Technological innovation is clearly moving at a rapid pace. In order to maintain their competitive edge and thrive in this tech-driven environment, business leaders must first learn to harness the five forces of the future. But just what are these five forces and why are they so crucial for companies?
Force #1: Total Enterprise Reinvention
We are indeed witnessing the most profound change in business since the industrial revolution. This is the time to act, as we are still in the early stages of enterprise reinvention. Every part of every business is about to be optimized and streamlined by the adoption of advanced digital solutions. Traditional engineering and manufacturing methods are already starting to undergo dramatic transformation thanks to breakthroughs in AR/VR, cloud tech, robotics, machine learning, and AI. New ways of working and engaging with customers are emerging and unlocking fresh opportunities for growth.
Force #2: A New Breed of Talent
All cutting-edge technology brings with it new kinds of fresh talent. Every business must be able to access the talent it needs in order to thrive and grow in this new paradigm. Accessing talent will require companies to recruit from diverse talent pools and to collaborate closely with new types of strategic recruitment services. It’s not too late for companies to become talent creators — not just talent consumers — and unlock the true potential of their workforce. Becoming talent creators will require businesses to adopt a new mindset and to start attracting skill sets rather than roles.
Force #3: Sustainability
Every business must become a sustainable business. Embedding industry-specific sustainability into the methods companies and governments operate will no longer be optional. Consumers, employees, business partners, regulators, and investors are already demanding that companies offset their carbon emissions and minimize all negative environmental externalities. This trend will only continue to accelerate, as sustainable energy and food security continue rising to the top of priority lists of governments around the world. By implementing a holistic transformational strategy, sustainability will become a bridge, rather than a barrier, to growth.
Force #4: The Metaverse
The next iteration of the internet is a continuum of digitally enhanced worlds, realities, and business models poised to revolutionize both our personal and professional lives. The Metaverse Continuum will transform how businesses interact with customers, how work gets done, what products and services companies offer, and how they manufacture and distribute them. Forward-looking businesses have a real opportunity to start preparing for this new tomorrow today.
Force #5: The Unstoppable Tech Revolution
Digital innovation will soon disrupt science and other disciplines more than is already the case, in even newer and more exciting ways. Each wave of innovation will be leading us into the next one, in an exponentially accelerated manner. Breakthroughs in synthetic biology, quantum computing, and artificial intelligence will redefine the world as we know it and will present us with a myriad of thrilling possibilities.
By now, it is becoming quite clear that business leaders should start building new strategies, exploring the potential of new products and services, and training their executives on the pioneering technological solutions that will soon become fundamental to their business. Accenture is here and ready to help facilitate such transformation in a smooth and seamless way.