Recognising the need for IT led innovation in organisational relevance

The IT industry today
We now live in the Fourth Industrial Revolution – i.e. the age of techno-logy. It’s become a way of life.

How organisations stay relevant and impactful
By depending on tech innovations and creations, which are produced by this very vibrant and dynamic industry.

Three barriers to industry growth in Sri Lanka
Short supply of skilled resources in the industry; lack of R&D; and inadequate data governance, security and privacy.

The future of the IT industry
A key enabler in driving competitiveness and the economic vision of the country.

It will also…
Provide employment for a large number of skilled resources and be one of the main foreign exchange earners.

Strength of the local IT industry
A legacy of strong export oriented info and information and communications technology developments in a number of globally recognised local ICT companies.

Other strong points include
High levels of IT and English literacy, and initiatives taken by the Government of Sri Lanka.

Weaknesses of the IT industry
Limited skilled resources, inability to retain highly skilled talent, lack of R&D and restrictive labour regulations.

Main threat to the IT industry

The local market in a nutshell
High digital literacy and smartphone penetration, access to the cloud and other cutting-edge technologies.

Which means that…
The Sri Lankan economy has all the ingredients to become a digital economy.

How organisations must respond to digital consumer demand
Driving momentum by embracing the latest in technology and overcoming skills limitations.

The global market in a nutshell
Transformation is the top priority for every organisation to stay relevant and competitive.

Why businesses worldwide are embracing technology
To make it an integral part of products and services, and the lifestyles of individuals.

Emerging trends in non-IT sectors
Non-IT firms are hiring software engineers at a faster rate than tech companies.

Global expenditure on technology
An estimated 10 percent of global GDP is expected to be invested in technology by 2030.

New prospective customer segments
Generation Z, and emerging markets in Southeast Asia and Africa.

Three evolving consumer trends or behaviours
Customer behaviour driven by mobile, AI, virtual and augmented realities (VR and AR), voice search and personalisation.

Local industry compared to the regional IT landscape
The Sri Lankan IT industry has been ranked among the top 10 emerging global destinations.

This is because…
For its fast developing ICT infrastructure and short supply of skilled professionals.

Contrast to regional counterparts
The local IT industry is a thriving offshore development and joint venture hub for several Fortune
500 companies.

Productivity is affecting industrial and economic growth

Corruption is affecting industrial and economic growth

The future of the global IT industry
A global industry dominated by connected devices that extend computer networking

This can be achieved by…
By communicating with everyday objects and other systems not typically connected to the internet.

Competition drives innovation

Sri Lanka’s competitiveness in a nutshell
Compared to other markets, we would seek to benchmark – there is room for improvement.

Impact of the digital age on Sri Lanka
It is marked by technological advancements in communication and information processes.

What’s in store beyond this…
The digital age has greatly impacted our daily lives and is the driving force behind social evolution.

This is a result of…
We’ve seen a rise in what has been termed ‘social technologies.’

There is power in information
However, we can’t harness this power without a means of distributing information.

Impact of social media on the world at large
The sharing of data in today’s world is a positive impact of social media.

Pros and cons of social media
While the world would move at a much slower place without social media, it has caused harm as well as good.

And the net effect is…
The positive impact far surpasses the associated ills.

The IT industry in five years’ time
IT companies that rely on testing services and infrastructure support are likely to see a sharp decline in demand due to automation.

What else can we expect
The emergence of AI, machine learning and advancements in natural language processing in the next five years.

Mantra for success
Stay relevant by embracing change with the mindset to learn and grow every day.

– Compiled by Lashani Ramanayake
Hasitha is the Country Manager of Microsoft Sri Lanka and Maldives