What will your business look like in 2030?
Being able to identify trends and potential based on current technologies can help ensure your organisation survives to find out.
Will your organisation make delivery by drone or driverless truck? Or will your customers simply 3D print your products at their convenience?
Will changes in medical technology mean your organisation has to cater to a new generation of centenarian customers?
In many ways, the science fiction of our childhood is rapidly becoming the new reality.
Successful business modernisation lies in gaining an understanding of potential changes and making the right moves in the current period to take advantage of these advancements as they come on stream.
Unfortunately, there is no crystal ball. Change may arrive through the constant evolution of your existing marketplace or through the sudden appearance of a disruptive newcomer that sweeps away outdated competitors. One thing is for sure, organisations that embrace change will be those that create the jobs, brands, and prosperity of the future.
Hostility to how humans interact with technology, what the rest of the world knows about our behaviours or seeking to recover a bygone age will likely lead to economic stagnation at best.
As a society, the potential is even greater. The 2030 Agenda for Sustainable Development established by the United Nations seeks to resolve 17 elemental issues like eradicating poverty and hunger and making major strides to achieve climate sustainability. Success here has the potential to transform how each of us does business. PwC has produced a guide for businesses seeking to engage with the Sustainable Development Goals.
So how should we prepare? Melius has identified six key areas that every business leader can work with:
· Keep up with trends and emerging technologies in your industry and in the wider world.
· Use data to really understand your customers and know their needs
· Understand your core competencies as a business
· Harness the skills of digital native Generation Z as they enter the workforce
· Focus on creativity
· Be willing to pivot
For a strategic review of your business and its modernisation potential or for help along the journey, please get in touch with Melius.