Some time ago it was possible to look back and imagine what the future would be like. The progress seemed pretty linear. These days it is almost impossible to do so. Change is fast, and companies of the future need to be aware.
For this reason, we must abandon the status quo as soon as possible. The tactics of the past do not prepare anyone for the future and do not guarantee economic and operational sustainability.
New companies need to adopt more democratic or liberal people management, allow innovation to grow from different levels or organizational areas, and create new strategies to respond to market needs.
We have prepared a full article on this issue. Now you will understand the main challenges for the future and how companies must adapt to this new reality. So read the following topics carefully. Come on, let’s go, let’s go.
Shorter innovative cycles
The world economy is running in cycles – prosperity, contractions, recessions and recovery that are getting shorter and shorter. Similarly, new products on the market are growing and declining rapidly, starting with the new cycle.
One of the proofs of this is the lifespan of large corporations. In 1960, companies remained on the S and P 500 (the most valuable list in the world) for about 60 years. Currently there are about 20 of them.
This suggests that innovations are coming so fast that even the biggest companies can’t keep up with them. Maybe because they are stuck with the methods and strategies of the past or simply because they are not flexible enough.
Regardless of the fall factor, one thing is certain: innovations come up with amazing speed. Much of the progress we see today is the result of the last 10 or 15 years of research and development. So what will the future be like?
More demanding, connected and selective customers
An Accenture study in 2015 found that 86% of customers migrate to competition because of poor service. This is not for price or quality, but because your initial expectations have not been met.
Consumers have long become more demanding. There are many reasons, one of the main ones is the simplicity of choice. There are many options, just a quick search on the internet and you will be in touch with everyone.
In the future, this selectivity will be even greater. New technologies – such as augmented reality – will allow customers in Brazil to enter Japanese stores to check on boots or shirts and then pay and get the product within days.
Still using augmented reality as an example, in dealerships you will be able to point the phone at any car and see its gears in operation, all on the device screen. All this will increase the selectivity of customers.
Automation and replacement of the workforce
The world’s largest companies already have fully automated lines. From start to finish work, there are several people involved. The Coca-Cola and Tesla Motors plants are good examples of this.
However, automation will be much higher in the coming years and will also include administrative areas.
In a study conducted by the University of Oxford, Professors Karl and Michael highlighted some professions that will soon be replaced by machines – telemarketing, insurance appraisers and realtors, for example.
However, replacing more bureaucratic positions is shifting the way for more strategic positions in the company, such as data analyst or content curators. In other words, companies will have to strive to attract talent that is still scarce.
Creating new business models
As convenient, profitable and interesting as your current business model is, it can no longer exist in the future. The market has provided new ways of doing business, providing value to customers and meeting existing needs.
A good example of this is the banking sector. More traditional banks, with billions invested in their complex structures and processes, are losing ground in fintechs – agencies that operate online without physical service.
If the banking sector (so reliable and respected) suffers from new business models, it will affect more popular segments. Amazon Go, for example, is revolutionizing traditional retailing and constantly eliminating cash registers.
Retailers with omnican strategies and startups with software as a service (SaaS) model are already a reality worldwide, but changes in the future are bothare much more expressive. Because of this, you need to know.
The rise of new consumption habits
It is likely that the way products are consumed will change significantly in the coming years. Customers are more aware, less concerned about availability and less willing to spend time on maintenance and repairs.
Not so long ago, the global fast food chain McDonald’s announced its vegetarian burger. The aim was to take advantage of the “blue ocean” of more conscientious and responsible consumers, which is a trend for the coming years.
New habits are not limited to the way customers are fed, and the idea of owning. For this reason, app sharing, whether at home, cars or motorcycles, is becoming increasingly popular.
Finally, in order not to have something, consumers are willing to rent. Dealers already offer monthly car rental packages, as do computer factories (so-called equipment as a service – HaaS).
Industrial Revolution 4.0
All these factors are related to the fourth industrial revolution (or industry 4.0, as it is also called). This historic progress symbolizes the dissociety of physical, digital and even biological criteria.
There are a huge amount of technology that already exists and got space day in and day out, transforming the way people relate and do business. Understanding this is, of course, important for companies of the future.
Some of the key achievements are:
- Electric and/or driverless cars
- unmanned aerial vehicles for cargo (including people);
- 3D printers;
- Genetic mapping
- Global Internet (Google has several projects in this ites);
- Artificial intelligence
- Robotics and process automation
- Blockchain and cryptocurrencies;
- virtual and augmented reality.
Anyway, there are a lot of changes. Companies of the future should start adapting today.
All these achievements should be seen as opportunities. Looking into the future and contributing to change now, you can stand out from the competition and get the advantage of protagonistism. Thus, it is easier to grow.
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