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Technological Development in the Digital Era

Technological Development in the Digital Era

In this era of technological development, an engineering idea can start from a small place and then grow bigger and become a company that has an impact on millions of people around it. This is not like in the past where an idea could only emerge in the laboratory. Therefore, to discuss this matter more deeply, the UGM Faculty of Economics and Business brought the topic “Engineering Development in Technology Era” to the 2021 International Week on (28/07).

The event organizers invited Hendra Kwik, CEO and Co-Founder of Payfazz, to provide his insights regarding engineering developments. Payfazz itself is a mobile application that provides financial services to Indonesian citizens to carry out financial transactions, especially in second and third tier cities. The event was also hosted by Achmad Faizal Azmi, SE, M.Acc., lecturer at FEB UGM, as facilitator.

In his presentation, Hendra said that to create a good startup , innovation and research are needed , as well as development labs , which are closely related to the role of universities. Then, he also encouraged students to channel their ideas and continue to innovate.

He revealed that the large number of technology companies originating from the US is due to the large number of existing innovations and the supporting ecosystem. An ecosystem that supports this is an important aspect because the ecosystem is not just limited to the founder or the ideas he has, but also includes the infrastructure available to realize these ideas.

In his explanation, Hendra also explained the industrial revolution . In the manufacturing era, humans tended to rely on manual labor, whereas in the digital era, humans tend to use technological assistance, resulting in a combination of manual and digital efforts. In the future, existing applications will evolve into Artificial Intelligence or AI. This is because the more data the application ecosystem obtains, the more likely it is to create a system with Artificial Intelligence . After Artificial Intelligence is created, the world will enter the final stage of evolution, namely the robotic era .

This increasingly rapid technological growth is not only caused by the growing number of ideas, but also due to the rapid exchange of information through search engines . Therefore, there will always be room for new innovators to replace previous companies with better innovations so that no matter how strong the old company survives, new innovators or new competitors will always emerge along with the times.

He also revealed that to get a smart idea for starting a startup is to look for existing businesses and markets and then improvise and create innovations using more advanced technology so that the resulting product will be more efficient, faster, cheaper and easier to use.

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