HOW BUSINESS WILL LOOK IN FIVE YEARS’ TIME - BIONIC BUSINESS REPORT

If the past year has shown us one thing, it is that the world can change almost beyond recognition faster than many of us would have thought possible. As a result of these changes, there have sadly been countless casualties in the business world, with organisations across every sector suddenly finding themselves obsolete, or unable to respond quickly enough to the changes around them. On the other hand, there have also been some Covid success stories: businesses that were already well-equipped to handle shifts in demand or ways of working, or able to pivot to a new business model, whether short or long term.

One thing that many of these success stories have in common, is a forward-thinking, openminded approach to technology. Whether enabling remote working, or facilitating a rapid change in strategy, technology has protected many businesses from the worst effects of the pandemic, and those with already strong digital capabilities were undoubtedly in a better position to weather the storm.

There are also businesses without a keen focus on technology that have thankfully survived the last few months but will come out of the other side bruised and battered, and with much to think about regarding the way they operate in future.

While we will hopefully not need to face another global pandemic soon (though this is of course a possibility), there are other, potentially even more disruptive, forces at play, which could soon have an even greater impact on the way we live and work.

The question is, how many businesses are prepared for the changes that lie ahead?
And, have important lessons been learnt from the unexpected events of 2020?

Great potential for improvement
45% of business managers believe that Brexit and Covid have made technology more essential to their success while 66% are at a loss as to what they should implement to remain competitive or indeed, survive at all.

And with only a third of users open to new technology and even less, 15% open to change this leaves business owners with big challenges. What to implement and how to implement it are on the mind of 87% of senior managers. More importantly though, what will businesses be like in 5 years when Brexit is a thing of the past and hopefully, we have moved on from the global pandemic.

Colin Crow, Managing Director of Sigma Dynamics®, comments on the report:
“Where will businesses be in five years from now and what do they need to think about and put in place now to survive, grow and beat the competition, or just to remain relevant? These are questions that we try to forecast in the report which has been developed by great minds in the industry together with a leading futurologist. It’s well worth reading to see if any of the scenarios resonate with you and what you should be thinking about to ensure future success.”

Tom Cheesewright, Applied Futurist, comments:
“Tomorrow’s business will be increasingly focused on sustainable success. The goal? To build an operation that can thrive through high frequency change and adverse conditions: pandemics, climate crisis, economic, political instability, and fierce and fast-moving competition.

For this, agility and a clear vision are critical. Agility comes from accelerating the availability and flow of information through an organisation to improve decision-making; from removing the friction in interactions, both inside the organisation and at its edges; and from empowering people to be creative and collaborative, and to connect with customers.

Bionic business is about achieving the optimum balance of human and machine, leveraging automation and augmentation technologies. It should free people to do their best work and have the best experience of work as they do. This report explores these aspects and provide a possible direction on what to look for and what to do about it.”

About the study:
The report, Bionic Business, surveyed 250 employees from medium to large-sized businesses in a range of sectors about their thoughts on what business will look like in 5 years’ time.

To read the entire report, please visit https://dynamics.sigmaitc.se/en/en/bionic-business-report

For more information
Colin Crow
Managing Director, Sigma Dynamics®
colin.crow@sigma.se
+44 7912 388722