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Technology Disruption

Technology Disruption to Change the Landscape of Myanmar IT Industry
Disruptive innovation can significantly change the methods that industries, businesses and consumers use to function, thus generating a new market or value market causing a shift in traditional market patterns, goods and companies. This can result in new innovations dominating over their predecessors in the market due to its features being recognized as superior. Disruptive innovation can be seen throughout the technology sector and is usually produced by start-ups and new entrepreneurs entering existing markets with advanced business models. Myanmar Technology ICT Park is going to be a huge step for Myanmar IT Industry to take the benefit of technology disruption for the country.
Why the Myanmar IT Industry Has to Embrace Technology Disruption?
Digital literacy in Myanmar is building with a huge percentage of Myanmar’s young people penetrating the mobile market. The Myanmar IT Industry is heading towards a technological boom and with the introduction of a new Myanmar Technology Park, it’s pushing the country into embracing the Industry 4.0.
So why is this the technology disruption that Myanmar IT Industry should embrace when they essentially dismissed previous industry revolutions?
The answer is that the economic benefits gained by embracing these new technologies outweigh the risk. The main challenges of disruptive technologies in places like Europe is that companies are playing it safe so as not to upset existing markets. However Myanmar do not have the existing markets to a certain extent! The Myanmar IT Industry can essentially leapfrog the initial, more expensive and less innovative technology from other industry eras and catapult themselves to the forefront of Industry 4.0. In order to do this, Myanmar must improve their technological infrastructure and with movements being made with Heho Valley land sale and lease, the country is well on its way to producing Myanmar Foreign Direct Investment Opportunities.
What it has to offer a country like Myanmar?
The emerging technologies and disruption to Myanmar’s markets has a lot to offer the country. The innovation produces opportunities to create thousands of jobs in the region. It will result in more prosperous communities, new learning opportunities for Myanmar’s young people, and better working conditions. These advancements will encourage foreign investment to help grow transferrable skills in local societies and help the Myanmar IT Industry flourish. By producing Myanmar Foreign Direct Investment Opportunities through plans like the Myanmar Technology Park the transformation of the Myanmar IT Industry will give young people the opportunity to develop new skills in their own country that will result in the growth of the countries markets.
Opportunities for better business landscape in the country
Advancements in the Myanmar software development industry will result in growth in the banking sector. Although the country still runs on cash, new technologies will open up the opportunity for internet banking and moves to digital payment options, with residents no longer having to rely on cash. In turn, this will help tech start-ups access finance and loan support to improve the business landscape in the country. Myanmar IT Industry Start up’s will be able to lease space at ‘smart factories’ like Heho Valley where they can develop collaboration opportunities with more mature businesses.
How will digital disruption impact businesses for the better?
Digital Disruption will force businesses to use customer data in a new way, in a bid to retain existing customers and generate new customers. New emerging technologies that will combine AI and OT will be paving the way for more intelligent and secure business solutions, developing better processes as well as storage and transfer of data. The disruption will help businesses to become more organised and help solve problems quicker without human interaction. By accepting new technologies that support alliances, as well as automate, optimise and manage workloads, businesses will become better at managing disruption therefore enabling international growth.
How Technology Disruption Will Shape Myanmar’s Digital Future?
The country is already progressing towards a new age with the introduction of ride share services in the city and the development of Myanmar World Capital (MWC) site Heho Valley, the landscape of Myanmar’s IT Industry is changing for the better. The introduction of technology disruption combined with developments such as Heho Valley, have the potential to bring Myanmar into the world’s most competitive markets when it comes to endorsing IT, IT Hardware and IT enabled services. The country will become an exclusive test setting for digital services, products and manufacturing processes. The banking and telecom’s sectors are already experiencing change that is expected to continue into a new digital age, where IT literacy will shape class boundaries in the country. The development of the Myanmar IT Industry will surely reap rewards, as amplified access to information and communication will be a driving force in the nation’s economic transformation.
Heho Valley and other incubators will be fundamental in shaping the digital future of the Myanmar IT Industry. The IT Park will feature housing, villas, warehouse storage facilities, data centres and industrial / admin buildings available for lease. It will be the foreground for both national and international projects in the science and technological sectors. The 300 acre has the opportunity to truly revolutionise the Myanmar software development industry paving the way for equipment development and acquisition, providing world class expertise to start up companies.
How Regulation Of Technology Disruption Will Be Shaped In The Myanmar IT Industry?
Myanmar’s socioeconomic and political restructurings propose the nation is prepared to reintegrate into the world economy. For the Myanmar software development industry to thrive regulation needs to become a priority for the Myanmar government in order to ensure its drive for Myanmar Foreign Direct Investment Opportunities is successful. Regulation of digital policies will need to be implemented and developed as well as sophisticated modifications of cybersecurity and digital literacy.
There is evidence that the Myanmar government has begun laying out the necessary framework to develop digital policies and regulations by permitting the establishment of joint ventures and limiting foreign ownership to below 35%. The country’s government believes that disruption technology has the potential to boost ongoing development in the Myanmar IT Industry. With onus on the need to build and develop ICT infrastructure, laws governing the technology sectors including telecoms and internet usage will need to be drafted and updated. These regulations will resolve the unease of potential investors.