As the example of the visual effects industry has shown, convergence has a universal impact on an industry`s processes, multidisciplinary boundaries and relevant technologies. Convergence also means that groups tend to monitor themselves. The group`s norms function like gravity – they violate them and others will exert influence on the rebels to bring them back into line. As the saying goes, „the highest blade of grass is the first to be cut.” What is a digital twin and what does it mean for the architecture, engineering and construction industries? Alex Stern is part of Autodesk`s Cross-Industry Strategy team and focuses on initiatives that span the entire company. He first joined Autodesk to lead global automotive industry strategy. Prior to joining Autodesk, he spent eight years in management consulting, working on transformation projects for a number of clients in technology-intensive industries. Stern started his career in innovation management at the BMW Group. Alex holds a PhD in Business Administration from Copenhagen Business School and lives in Munich with his family of four. One of my clients who works part-time for a large medical research institution while starting a company next door often has conflicts with colleagues who believe he is „no match” because he leaves work at 5:00 p.m. instead of 7:30 p.m., even though he does a great job and does everything. Instead of being perceived as „smart work”, getting home at a reasonable time is seen as a form of betrayal. Sad, but common. Theoretically, convergence occurs because an efficient market does not allow you to trade something for two prices at the same time.
The actual market value of a futures contract is lower than the price of the contract in question because traders must consider the time value of the security. As the contract expiry date approaches, the premium is reduced to fair value and the two prices converge. PCs, despite their graphical user interfaces, tend to be more text-oriented. They are interactive, oriented towards business and educational goals, and their displays are smaller. Computers can be challenging for some, often requiring formal training or a personal learning curve. Many principles of potential smart cities are still far from being implemented: smart grids of electricity and water, built-in street wireless charging for electric vehicles, and AI-powered automation of urban systems, including lighting and traffic. But the momentum is continuous, requiring a different – and better – way of collaborating between architects, civil engineers, designers, manufacturers, contractors, subcontractors and owners that includes the convergence of data and workflows. Convergence is the tendency of group members to become more similar over time. This is called „corporate culture” in business. After all, I`m tired of witnessing the organizational silos that persist in most businesses today. Hidden agendas, politics, inefficiency, inertia, and other piecemeal behaviors are still prevalent in organizations today. The „them and us” attitude is the enemy of agility.
With today`s smart TVs, you can not only watch movies, but also connect to the internet. You can run various applications and even play games. These are just two of the most striking examples of technological convergence you can experience. The Oxford Learner`s Dictionary defines convergence as: Technological convergence can also help reduce costs. Purchasing Internet, TV and telephony services in packages is probably less expensive than subscribing to these services separately. Similarly, buying a smartphone costs less than buying a collection of single-use devices. Through the convergence of activities and the clarity and communication of purpose and value that permeates the entire organization, the entire organization understands the course corrections needed to adapt to market demands and opportunities. Business begins to twist and bend like starlings in the winter sky. To ensure a higher level of agility, flexibility and innovation, ways of working must also converge: silos between industries, disciplines and companies must be dissolved. In the case of construction, for example, architects, engineers, manufacturers, subcontractors, contractors and owners need to come together to work together more seamlessly through process and technology.
There are many trends and tools in the world of business and finance. Some of them describe opposing forces such as divergence and convergence. Divergence usually means that two things separate, while convergence implies that two forces move together. In the world of economics, finance and trade, divergence and convergence are terms used to describe the directional relationship of two trends, prices or indicators. But as the general definitions imply, these two terms refer to how these relationships move. Divergence means that two trends are moving further and further apart, while convergence indicates how they are coming together. Technology that can focus on multiple components allows for a more diverse approach. In other words, if you wanted to get someone`s attention to their phone, it no longer means you`re just calling them. We can use SMS, emails, videos – knowing that all this can be viewed on the same device. Convergence technologies mean more ways for businesses to work, even if each path is connected to a single user. This is beneficial if you are trying to get someone`s attention.
When the value of an asset, indicator or index moves, the associated asset, indicator or index moves in the other direction. This is called divergence. The divergence warns that the current price trend may weaken and, in some cases, lead to a change in price direction. Despite its advantages, technological convergence has remarkable disadvantages. Due to the complexity of providing Internet, video, and voice services, network providers must make the necessary costly investments in computers, networks, security, and ongoing software development. These costs are generally borne by consumers in the form of higher tariffs or service charges. Today, customers of all stripes expect more choice and personalization. However, deploying these options is usually costly, as companies need to make these adjustments at scale. But with the convergence of artificial intelligence (AI) in more and more industries, processes can become more flexible and adaptable.