Indeed, that 10 years from now, we begin from the end, in case for those yet to see what the change and impact will be.
Mega trends are concept we use for describe global, sustained and macro economic forces of development that impacts business, economy, society, cultures and personal lives thereby defining our future world and its increasing pace of change. Originally use by John Naisbitt for his book Megatrends.
Digital Transformation (DT) reach it full impact and result, if you are yet to adapt to it yet, you can see for those who are. The future is now, all the current discussed technology innovation become reality at that time.
e-Government, smart cities transformation and majority of the government or public sector required workforce cut to history height, due to massive cloud computing, always on automation and workflow process in place. For those in the past hired for perform those manual process, duplicated by agency and nation wide, all will be consolidated into single e-government system solution, single sign on and capable to pull respective citizen identity and records and cross using for other government agency as input, which eliminated majority of redundancy paperwork required.
You can cross reference what is happening in the banking sector right now, implementing fintech, moving away from the past business model where depend on massive of retail outlet to reach banking customer. They are all closing those unnecessary retail banking outlet and focus on internet online and mobile banking.
Same for the retail moving toward e shopping mall concept where buyer can actually buying things in much cost saving way. This wave of change, like it or not, government or public sector, can not run away from it. Most of government in the world in their own progress toward e-government transformation, it just matters for the speed to achieve transformational productivity breakthrough.
Traditional camera manufacturer that do not evolved, replaced completely by smartphone and innovative players who adapted to the changing world. Traditional camera manufacturer that produce analog DSLR, then point-and-shot, digital DSLR, mirrorless DSLR and continue to believe in powerful camera by better product business model, we will saw they are declining their market share in the rapid speed in the coming future. As smartphone keep evolving from current cutting edge quad lens to even more complex and advanced camera. The “camera” so do speak, may not be exist in the future. Just try to recall traditional phone when transform into smartphone, what happen to the traditional phone in the past, you will know the outcome. We also saw the innovative camera or in better way to describe, focus on buyer experience had invent the action camera, 360 camera and video, flying camera and video, that all out from established camera manufacturer imagination but expand at the rapid speed. The same change will happen to the rest of traditional manufacturing and electronic company that challenge them to look for the new way for the adapt to changing market requirements.
Traditional industry or sector definition will change. In the modern world, when telecommunications service provider who control the mobile user, had their internet and access record, at the same time possess the account for doing the business with subscriber. You can imagine they will evolved in provide billing consolidation, mobile payment (use to be offer by banking service provider) , we can imagine they will provide insurance and financing, and other services they can thinking off. Same fact as well, manufacturing company, for example produce smart phone will interest to provide mobile pay, credit card services. This is why the traditional industry or sector definition is change. If the marketer and business leader for those company can not see the impact and acting accordingly, will see dramatically change in the market for those who remain. What business we should be in and compete is dramatically change in the future.
Traditional IT industry transformed toward cloud based computing. Those who used to be in hardware supply and maintenance will notice for decline in the business. Most of the traditional role and task, installation, configuration being “automated” and trigger follow the process flow in the cloud computing environment. If those service provider no adapt for the changing business environment, again, we will notice for the change in the competitive landscape as well.
For most of manufacturer will begin downstream integration or takeover those channel activities and function, that they are use to outsource to other channel participant. With the online and instant worldwide communication, they can now communicate across the world, make global logistics and shipping. direct offer special rate for the end user. Those roles in the past depend on the other channel participant will change. So, for the other channel participant to be remain relevance to the future, it need to expand the role and value by perform upstream, downstream, horizontal or vertical integration to expand the market influence and value.
In the individual level, we will saw the change in the workplace, as it evolved to become smart workplace. What you previous learn from school, and specialisation field, the qualification will be obsolete at the speed of light. New technology keep evolving and replace the old generation of technology. In the past, the work that required a team of people, may just need only one who are make use of smart workplace technology, since most of the tasks already automated or decide at the speed of light when the situation trigger for what task required to be carry out. Modern technology make it easy to perform activity costing or opportunity costing to understand who are actually performing and those are pretend to be busy but without productivity justified from put them under the payroll in the first place. So, the world make the change and evolve again, industrial revolution and division of labor that in the past, that most of the item now days can be robotics or automated, workforce required to retraining to cope with the new market requirements. Just imagine for phone based helpdesk service it replaced by the virtual customer assistant (VCA) and chatbot that backed by deep learning (DL), machine learning (ML) and artificial intelligence (AI). The whole or majority of call center operator can be eliminated and replaced, that translate into massive of cost that can direct passing toward the customers. Off course, regardless of how the world change, for those bright and smart employee who adapted to the change and out perform the rest of the people will keep required by the market.
Hope the above provide some insight for those who are reading and useful insight. Feel free to contact E-SPIN for the technology change project or operation requirements.
