Building a tech-ready nation: Collaborative investments in human capital - insights by Eduard Musayelyan

Businesses and governments should prioritize investments in human capital, while individuals must equip themselves with the necessary technological skills and be ready to receive those investments. These thoughts were echoed by Eduard Musayelyan, the head of IT Operations at the Association of Technology Companies, during the Silicon Mountains 2023 international technology summit.

According to Musayelyan, it's not the first time that leading technology company executives have participated in the Silicon Mountain summits. However, this year, the organizers were able to extend invitations not just to one, but to around 10 representatives from different major companies that have played a huge role in shaping the technological landscape in the world.

"We also recognized the importance of providing as many people as possible with the opportunity to listen and learn from these industry experts. Previously, the format allowed for a maximum of 200 attendees, but today, we have approximately 800 participants from nearly 100 companies," he emphasized.

With speakers hailing from diverse companies, countries, and cultural backgrounds, Musayelyan emphasized the invaluable learning opportunity they provide. "However, it's crucial for us to devise our own strategy while understanding these insights. We have set ourselves an ambitious goal, what we term as the challenges of a smart country, indicating our aspiration to become a smart nation. By this, we envision a nation led by smart individuals and businesses, governed by smart solutions."

"This challenge holds significance for us, as we have no other recourse but to invest primarily in human resources. Considering our geopolitical surroundings, we find ourselves amid countries with strained relations, differing interests, and varying resources. Yet, I firmly believe that our most crucial asset remains our human capital, and nurturing it will drive us forward. It's essential for us to realize this imperative and act upon it," he concluded.

Investment in human capital as primary focus of Silicon Mountains 2023

According to Musayelyan, every year the organizers of the Silicon Mountains summit are confronted with a challenging decision: whether or not to cancel the event. "I believe many event organizers grapple with the same question, given the occurrence of unforeseeable events not only in our country but worldwide."

Nonetheless, he highlights the evolving direction of the event each year, driven by the aim to address different issues. "While the challenges of COVID-19 differed, recent events have exacerbated pre-existing problems. Technology remains the key to overcoming these challenges, which extend beyond the military realm, encompassing social and emotional aspects, all of which can find solutions in technology and be guided by it."

"This year, we pause momentarily to contemplate our competitive edge," Musayelyan shares. "The summit revolves around the notion of 'smart,' emphasizing the core concept that our focus should be on investing in people. In essence, our primary theme is human capital. Both businesses and the government should direct investments toward it, while individuals should be prepared to embrace these investments and advance technologically."

Brainstorming during a summit to help generate concrete proposals

While compiling the participant lists for all the panel discussions, Musayelyan notes their significant and distinct nature. "The 'Smart Business' panel discussion sees the participation of business representatives, whereas the 'Smart Country' panel discussion is attended by representatives from embassies and central banks of different countries."

He highlights the symbiotic relationship and the collaborative idea generation that can emerge from this platform, potentially leading to proposals that can be refined and presented to the government. "In essence, if we can aggregate and process these proposals, the outcome will be substantial."

Musayelyan also expounded on their interpretation of the term ‘Smart Citizen.’ "In our perspective, being 'smart' doesn't just entail using new technologies in one's daily life but also signifies readiness for change and leveraging technology for the betterment of the country."

In response to how the summit contributes to shaping such citizens, he commented, "We have representatives from companies that have had a global impact. If they have the ability to influence the world, they can undoubtedly inspire change among many in the audience."

Digital transformation isn't a mere buzzword; it's a necessity

Using the example of Armenia, Musayelyan highlighted how businesses tend to embrace digital transformation earlier than the country as a whole.

"Consequently, the experiences of leading global companies are compelling, particularly within the telecommunications and banking sectors, where the urgency for digitization is most pronounced, prompting swift investments in digital transformation. However, it's crucial for all businesses to realize that digital transformation is not just a passing trend but a vital necessity. Sooner or later, they must make these investments, prioritizing customer-centric approaches and streamlining their operations."