Responding to disruption is perhaps the most important strategic issue facing businesses and countries today. The definition of disruption has expanded far beyond its textbook meaning and is now influenced by demographic shifts, globalisation, macroeconomic trends and more. As the world evolves, we need to learn fast how we can embrace emerging disruptive technologies to get us ahead.
Disruptive technological innovations have worked their way into every sphere of our lives. As the world responds to shifts that would have seemed unimaginable even a few years ago, the message is clear - it is time to start thinking without the box.
Malta's small size, its EU membership and laws in the English language make it the perfect testing ground for some of the new technologies currently reaching inflection point. Given that the potential economic upside could be unfathomable, the key question is: How do we get there?
"Thinking without the box: disruption, technology and FDI" is this year's theme for EY Malta's Annual Attractiveness Event. Through a series of keynote addresses, panel discussion and break-out sessions, the conference aims to explore how government and businesses will harness the power of disruptive innovation in order to be the disruptor rather than the disrupted.
There is a lot of 'noise' around disruptive technologies and innovative companies are struggling to cut through and be heard. Against this backdrop, the Maltese government has the power to be the catalyst to put the country on the global innovation map.
For example, wouldn't it be great to have a personal assistant to help you interface with various government departments, scan websites to find the right forms, schedule a meeting or arrange for the right public sector employee to call you to help you with your needs? Or indeed, help you with the set-up of a new business? Developments in Artificial Intelligence (AI), Machine Learning, Natural Language Processing and Robotic Process Automation have sparked the emergence of Chatbots that will soon be able to do just that and indeed much more.
If you were a company developing such technologies, wouldn't an opportunity to road test your prototypes in an English-speaking EU member state not interest you? And if you are a digital company considering Malta as a base for your operations, wouldn't such an interface not be a dream come true?
Ranges of new technologies are starting to hit their critical inflection points simultaneously. Artificial Intelligence, Blockchain and the Internet of Things (IoT) promise to truly reshape the workplaces, markets, homes, industries and, yes, countries.
With the advances in artificial intelligence and machine learning, conversations can enable devices to anticipate, react, respond and enhance the physical world in much the same way that the internet currently uses networks and computer screens to enhance the information world. With blockchain-enabled smart contracts, the expectation is that devices will be able to run and transact autonomously.
The robots are well and truly coming.
The EY conference aims to examine the building blocks that will truly transform Malta into a pioneer in the age of disruption. Delegates will analyse whether we should be focusing on self-driving, autonomous vehicles, as a way of easing congestion in the near to mid-term; explore the actions to take Malta's vision to be a global Blockchain and FinTech hub from vision to reality; examine how to sustain economic growth through massive increases in population; delve into ways Malta's educational system should cater for the new digital economy.
The attractiveness event convenes all of Malta's key stakeholders and public and private sector leaders. With the event's scope to stimulate altogether new thinking and develop ideas on how to grow Malta's economy for the future, we hope Malta's best and brightest will attend.
EY Malta's Annual Attractiveness Event - Thinking without the box: disruption, technology and FDI, will be held on 25th October at the InterContinental Arena Conference Centre. To register and find more information visit www.eymaltaattractiveness.com
Mr Dix is a manager at EY Malta focused on gaming, digital and fintech