Calgary is gearing up for a boom in business and economic growth as the world’s third-largest economy looks to embrace its new technology.
On Friday, the city is holding its first training in a year and it’s aimed at helping businesses improve how they manage their business.
The Calgary Economic Development Authority is hosting the event to help businesses develop their best practices.
The training is part of the city’s ongoing effort to help Calgary residents and visitors learn about impact-based management.
In recent years, Calgary has seen a boom of activity from the world of technology, which has transformed the city and its economy.
Calgary is now the city with the fastest-growing tech sector in Canada.
Its tech sector has grown from $5.2 billion in 2011 to more than $50 billion in 2020.
The city is also growing its tourism industry, which is expected to reach $30 billion by 2020.
Businesses that can manage the impacts of their technology can make a lot of money off of their data, said Brad Schmitt, executive director of Calgary Economic Growth Authority.
In many cases, businesses can use those data to create an impact on the business, he said.
“It can be a business success, it can be an economic success, but it can also be a disaster if it doesn’t work out,” Schmitt said.
The city’s tech industry is growing rapidly, as more companies are moving to Calgary to take advantage of its economic and job-creation potential.
The technology sector is booming in Calgary, said Scott Duchon, executive vice president and general manager of the Calgary Chamber of Commerce.
“The growth in the tech sector is a natural progression, and it is going to continue to be an area of growth for Calgary,” Duchonsaid.
“It’s also one of the fastest growing economic sectors in Canada.”
Companies that operate in the technology sector must be able to manage the impact of their business on the city, he added.
In fact, in the first year of the event, Calgary had more than 8,000 IT jobs, he noted.
In Calgary, there are several different ways to manage a business impact, said Schmitt.
For example, a tech company may have to consider whether it can maintain its services, which can impact on employee productivity.
Another example might be how to manage how it handles employee safety, or how to handle the potential for fraud, he explained.
Companies must have a plan to manage an impact, and that plan must include a plan for the financial impacts of the business.
In fact, Schmitt has heard of some companies taking a loss to manage their impact on their business, even if the company never actually loses money.
“When you do that, you’ve got to make sure that it’s really worth it,” he said, “and you have to make a decision as to whether that’s a good decision to make, or not.”
The event is being held at the Calgary Economic Centre, the Alberta government-run office that handles technology and the economy.
There are also other events happening throughout the city.
There will be a training for businesses that are planning to open new offices, Schumann said.
To learn more about impact training, visit calgarycalgary.ca.