Brave new world
1. A confluence of technologies: The past few years have seen significant advancements in technologies such as the internet of things, big data, robotic automation, artificial intelligence (AI), blockchain, virtual reality, and 5G cellular networks. These developments are enabling greater (and cheaper) connectivity and more powerful data analytics than ever before. Young startups have been quick to seize these opportunities and revolutionize business models and ways of working to overtake incumbents.
Now the trillion-dollar question is: how can these companies establish and normalize disruption at scale – all while the competition is nipping at their heels? The businesses that succeed will be those that connect ecosystems within and beyond their organizations with data and analytics to continue to innovate constantly and at speed.
2. New customer expectations: Customers don't expect to buy just a product or a fixed-term license – they expect flexible, environmentally sustainable solutions that deliver the outcomes they want along with exceptional experiences from the first touch to the last. Companies have met this demand by moving on to on-demand, streaming, direct-to-customer, XaaS, and subscription-based services.
These expectations have also changed operating models and ways of working across marketing, sales, and customer experience (CX), with the focus shifting to maximizing customer lifetime value and securing user trust and safety.
3. Geopolitical turmoil: The past couple of years have seen businesses grapple with volatility from multiple sources – the pandemic, trade wars, sanctions, and the war in Ukraine, to name a few. These events have shaken up supply and demand, driven up inflation, and spurred organizations to rethink their location strategy for more labor-intensive functions.
To manage ongoing uncertainty, business leaders need agile organizations with simplified processes, adaptive technology, and real-time data analytics and reporting, as well as a trained, flexible workforce that can work from anywhere.
As these macrotrends continue to evolve, media and tech companies too must transform to stay one step ahead. This involves fundamentally changing ways of thinking and working.