2021: a year that will be in the theme of Radical transformation. Whether we think about the future of the environment and nature, businesses and institutions, each one is pushed to think drastically about how they should transform to remain successful or to but it more bluntly, to survive.
This third article in a series of three highlights the main trends and developments affecting the future of businesses and institutions.
Privacy is becoming the next USP
Privacy is nothing new. Instead, it is increasingly incorporated in organizations' daily practices. The emergence of General Data Protection Regulation (GDPR) in 2016 as a key principle in sharing and storing data is a good example. However, instead of just complying with the rules, the current trend is that privacy become a key tenet in products and services of businesses. Hence, a new 'gold standard' that creates competitive advantage.
Human brands over product brands
Experiences and opinions of peers are becoming increasingly important for consumers in buying products or services. Before even purchasing something, people first have the tendency to search experiences and opinions of peers. This is a development that has been going on since the rise of a 360-degree consumer feedback culture that contributed to the 'review economy'.
Reinforcing business pressure
Dynamic conditions today, providing a challenge for organisations to be able to compete with how to respond to rapid reaction, to the challenges and opportunities that come up which causes pressure on the business. This pressure may come from the market, technological development or society and today, the primary pressure is on green and sustainability, transparency and real purpose. The market demands an increasing corporate social responsibility of the organizations.
Meaningful business models; the agility and social responsibility to fit into the world of the day after tomorrow
The world is changing rapidly. In order to remain relevant in the rapidly changing world, organizations need to adapt to the developments taking place. Digitisation and new technologies provide more opportunities and transparency, which means that organizations have to move fast in order to survive in today's world.
Together with the organisation, the entire business model will have to shift along to the demand of the market. The business model cannot longer be about profit and turnover, but about being sustainable in the broadest sense. Where flexibility, creativity and engagement touch every part of the organisation. Customers expect this already, are you there yet?
Next generation user-centric and high-value platforms
We live in a world where technology enables us to connect to each other, all over the globe. The next step is to leverage the untapped potential of true engagement and making valuable connections. This means it is time for a next generation of high touch and high-tech value chains based on network and platform thinking principles and technology.
Society becomes more and more organised using networks. Networks facilitate to come together, get connected, exchange goods, socialise and work. The success of platforms has been proved by organizations like LinkedIn, Facebook, Instagram, Amazon, and Uber.
The future of businesses and institutions is one of the three categories of trends and developments that will change the global market place in 2021. Read here the complete trend report.