The World’s advanced economies have a growth problem, with an answer that is both symptom and solution; Technology. However, technology alone cannot solve today’s problems. Instead, technology as a strategic tool combined with creative solutions in improving product/service delivery can improve deficiencies along the value chain. In addition, the flux-like impact of globalization on developed and emerging market economies means consumers demand a high standard of living reflected through the consumption of premium products and services.
Finally, technology has reduced the costs of production. As a result, manufacturing capacity is happening increasingly in emerging markets affecting multiple industries. Companies can improve the bottom line while maintaining product/service quality, benefiting product/service producers. Technology has also been a solution, requiring maximum efficiency to enhance the scope of firms looking for a continual forward-moving product/service evolution to meet market demand.
Developed markets require technology even more because of the strained resources available to government, industry, and consumers alike. Public-private partnerships seem to be ideal for the different market actors to maximize to impact growth. A critical mass in innovation and training must be in place to further improve the current growth projections by the IMF; 2.6% GDP (Advanced Economies) growth forecasts and match the (Emerging Markets and developing economies) 5%. Google and Apple have a proven track record in leveraging technology to improve the delivery of their products/services. From Google’s domination of the search market to the Apple revolution in transforming digital music and smartphones, both companies have an extensive portfolio of products/services. However, the impact of technology and the consumer to improve growth is yet to be seen. Currently, Google and Apple duel it out in mobile payments. Market adoption has forced Google to pull back in the past. Still, the recent deal with Softcard provides an opportunity for a competitive atmosphere that can inspire creative ways to reach new consumers. If it is a wait-and-see game with the past an indicator of what is to come, the future is bright. Further improvements are still required to improve the pipeline of scientists and engineers that can sustain such growth.
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