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The rapid rate of change in the world of enterprise is bringing transformation to every existing sector and spawning entirely new industries almost daily.
In our recent Readiness webinar series, Dr Paula Dootson and QUT alumnus and Phd candidate Izzie Kalaja who research sustainability and how organisations transition through the digital economy unpacked what the future of enterprise looks like.
Here’s a recap of the five key megatrends affecting the workplace and employment. Understanding these will help position you and your organisation for success in the post-pandemic digital age.
1. Shifting economic power
The shift of economic activity to emerging markets and developing economies necessitates that future enterprises remain nimble and sensitive to changes across the global supply chain. By capitalising on these trends, organisations can best deploy their resources to take advantage of the competitive and comparative advantages which extrinsic economies offer.
2. Climate change and resource scarcity
The effects of climate change, pollution and increasingly scarce resources are changing the way consumers interact with the world. More consumers are altering their purchase behaviour, opting for products with less carbon emissions and lower environmental impact. As this affects demand, organisations are needing to go beyond the narrow definition of maximising returns to investors and consider how to operate an environmentally responsible business in the context of the wider environment.
3. Technological breakthrough
The rapid advancement of technology, especially artificial intelligence and machine learning provides opportunities for businesses to scale and drastically increase productivity. By deploying the right technology, organisations and teams can gain the advantage of saving time and capital by automating or optimising processes, making faster decisions using cognitive tech, and gathering greater insights about their market and competitors.
4. Demographics and social change
Changes in global demographics such as an increasing and aging population will have profound implications on how we live, work and do business. This will drive broader policy for social change including ending poverty and hunger, expanding healthcare and reforming education quality and accessibility. These undercurrents will offer exciting opportunities for the workforce and enterprises alike, who wish to position themselves at the forefront of the world’s shifting economy.
5. Rapid urbanisation
The global migration to megacities offers both benefits and opportunities. Whilst there will be increased strain on energy, food and water, workers will benefit from more job opportunities and higher incomes, whilst businesses will get access to lower input costs and greater collaboration and innovation.
Final thoughts
To succeed in an increasingly disordered world, future enterprises will need to be highly adaptable and change ready. They will be fuelled by innovation which is platform-enabled, and ecosystem-centric, and their business processes will be facilitated by technology. Learning, resilience and being focused on opportunity will be core competencies. Meanwhile, the future workforce will be liquid, with teams and leaders being able to rapidly adapt to changes whilst honing the confluence between critical soft and digital, data-oriented skills.
Listen to this Readiness: Future Enterprise webinar on our YouTube channel
For upcoming webinars visit Readiness.
More about the presenters
Dr Paula Dootson is an alumnus and Senior Lecturer in the QUT Business School and a member of the QUT Centre for Future Enterprise where Paula researches how organisations transition through the digital economy and how consumers respond to changes in the market.
Izzie Kalaja is a Campaign and Content Strategist at FRANKiE4 and Master of Philosophy candidate at QUT’s Faculty of Business and Law. Her research explores how brands communicate about sustainability, sustainable practices, and Corporate Social Responsibility (CSR) within fashion. Prior to FRANKiE4, Izzie was a Senior Consultant with Deloitte Digital.