduce something new into their routine. A similar problem applies even in places of work. Once you are used to working a certain way, you are resistant to a new way of doing things. Do you find this being an impediment for you?

Lack of supporting infrastructure can also be an impediment. Who wants tablets when the internet connection is poor at best? What is the use of computers when there is no power to keep them running? We have to make it easy for people to use our tools by ensuring there are as few impediments as possible.

People don’t want to put in the time to learn how to use new tech. It takes some learning to familiarize yourself with new tech and many people will not want to invest that kind of time especially when they think their lives are just fine as is.

A perception of lack of social interaction and communication.  

From a company perspective, fears of job insecurity and redundancy has kept many HR departments from embracing new technology quickly.

In the second part of this two step series, I will explore the benefits of embracing technology, the disadvantages of resisting it and how you can make it work for you. Be sure to check in next week so you do not miss out on what we have to share. 

How has technology helped you in life? feel free to share with us in the comments below. 

Are you a technophobe(fear) or a technophile(love) or somewhere in between? 

Diversify Your Sources

Many hands make work light.

When all you have is a hammer, everything looks like a nail.

The world we live in today is full of all manner of uncertainties. In the past, you would confidently choose a career path and stick to it until you retire. It was not uncommon to find someone who worked for a singular company or organization for their entire professional life. Nowadays it is the exception rather than the norm.

What this means is that you can never be too certain that where you earn your revenue from right now is going to remain the same forever. Retrenchments happen, companies close down or downsize, acquisitions and mergers happen all the time some of which have an impact on employee numbers. Because of these dynamics, you are better placed when you have a diversity of skills and diverse revenue streams.

Have you ever met a person and you are not sure what to talk to them about from a professional sense? Have you ever found yourself in a situation where you are in the presence of someone who clearly has no need for what you deal in? What did you end up talking about? For many people, that becomes the end of the conversation. However that is not the way it should be. I have been there as an individual selling insurance where I have met people who have no time of day to listen to what anyone has to say when it comes to insurance. At such times, you feel frustrated because the only tool in your tool box is a hammer. Despite seeing that you needed something else to talk about, you remain stuck because you hadn’t prepared yourself for anything different. From these experiences I learnt that it is important to have more than one revenue stream you are working on. With that, you will be able to switch your conversations around and remain relevant to the discussion at hand.

How many revenue streams do you have? How many are you aware of? Sometimes we don’t diversify because we simply don’t have the insight into the different revenue streams. I will highlight a few of them here just to give you an idea. A majority of us are familiar with employment income because we work at a job of some kind. Salaries and wages are a revenue stream many of us can relate with. Apart from that, we also have income generated from business in the form of profits. Those who invest in stocks and bonds and other financial instruments also earn in the form of interests, dividends and capital gains. When you produce works whether in form of books, music, inventions, patents and the like, you are entitled to royalties which make up another source of income. With real estate, you benefit from rental income. This also applies to any other assets that you can let or lease. I believe this opens your eyes to the many ways you can earn or diversify your income. Sometimes you don’t even need to do something different from your current occupation. People in the medical field do a lot of locum work which enables them to earn more than they would if they focused only on their main job.

Why diversify?

Putting all your eggs in one basket is a risky strategy. If something happens to that basket, you will regret your choices. There is nothing as sad as investing all your energy in a venture then it goes belly up overnight. This can have an adverse effect on your life for a long time to come. We live in a day and age of constant disruption. The local taxi business was rudely disrupted by the entry of Uber and other ride-sharing platforms. The rise of artificial intelligence and machine learning means that the assurances people used to have about their jobs are no longer there. Your job can easily be taken over by machines which rarely need time off or fall sick. Think about what you do. Is it possible that your company can find a way of automating it? If your answer is yes, then you should know that you run the risk of being replaced anytime. Now is the time for you to do something about it. Think about where else you could earn your living from if the worst hits you. Is it your skills and expertise you need to upgrade or do you need to think about getting started on another side hustle that will get you to where you need to be?

Another reason to diversify is that you need to make your financial backbone as dynamic as possible. When you have income coming from multiple sources, it is easier to keep living your life even if one goes sideways. When everything is from one source, your financial health is hanging in the balance. One wrong move and you are thrown into disarray.

You do not have to be involved directly in each of your income generating activities. You should focus on what you are good at (I am not an advocate of multitasking), while you engage others in you other income generating activities. The super-wealthy have normalized the idea of buying other people’s time and expertise to help them carry out their projects. If you want to make big bucks, you must become comfortable with entrusting others to help you do your thing. You must learn the art of building systems and populating them with the right people to get the job done. Another approach is to be able to automate what you do so that it does not need you. This will free up your time so that you can go on to the next thing. A good example would be me hosting my courses on a platform like Teachable. This would free me from the need to sit down every single time and teach someone. It would be easier to send them on to the platform where they can learn at their own time and pace.

