After the Covid-19 outbreak, many are trying to navigate through their unfolding business complexities regarding people, supply chain, customer engagement, financial health, and risk management.
Old businesses will vary, and new companies will emerge. We are already seeing a change in the services our clients are adopting. Although the business models for these industries may change, essential services regarding healthcare, energy and natural resources, water, and emergency services will continue to be in demand.
Let us discuss ten emerging trends to reimagine and reinvent our lives, organizations, and society.
1. Redefined Globalisation With A Stronger Emergence Of Social Capitalism
Unregulated and free-market globalization may slowly come to an end due to exposing the severe risks of independent and uncoordinated actions of countries on the global economy and the well-being of people.
A new form of globalization that recognizes the interdependence and the good of humanity based on the collective actions of countries, businesses, and people will start to emerge. As a result, companies will shift their governance and business management models with a proper concentration on corporate social responsibility and the well-being of people.
Many countries will pass new laws to secure employees in situations such as COVID-19. A new kind of capitalism will drive companies with the emergence of social capitalism.
2. Acceleration Of Digital Transformation
One of the emerging trends now is digital transformation. It is relatively advanced, with several organizations working on transforming businesses over the last two years.
Top business leaders agree that even if the organization is ahead today, it must be continually prepared to change, take calculated risks, and fail fast, or its business will likely get disrupted.
Therefore, speeding up digital transformation journeys would become one of the top emerging trends for many companies to ensure business continuity, improve productivity and launch new business models to remain competitive.
3. The Use Of An On-demand Workforce Increases
One of the other emerging trends would be that companies and people will embrace technology-enabled on-demand workforce models and platforms. It would improve workforce planning, financial management, and access to diverse skills.
Companies must understand and learn how to engage and retain on-demand talent with improved people management programs, strategies, and tools to make value for an on-demand workforce.
4. A New Platform For Healthcare Reform
COVID-19 has exposed major gaps in the healthcare systems of some of the most advanced countries in the world. The pandemic has created a new platform for healthcare reform in the United States, the United Kingdom, France, and other developing nations.
COVID-19 will force the healthcare industry to transform and ensure more equitable care. It will create new opportunities for many involved in building the new system.
Besides industry reform, companies must concentrate on individuals’ healthcare. Companies will increase concentration on the employees’ mental health and well-being.
5. Supply Chains Will Fragment & Reconfigure Themselves
Further, Supply chains will fragment with technology platforms by combining them. Multi-tier supply chains will emerge and track essential components, including the origin of supply and incremental value-adds.
It would open the exploration of novel ways to engage with customers, manage inventories, optimize production and distribution, logistics management, and manage cash/capital.
6. The Definition Of ‘Workplace’ Will Change
The remote working arrangements could permanently shift working patterns. New norms will be established for remote working conditions, redefining work-life and personal boundaries. The workplace will not be simply an office where employees come daily and leave to go home every night.
With significant changes on the horizon, a requirement to reimagine the purpose of a workplace will arise. Workplaces will become collaboration hubs to achieve common objectives, than just offering a place for people to work.
Unnecessary overhead costs such as travel will be reduced, leaving no option but to enforce virtual interactions replacing physical face-to-face meetings.
7. Industries Are Forced To Reinvent With Upskilling & Reskilling
Almost all industries, including airlines, retail, hospitality, healthcare, education, construction, and technology, require a rapid transformation of their business models to remain viable. New business models and value chains will significantly increase the need for new skills.
COVID-19 has hastened the disruption of several industries that many pundits have been predicting for years. Upskilling and reskilling are emerging trends in any industry further.
8. Change In Work Habits Will Trigger Urban Transformation
The cost of commercial real estate will fall to coincide with the reduced demand with the changing landscape of business operations. Once remote work becomes more of the norm, the requirement for corporate complexes diminishes but will open up new ways of utilization, whether space sharing, event hire, or a collaboration venue.
Along with many other emerging trends, COVID-19 has hastened the move for commercial real estate to become more adaptable, letting industries be reborn and rethink their place in their evolving surroundings.
9. Rapid Innovation Will Keep Businesses Afloat
Technology will continue to pilot innovation across business models in various industries, allowing new businesses to enter the market and disrupt incumbents in profound ways.
To pilot business growth, stay relevant in changing times, and differentiate from the competition, business leaders need to think creatively and embrace innovation to create breakthrough value for their customers.
There is a huge need to increase innovation and move away from the comfort of operating ‘business as usual. If companies do not adapt to novel ways of working, they may experience an existential crisis.
10. New Mindsets Will Drive Future Success
As technology-enabled transformation is imperative, new mindsets for humans are the drivers to see a successful implementation to propel businesses forward. Cultural change will become one of the companies’ most important drivers of success.
The ground rules, beliefs, and assumptions that pilot culture will need rethinking with a new mindset to achieve employee and business success.
Conclusion
There might be a series of think pieces to explore how our industries will adjust to this new normal, how digitization and “everything online” will come to life, and how businesses can adapt to new forms of continuity risks in the future.
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