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The rapid march of technology

By Peter Walker for CNN
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LONDON, England (CNN) -- If there is one phenomenon that defines modern business and makes it so utterly different to commerce in the past, it is technology.

Aside from the astonishingly rapid growth of Internet-based shopping, instant communications means the whole globe is permanently open for business, while money can be sent at the press of a computer key.

Such is the pace of change, it can be confusing even for the most tech-savvy executive. Luckily -- as ever -- business schools are on the case.

Last week, dozens of managers joined with government officials, academics and technology experts at the London Business School to discuss what the future might hold.

More specifically, the get-together, organized by the school's student-run Technology Club, ran under the banner "2017: How Will You Be Connected?"

"Technology has always transformed the way we do business," noted Gerry George, faculty director of the school's Institute of Technology.

"What we are seeing now is that technology is also altering the social fabric of businesses and is providing new entrepreneurial opportunities.

"We need to equip managers with the skill set to understand not just technology convergence but also how to thrive in a transformed social context."

Finance and regulation

One of the most exciting panel sessions came in what was called the Technology Feasibility Competition, in which technology and business students pitched their high-tech ideas to venture capitalists attending the event.

Other areas discussed included how technology helps companies make it ever easier for consumers to pay for goods and services; not only online payment but also systems such as using cell phones and electronic pre-payment cards.

Equally as important, the participants looked at two other areas: Governing and funding.

Technology industry executives regularly complain that public policy and legislation does not keep up with their fast-changing world, and as a consequence their companies often suffer. Equally, you might have the best tech start-up idea in the world, but without outside funding it's unlikely to reach the market.

Across the Atlantic, another leading business school has also been examining a particularly fascinating prospect brought about by the technological revolution -- "wikinomics."

This takes as its starting point the "wiki," a type of collaborative Web site that allows visitors to easily add, remove and edit content, best exemplified by wildly popular Internet encyclopedia Wikipedia.

Students at the University of Pennsylvania's Wharton School heard a talk by Anthony D. Williams, author of a book on the phenomenon.

According to Williams, wikinomics means an opening up of the economy, such that "ordinary people now have access to technology, where they can create value and even collaborate and level the playing field with the world's mightiest enterprises."

He added: "And this new presentation to the economy is going to change the way we invent, produce, design and distribute products on a global basis."

While it is still an embryonic field, as well as Wikipedia, Williams points to the success of so-called "open source" software in which coders collaborate, most famously on the Linux operating system.

It is already influencing mainstream business, he said, noting that Boeing collaborated closely with suppliers on the design of its new 787 "Dreamliner " jet meaning, among other advantages, that the electrical specification, typically around 20,000 pages for a new airliner, were reduced to 20 pages.


story.chip.jpg

High tech: A worker holds semiconductors.

FACT BOX

FT's Executive MBA Rankings
1. Wharton, U.S.
2. Hong Kong UST, China
3. London Business School, UK
4. Instituto de Empresa, Spain
5. Fuqua, Duke, U.S.
6. Chicago GSB, U.S.
7. Columbia, U.S.
8. Kellogg, U.S.
9. Stern, NY, U.S.
10. Cass, City University, UK
Source: Financial Times 2006

FACT BOX

EMBA SNAPSHOT

Executives taking the top EMBA courses in the U.S., Europe and Asia have average salaries of around $130,000 to $200,000.

A typical EMBA student is likely to be aged in the early 30s, with 6-10 years of working experience.

A top EMBA course can cost $100,000. Customized courses start at a few thousand dollars.

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