Whatever you choose to do, ensure that you are making progress in increasing and diversifying your income. It will serve you well in the long run to know that when one stream dries up, there are still 5 or 6 more bringing in revenue. Nothing is as liberating financially as to know that you have a strong, diverse backbone.

Image Credits: valueresearchonline.com

What’s your 20 %

 

I am sure you have come across the 80/20 principle otherwise known as the Pareto principle in relation to the Italian economist who first coined this principle. Pareto made some interesting observations right from his garden to all of life in general. He came to the conclusion that in life and all endeavors, 80% of the results come from 20% of the activity. This is such a real concept that it has been adopted into the thinking of many corporations and lives of prominent people in the society. A critical look at your own life will show you the truth and efficacy of this statement.

Are you clear what 20% of your activities generate your biggest return? Which 20% of your relationships are of the greatest value? Which 20% of projects should you be expending most of your resources on? A failure to identify your vital few will hurt your ability to do meaningful work and generate meaningful results from your activity. Isolating and focusing on your top 20% will propel you faster towards your desired end.

Understand that you cannot be good at everything as a person or a corporation. Outsourcing exists so that corporations can focus on their core business to the exclusion of everything else. Partnerships exist so that individuals can bring their strengths together and mitigate against identified weaknesses. If you try to do everything all by yourself, you are bound to lose out on your ability to be exceptional at what you do.

Before you proceed with your activity today irrespective of whether you are a corporation or an individual, pause right now and answer the question of what your 20% is. You will be glad that you did it. I like what Stephen R. Covey says. ‘It is sad to climb to the top of the ladder only to realize it was leaning against the wrong wall.’ Those few minutes you take to clarify what your priorities are will go a long way in ensuring you have not wasted your time doing things which don’t matter or add any significant value at the end of the day.

Clarity on your 20% will help you focus on it better. It will give you fewer things to work on which will allow you to go deep and attain mastery. If you want to avoid shallow work, then you need to be clear on what is worth forsaking everything else for so that you can go deep. When you spread yourself too thin, you are likely to struggle to keep up with the demand of everything calling for your attention. Another reason to clarify your 20% is that you do not have infinite resources and you therefore must allocate the resources available to you on the most important of tasks and projects.  

What do you do with the rest of the tasks?

Is it that all the other stuff is useless or of no consequence? Not necessarily. It can still be divided into other categories. As a corporation for example, your core business could be manufacturing. While you focus on manufacturing, you need support functions like Human Resource Management, Accounting, legal representation just to name a few. All these functions are critical to the sustenance of the manufacturing concern but can be delegated to professionals while you focus on your core business.

Some tasks are delegated. Individuals delegate while corporations outsource. Don’t lose a dollar’s worth of time counting pennies. If there is somebody who can take care of something for you which in turn frees you to focus your attention on your most significant tasks, don’t think twice about bringing them on board to do it. History has it that Anthony Robbins hired a Personal Assistant for the first time when he was a teenager. Why? Because he needed time to focus on the most important tasks for him at the time. Maybe it is time for you to bring in help even if it’s on a part time basis. 

Other tasks can be downgraded. You can choose to reduce the frequency of doing tasks which have minimal impact on the bottom line. There are things on your to do list which are just there to add to the number. Your failure to do them has no adverse effects on your overall output. Such are the things you can downgrade. Only do them after you he done your most important tasks and there’s still time available.

The final category is those things which are ripe for elimination. We must all make a habit of eliminating things of zero consequence from our lives. What is the point of holding on to any activity that adds zero value to us? Some thinkers advocate for the idea of deliberately choosing not to do such a task for an extended period of time to see what gets hurt in the process. If nothing gets hurt, then it is time to get rid.

I must say that at different times, different tasks will have an edge as 20% items depending on what your overall long term goals are. What this therefore means is that you must do periodic reviews of your activities so that at every turn you are focusing on the activities that will yield the highest return and be the best use of your time and other resources. It is also important to note that my most important tasks are not the same as yours. Every one of us has different priorities at different points in time. You must therefore be willing to own your list without apology for as long as you have the rationale behind it. 

Would you like help identifying your 20%? Talk to us in the comments or on asenasam@gmail.com simply indicating ‘What’s my 20%? You can also WhatsApp me on +254725832477. This will earn you a free 15 minute Consulting call.

Share with all those who you believe would benefit from this article’s lessons.