Article provided by Milpark Education
There is no doubt that the world of business is changing. We are on the cusp of the Fourth Industrial Revolution (4IR), a new era that will see digitisation expanding in unprecedented ways with new capabilities for both humans and machines. How do businesses stay relevant in this rapidly changing environment?
According to Magda Wierzycka, CEO of the Sygnia Group, creators of the Sygnia 4th Industrial Revolution Global Equity Fund, one of the best ways to future-proof your business is to ensure that you do your research and invest in technology. “If you don’t start investing in technology now, faster, cheaper competitors will take you out of the game sooner than you realise,” says Wierzycka.
Technology is deeply embedded in modern life and is set to become ever more prevalent in our daily routines. With this, the amount of data available has exponentially increased and algorithms are processing this data faster and more accurately than ever. We have already seen how blockchain technology has emerged, and although artificial intelligence(AI) is yet to make a significant difference, in time we will see a whole new way of working with technology and AI.
Customers’ expectations are also shifting. The increase in data and its interpretation has helped companies like Amazon and Google anticipate their customers’ needs and offer a tailor-made service. Consumers will quickly become accustomed to this personalised service and companies that don’t adapt could lose their market share. To stay relevant, businesses need to ensure that they capitalise on these emerging trends.
Changing business models
The current organisational models will also shift and both bosses and workers will need to be more agile and adaptive to change. “A combination of quantitative computer skills and qualitative communication skills will be key in the new era,” says Wierzycka.
She concludes: “The Fourth Industrial Revolution will change the future of our planet in both positive and negative ways and there is no doubt that there will be job losses across all sectors of the economy. You can prepare for this by understanding all scenarios and planning accordingly.”