The study of megatrends is a framework that enables us to review and act on some of the biggest trends that will impact businesses in the future. In the past, we have seen several businesses rise to success by identifying trends and building business models poised to capture the market before the trend goes mainstream. A famous example would be Netflix, who invested in interest matching algorithms in 2003, and streaming technology in 2007.
The study of megatrends for businesses is tricky as the world has always been complex and ever evolving. However, with our current technological capabilities and appetite for growth, the world is set to evolve at an unfathomable pace; futurists are predicting that the 2020’s will be “the most disruptive decade ever”.
What can businesses do to stay relevant in such disruptive times and how do businesses prepare for the changes to come?
This report outlines 9 critical priorities that businesses need to tackle in this decade to stay resilient and relevant in the coming years:
The 9 megatrends are grouped into 3 categories:
Understand society’s behavioral changes
Arguably the most important category to be deeply understood, if not directly actioned upon. Society’s changing beliefs and corresponding behaviors are the primary gear which underpins all other priorities. By deeply understanding the changing patterns of behavior in society, businesses can innovate more effectively to serve customers’ new needs and attitudes. This category identifies three areas in which we see significant changes and will have a strong impact on businesses.
Adapt businesses to the New Reality
In response to accommodating changing societal behaviors, it’s no longer ‘business as usual’ for several industries. This category identifies three significant trends within the business landscape and adaptations that are best suited to build resilience in the coming years
Use the right tools
In keeping up with the changing world, the tech world has also transformed in kind; providing an arsenal of accessible tools that can facilitate business adaptations. This category identifies three top tech tools and developments that provide businesses with the necessary flexibility and agility needed to accommodate the changing business landscapes.
However, building business resilience and relevance in a changing world involves more than just identifying trends to capitalize on.
The key to building resilience and relevance comes from a business culture that builds future-readiness and innovation into its DNA.
From establishing strong core principles, to building systems that foster agility, to keeping a constant finger on the consumer pulse, business leaders will find ample innovation opportunities to profit from in most disruptive decade ever.
Click follow as we dissect each critical priority in depth in the coming weeks, and for more trend developments.