Understanding the new now and preparing for future success
The world is in a state of flux in the wake of the coronavirus pandemic. It wasn’t the first pandemic the world had ever seen, and it certainly won’t be the last; however, COVID-19 shook up the way people live and do business forever. While making sense of this new world can seem challenging, by gaining an understanding of some of the emerging megatrends, you can map a path to a successful future.
Konica Minolta is working with trend forecaster and bestselling author, Michael McQueen, to identify and discuss some of the most pertinent trends that you need to be aware of.
According to Michael, now is the time to gear up for what comes next. He has identified four key trends that organisations need to be aware of so they can leverage the opportunity ahead:
1. The COVID condition customer
During the pandemic, three in four consumers tried online shopping for the first time and 70 per cent are likely to continue using online shopping in the future. While bricks-and-mortar stores are unlikely to disappear, consumers are looking for different ways to shop and interact with brands.* The opportunity here is for organisations to improve and streamline their eCommerce capabilities in line with consumer expectations.
2. The acceleration to AI
In the last year, technology has accelerated massively. Technologies like artificial intelligence (AI), augmented reality, and quantum computing have all seen huge leaps during this time. Technology acceleration is making big data even more usable and creating opportunities for organisations to take a more data-driven approach to their operations.
Organisations should use data to guide their digital transformations. This starts with using data to guide decisions and build a vision for the future. Business leaders can use data-driven insights and data points to make investment decisions and determine where they are in their transformation journey, as well as how to get to where they want to be.
3. The great reworking of work
The change in how we work has been massively significant and, according to Gartner, 82 per cent of employers intend to keep remote work arrangements in place for the years to come.* This will affect collaboration, culture, mentoring, and workforce planning. There is a clear opportunity for organisations to present solutions to these challenges, delivering new ways to achieve success for workers.
4. The end of ownership
The utility business model has been emulated across industries. For example, as-a-service technologies meant that organisations no longer needed to buy the technology they needed for their business; they could just rent it for an ongoing fee. Known as the sharing economy, this model has been replicated for other high-end items like cars. Joining car-sharing services already means that users can access a vehicle when they need it, for as long as they need it, by paying a regular fee.
As cars become autonomous and self-driving vehicles become the norm, the proportion of people owning a vehicle is likely to plummet. The next step will see ridesharing businesses like Uber and Lyft use driverless vehicles that could become the dominant form of transport. People will no longer own cars; instead, they’ll just use car subscription services or driverless vehicles provided by rideshare organisations. This will continue across various items from fashion and vehicles to technology.
How to move forward
While opportunities abound in the new now, it’s also true that most organisations won’t have unlimited budgets to leverage these opportunities. This makes it more important than ever to make existing investments work harder for the business. Adding incremental upgrades or modular capabilities can help businesses keep up with changing trends and demands without requiring unsustainable levels of investment.
As Michael said, you can’t find treasure using an old treasure map. It’s time to draw a new map for success in the coming years.
Join Konica Minolta and Michael McQueen to learn more about just how to achieve this at our webinar - www.konicaminolta.com.au/thenewnow.