There are a number of key developments coming our way in the next five years that we strongly believe all businesses, large and small, need to be aware, say Rohit Talwar and Steve Wells, of Fast Future Publishing. How quickly your business decides to respond depends on how fast each development might impact your sector and the extent to which you want to get ahead of, or alongside, the front edge of change.
Whether you choose to act immediately or wait until the impacts are clear to see, we believe businesses of every size will need to address these future factors as they chart their course towards tomorrow.
- Artificial intelligence vs. genuine stupidity
Sadly, many business leaders are refusing to invest the time needed to understand how AI could transform their company and generate new market opportunities. Under the guise of pragmatism and risk avoidance, they are putting the future of their business at risk.
It’s essential to carve out some time to understand the technology, how it is being applied and what it could mean for your sector. Armed with the relevant knowledge you can form a perspective on how and when to approach it.
- Born digital and hollow
We will see a proliferation of so called Distributed Autonomous Organizations (DAOs), for example, that exist only in software and literally have no employees.
There is a critical and continuous conversation required about how to monitor the entirely digital entities we create and how to ensure that, somewhere in the system, the organization has sufficient human talent with the capacity to spot emerging changes, risks and opportunities and respond innovatively.
- Systems not humans
Firms will need to make clear choices about the extent to which they will allow humans to exercise discretion in the service of the customer, what their back-up plan is when the technology fails in a highly-automated system, and whether there are differentiation opportunities in having a more human face to the business.
- Surveillance capitalism
ABOUT THE AUTHORS
Rohit Talwar and Steve Wells are both global futurists and founders of Fast Future Publishing. They advise business, government and NGO leaders around the world on how to prepare for and create the future in an increasingly disrupted world. Their most recent book, The Future of Business, draws on contributions from 62 future thinkers around the world to explore how developments such as AI and robotics could transform existing industries, create new trillion-dollar sectors and reinvent business over the next decade. They are co-editors of a forthcoming book on The Future of AI Business