“What we need to do is always lean into the future; When the world changes around you and when it changes against you – what used to be a tail wind is now a head wind – you have to lean into that and figure out what to do, because complaining isn't a strategy”. - Jeff Bezos
Our world is rapidly changing, and our market is changing right along with it. To be successful, leaders of tomorrow need to change with it. But first, we need to understand it. At a recent Moir Group Event, Simon Corah (CEO, Growth Mantra) highlighted the following seven trends that are disrupting the market:
AI/Robotics – Most talk seems to be around the jobs that will be lost to AI, but new studies suggest it will create more jobs than it eliminates - a new breed of jobs will grow in their place, including those we don’t even have names for yet. We are also currently seeing an artificial arms race with China buying 1 in 3 robots in 2017 (approx. 87,000) – other major players are the USA and Russia. Self-driving cars and autonomous ships are going to become the new norm.
Simplification – An obsession for many leading businesses who continually strive to reduce complexity and get closer to making the customer journey as easy as possible. Voice will be the biggest change over the next 5 years and according to analytics company comScore, 50% of all searches will be by voice by 2020. Google, Amazon and Apple are competing for the home and office. eBay has become the latest ecommerce brand to offer the visual search feature – just take a photo and find similar products!
Privacy & Cyber Security – More than 4,000 ransomware attacks have occurred daily since Jan 1, 2016. More terrifying perhaps is brainjacking, or how hackers can remote control medical implants like insulin pumps or pacemakers. In the USA, the FDA recently recalled close to half-a-million pacemakers over hacking fears. In Australia, the federal government has promised to introduce a national 'consumer data right' into law allowing consumers open access to their banking, energy, and telco data next year.
Personalisation – Imagine healthcare and nutrition specially personalised to your body by looking at your DNA and blood to determine how your body handles carbs, fats and protein. Campbell’s Soup recently invested $32 million in a nutrition start up called Habit that does just that. Or how about a fridge that recommends recipes based on what ingredients it ‘sees’ in your fridge? A dating app that matches you with people based on your pheromones? Anything and everything can be personalised just for you.
Share Economy – This trend is already well underway - consumers are demonstrating less interest in ownership and more interest in paid access or subscription - the new move within the trend is towards freelancing. By 2027, Australia will have more freelance workers than full time workers. Australia ranks only behind Switzerland and the Netherlands, as having the highest proportion of workers employed part-time.
Transparency – The shift away from companies who say one thing and do another – think Lemonade Insurance Company who take a flat fee and thereby we gain nothing by delaying or denying claims. Or Sift, a company who will let you know when you can use those hidden credit card benefits you wouldn’t have known about.
Sustainability – The biggest trend by far, sustainability is the most vital for our future development. By 2050 it is expected there will be more plastic in our sea than fish, and in response consumers are moving away from plastic. A Dutch supermarket recently introduced the world’s first plastic free aisle. Changes are coming to traditional practices like farming and construction, with vertical farming and 3D printing more environmentally friendly, cheaper and faster.
During the Q&A section, Simon also gave a hot tip on which industry you should encourage your kids to get in to – Health! With an aging Australian population, and new development happening across the industry, it’s an industry that is only going to continue to grow.
As always, if we can assist with any accounting/finance recruitment needs in your business on either a temporary or a permanent basis we would be delighted to do so. We cover all roles from junior entry roles up to Group CFO.
Written by Stephen Moir, Director
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