If you’ve ever attended a tech conference or an event about digital innovation you’re likely to have heard one of the speakers describe the likes of Uber and Airbnb as “market disruptors”. While there’s no denying that this is exactly what these companies are, it’s important to remember that market disruptions have been happening for years.
Just think about what occurred during the Industrial Revolution when new manufacturing processes totally turned existing ways of working upside down.
What is certain is that these new technologies and innovations are having such a substantial impact that the global economy is undergoing a seismic shift. These disruptive technologies will change how people work, which, in turn, calls for the re-imagination of business operating models.
In his book, titled The Fourth Industrial Revolution, Klaus Schwab, executive chairman of the World Economic Forum, describes what we are experiencing as being of a greater scale and complexity than anything humankind has ever experienced before.
“Consider the unlimited possibilities of having billions of people connected by mobile devices, giving rise to unprecedented processing power, storage capabilities and knowledge access. Or think about the staggering confluence of emerging technology breakthroughs, covering wide-ranging fields such as artificial intelligence, robotics, the Internet of things, autonomous vehicles, 3D printing, nanotechnology, biotechnology, materials science, energy storage and quantum computing, to name a few,” Schwab writes.
So, how will the Fourth Industrial Revolution affect your business? Here are just four examples:
- Customer expectations: Customers want the same level of service and connectivity from everyone they deal with. Whether you’re a clothing retailer or a bank, they want to enjoy seamless, simple, digital experiences.
- Product enhancement: As expectations climb, products have to follow suit. In many instances, this means that manual, often time-consuming, processes are abandoned in favour of automated, efficient digital offerings.
- Collaborative innovation: Gone are the days when collaboration meant a group of people sitting around a boardroom table brainstorming ideas. Today, people can work together and collaborate without ever having to be in the same room.
- Organisational structures: And as business models evolve, so too do their resource and skills requirements. Experts believe that the jobs of the future currently don’t even exist. This illustrates just how rapidly businesses need to evolve.
At Nebula, we want to keep our customers on top of everything that’s happening in their industry so that these “revolutions” don’t see them being left behind. We regularly share our insights about latest happenings in the tech, business and telecoms spaces. To ensure you don’t miss out on all any of this content, sign up for our monthly newsletter below.