Table of Content
What is technology quotient?
Why is high TQ important in today’s business environment
Why is high TQ important for the future business environment
What is Project Management Technology Quotient (PMTQ), and how can it be used?
How can project managers improve the TQ of their teams?
All industries and sectors were tested to the limits by the COVID-19 pandemic. These industries had a varied response and impact. Companies that were rigid and uncompromising collapsed, while those that were more flexible survived and even thrived. Companies that were able to adapt new strategies using technology performed better than the other groups. These companies are referred to by experts as having a high technology quote (TQ).
What is technology quotient?
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The intelligence quotient (IQ), or intelligence score, is the result of a test that measures human intelligence. IQ advocates state that people with higher IQ scores are more intelligent and have the potential to do better tasks than others. Experts define technology quotient as the ability of an individual, group, or organization to use technology in a positive way. Higher TQ means that you are more able to adapt and integrate technology than others. High TQ teams can successfully use technology to develop and implement strategies because they have the right attitude and capabilities.
Why is high TQ important in today’s business environment
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Businesses were already actively using technology before 2020 to take advantage new digital opportunities and to avoid becoming obsolete. Experts predict that the pace of recovery will be fast following the 2020 pandemic. According to industry reports, high-tech quotients made a difference in the lives of teams.
Information and telecommunication company employees who were able to work remotely retained their jobs, compared to those in education and manufacturing companies where it was difficult to work remotely.
Companies that were able to move their business processes and workforce online faster responded better to lock-downs and restrictions.
Industries that have higher adoption of digital channels, use cases, and customer management, such entertainment and retail, performed better in 2020 than industries with lower to no digital channels, such travel and insurance.
Also read: Top 5 Threats to Team Productivity – How to Avoid them
Why is high TQ important for the future business environment
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Businesses will continue to work on their digital transformation, remote work, and technology adoption. Companies will continue to initiate complex projects that require technology knowledge and skills. Teams will also need to be flexible and adaptable in their culture and attitudes. The technology quotient in a team can help address these challenges.
Cyber threats – Teams must secure their information assets. Attacks are becoming more severe, widespread, and extensive.
Cloud computing environment – Cloud application or service usage is significantly higher. Teams must address scalability and accessibility issues, cost issues, as well as privacy concerns.
Legacy systems – Systems that are outdated and make it difficult for businesses to adapt more quickly need to be replaced. Teams should look at ways to upgrade the system as quickly and cost-effectively as possible. They should look at integration as a simple, but long-lasting solution.
Inefficient processes – Teams must investigate how modern automation robots, AI and machine learning can improve manual processes and other inefficient ones.
Also read: 10 Ways Technology has Changed Project Management
What is project management?