There is widespread acknowledgement that the business world is experiencing rapid changes. A variety of commentators have considered the potential magnitude and implications of the changes taking place.
Business Trends 2014: Navigating the next wave of globalization
Deloitte, July 2014
Deloitte has released a detailed analysis of global economic trends. The report outlines nine key trends that are derived from longer-term, and probably irreversible, shifts. The trends fall into three categories: the emergence of a large, new and unfamiliar consuming class; increased opportunities for collaboration with newly empowered and influential actors; and new sources and imperatives of leadership. Deloitte observes that “the magnitude of the changes underway, and the extraordinary scale of their implications, challenges many deep-seated assumptions and can be hard to comprehend fully”.
Management intuition for the next 50 years
McKinsey Quarterly, September 2014
An article in the McKinsey Quarterly considers that changes in the areas of technology and connectivity, emerging markets growth, and aging populations will require total transformation of the way businesses operate. The authors take the view that the changes will be so significant “that much of the management intuition that has served us in the past will become irrelevant”. They believe that an understanding of the depth, breadth, and radical nature of the coming changes is critical to success in the coming half-century.
Five megatrends and possible implications
PricewaterhouseCoopers, April 2014
In this publication, PwC considers 5 megatrends – accelerating urbanisation; climate change and resource scarcity; demographic shifts; a shift in global economic power; and technological breakthroughs. The report sets out 5 factors for directors to consider relative to these megatrends; for example, it is suggested that boards engage with outside parties to help shape their perspectives on where the world is going relative to their businesses.
The evolving workplace
Company Director Magazine, September 2014
An article in the Company Director Magazine considers what boards can do to ensure their organisations attract and retain the right people for a very different future. For example, boards need confidence that management understands and is responding to key shifts and trends in demographics, technology, attitudes and expectations.
The extent and consequences of the coming changes remain to be seen. It is critical that boards understand the potential implications for their organisations, and plan how to remain competitive in a changed environment.