Next Normal enter Project Economy Era will be what will be discussed during the post. We have been entering and transitioning toward the digital economy since 1990 where the Internet became the global adopted standard for everyone to engage in online to get most of the things done. Since then the traditional business has been transformed or it will not be there anymore. For instance, those who sell music CDs, if they do not evolve, in the generation for digital music become the first choice for buying or even just subscribe for endless numbers of music streaming. Do you think they can survive?
From the services economy, we need a lot of manpower to be involved and engaged in services based work, be it in the front line of restaurant services or backend, or office based work. But as we transition toward industrial evolution 4.0 smart factory, leverage a lot of automation and smart sensors, robotics, the massive amount of the manpower is released from those manual to semi work and can be used for more knowledge worker based type of work.
In the past, we divided the work into moving the factory to a low cost country and then shipping the final products from overseas to the market. This business model resulted in the rise of world factories like China. But in the last two years, more and more multinational corporations are disinvest out and invest in other countries, some is to another low cost countries where multinational corporation believe can continue to provide the low cost advantage, some is actually move from offshore back to the domestic country, as a way to boost the market employment rate. Where the factory is located can always ensure the employment rate.
More and more enterprises are now fully aware that not all the existing workforce can be trained and let them fit into the next normal reality, where they focus on more projects instead of focusing on more people. In particular for those who do not possess the knowledge worker mentality and know how, and do not know how to take part and transform for the project based economy that drives the Next Normal.
How to mobilize enterprise resources and implement needed strategic change before competitions is what differentiate great companies over the rest. Project centric based enterprises across sectors keep making productivity and innovation since project change is to keep mobilizing enterprise speed for the faster and better align to the future strategic intent for the said enterprise. But at the same time, we continue to see those who make the stand, see and wait. This is why for the next 5 to 10 years, we expect to see a very different market landscape. It is just like what we can expect for the smart car, where electric vehicles (EV) first and transform the existing car industry and retired fuel based power engine, it is environmentally friendly as well.
How many percent of the top management time is involved in the strategic change and project is a signal for whether the enterprise will focus on the right things or not. Are you ready for the project based economy reality? Project Economy refer to everyone possess the skills and capabilities need to turn ideas into reality. It is where organizations deliver value to stakeholders through successful completion of projects, delivery of products, and alignment to value streams.
E-SPIN Group in the enterprise ICT solution supply, consultancy, project management, training and maintenance for corporation and government agencies did business across the region and via the channel. Feel free to contact E-SPIN for your project requirement and inquiry.