May 2022
I am sure by now most of you have heard all the different lingo being thrown around when discussing the future of technology, as well as Lone Star Communications, and you may wonder what it all means.
If you haven’t heard of it, there is a common way to measure how fast technology is advancing called Moore’s Law: the number of transistors on a microchip doubles every two years. This is all about processing power – doubling every two years.
In 1971, under 10,000 transistors fit on a microprocessor, by 2017 it was 10 billion. Ready to have your mind blown? 90% of the world’s data has been generated in the last couple of years!
How do we best serve people in a rapidly developing technology field, while keeping our Purpose front and center?
There are several factors to that answer. So, a little bit of “Big Data”
- Big Data market expected to reach $103 billion in revenue by 2027
- Big Data applications and analytics forecast to reach $19.4 billion in 2026
- Cloud service market hit $178 billion in 2021
- By the end of 2022, AI spending will reach $7.3 billion annually
- The combined markets of IoT have reached $520 billion
This is where technology and business are going. The needs of customers are changing almost as quickly as technology. Where we are doing business; hospitals, malls, manufacturing plants, food processing, schools, banking, are all asking us the same thing. How can we be safer, using technology, not overwhelm our staff, use all the data we are collecting to improve, and stand out from competitors?
That is what drives initiatives into Professional Services (Healthcare and Commercial), AI and Machine Learning, R&D, collecting and analyzing customer and public data, partnering with other likeminded technology businesses to find the best solutions for our customers. The way we live our lives is how our customers want to run their business, and take care of patients, employees, students, customers.
WE are required to evolve to remain the trusted advisor of our customers. Customers know what’s happening, they are highly informed for all the same reasons we are. The data and information are all around us. Our responsibility is to stay several steps ahead, advise them of what is now, what is coming, and how we can continue to solve problems. If we don’t, someone else will, and we will no longer be the trusted advisor.
I encourage you to seek out your COO, Justin Bailey, Brian Banks, Cliff Switzer, Jeff Richard, John Salyers, Donna Montgomery, and other leaders in your branches working on these initiatives and ask them questions. Read the newsletters. Attend the Town Halls. Ask questions. Email us. Stop by our offices. We love talking about this.
- Kevin Henderson, Chief Operating Officer, Arkansas