OPINION
A Non-Executive Viewpoint: AI and Technology Advancements
26 Feb 2024
Royston Hoggarth, Non-Executive Director of LDC-backed mobile voice and data communications provider Cellhire, has more than two decades of experience in the ICT industry from a range of executive and non-executive roles with both private equity backed and publicly listed companies. He has helped numerous management teams to grow their business, and been involved in seven private equity transactions.
Here, he discusses the latest advancements in technology, including AI, and the opportunities that exist for ICT business leaders.
The Ever-growing Power of Technology
“Back in the eighties, when I first started out in the sector, progression was slowed by IT infrastructure. Often the hardware itself wasn’t up to the job. Then, moving into the nineties, it was the systems software that created barriers. But nowadays, it’s no longer the application of technology that slows things down – instead, it’s people – and their ability to adapt, adopt, implement, and use technology.
We’re now at the point where technology enables us to challenge the way we want live. We should be unlimited in our thinking of how technology can be deployed and how it can change businesses and societies.”
Groundbreaking Pace
“Technology doesn’t slow down. Working in a fast-growing industry like ICT, the growth potential is infinite. It’s an exciting place to be and there’s a constantly evolving set of new programmes and opportunities to build your skills.
“One of the great things that the ICT industry offers is variety. The market is currently being driven by three major trends – AI, virtualisation and datafication – and its critical for businesses to assess how well-equipped they are in these areas to stay ahead of the curve.
The standout joy of technology is that it continues to evolve and expand. We need to consider how we can improve efficiency, how we can simplify and how we can disrupt, and this all combines to form part of a continuous improvement cycle.”
The Technological Revolution
“AI is the most significant and disruptive technology trend facing ICT businesses today. A set of algorithms that work by interrogating data, it is poised to revolutionise the global economy by changing the dynamics of the way businesses operate.
“The scale of opportunity is huge. Whether it’s using chatbots instead of voice calls, which are cheaper and quicker than call centre operators, or employing ChatGPT to help formulate an RFP response, AI is enabling businesses to replicate human capabilities in a more efficient and timely way.
“AI’s transformative power allows businesses to answer questions quickly and effectively with its ability to digest vast volumes of unstructured data and extract key information. And while there is a volume of data generated, this is where AI excels. By harnessing the technology, businesses can gain a competitive edge in making better informed decisions, identifying emerging trends and adapting to market dynamics with far greater agility.
But every AI journey is unique and should be tailored to suit different sectors, circumstances and objectives – whether the focus is on automating processes, gathering insight via data analysis or engaging with customers. Ultimately, the benefits it can bring to a business are only going to expand as the technology becomes more advanced. It should not be viewed as a threat.”
Top-tier Technology Talent
“To take advantage of the latest technology, the importance of talent should not be overstated, it’s the most vital component in retaining a competitive edge.
“There’s a lack of focus on technology in our education system and not enough is being done to prepare young people for the future. Schools and colleges need to put more emphasis on STEM subjects to help meet escalating demand for more sophisticated technology skills in the workplace. Today, every business, regardless of sector, needs someone on the board with experience and expertise in technology. Staying abreast of the latest innovations and their implications is the only way to stay ahead.
“Every business should actively consider its talent strategy, and for fast-growing services companies, its essential to grow talent from grassroots level as buying-in highly skilled people can be costly. Create an environment and culture that’s compelling so employees will want to stick around. For some, this can include flexible working practices, and in fact some businesses that I work with don’t have an office anymore – everyone works remotely but gets together every month.”
How Non-Executive Directors Add Value
“All businesses need the right people around the table to properly leverage advancements in technology, and non[1]executive directors form an important part of this dynamic. In my role, you need to recognise that you’re not there to run the business, but bring skills, insight and experience to the team.
“It’s about guiding the board to ensure that they plan and mitigate for challenging times – such as a cyber-attack, for example, which can be monumental. Every business should proactively assess its software platforms to ensure they’re operating at the right level and have robust disaster recovery systems in place.