The future of work and consumption
Reshaping two essential aspects of business in a changing world
We work. We consume. This is the heart of business. This is the pulse of our daily activities.
ATTENTION: Disruption and acceleration mark our days. Unstoppable forces are transforming our ways of life and business fundamentally. We are at the beginning, drifting into a systemic, global shift.
We’re all part of this change, we react, we signal. So, now we have an opportunity to reshape our work and consumption to harmonize human nature and the world we live in.
The Next Industrial Revolution is evolving into a true Industry Renaissance.
The future of Work
When machines take over.
New technologies replace human labor. They make the human factor redundant and economically uncompetitive due to efficiency gains with implications for productivity. At the same time, they create a demand for new skills. Consistently, this has been the case since the First Industrial Revolution.
What is happening now seems familiar but is somehow different – it's more radical. The potential of new technologies is so profound that almost every job is in the cross-hairs of being displaced or deeply transformed. Intellectual and creative work will be affected in a way we can’t possibly realize which is a departure from past evolutions. Just imagine how powerful it could be when artificial intelligence, advanced robotics, ubiquitous intelligent things (IOT), boosted by quantum computing really start working together.
It's not only about technology.
The way we live is modified by the global shift of systems like demographic restructure, political uncertainty, cultural evolution, ecological threats and economic ingenuity. This directly impacts our future identities. It fundamentally alters the way we want to work: what we do – where we do it – when we do it – how we do it.
What will be the human role?
We need a new definition of what work is. Talent, culture and organizational structures must be re-imagined accordingly. The way in which work is organized is a design decision.
Human nature has to be factored at every turn. Essential human needs and skills are the key. Why? Technology will augment those and take over the rest. The crucial human role in business should be defined by values, independent and creative thinking, personal interaction, and finally choices and which decisions to take.
A new model for work.
Concepts for "The future of Work" or "New Work" are being heavily discussed in philosophy, sociology, politics and economics. There is a clear awareness of the ongoing multidimensional metamorphosis that is affecting the working world.
So what does a job need to fulfill to glean the best out of talent in order to create the Workforce of the Future? And what needs to be considered to organize respective networks of people and technology (super complex, agile and dynamic)?
The answer can be found in what is really important to people at the very individual level. At the higher level, with regards to the greater organization, it is about providing focus and creating the right structure where people and technology are integrated into a coherent processual system. Check details out below. These parameters shape the culture of an organization and assure efficiency and productivity. In the end, these are crucial to the output: the offering to the consumers.
The future of consumption
When consumers take over.
New technologies, combined with new business models, change the way consumers discover, purchase, and engage. Expectation standards are higher than ever because the contemporary consumer is ever-connected and perfectly informed.
This empowerment drives them to dictate to companies precisely what they want. They are embedding themselves at all phases of the value chain. They act as developers, marketers, salespeople and even employees. This is a fundamental change in the consumer value equation.
Again, it’s not only about technology.
Triggered by the general shift of systems, consumers today demonstrate shifting values and behaviors that are turning the traditional marketing data-model on its head. They progressively defy categorization because they morph their identity in relation to context, social setting and even time, product, ambition, etc. It is just another aspect of their empowerment – influenced by and reflecting back - their environments.
How, where, when will value be created?
Digital and physical worlds are merging, and nearly all consumer actions include digital dimensions. Data flow and access are the decisive factors to create value, wherever and whenever meaningful.
As consumption patterns change, companies must adapt their business in real-time to stay relevant instead of being bypassed by the next start-up. In fact, every facet of a 'go-to-market strategy' should be examined constantly. Every smart, involved and hyper-connected consumer should be at the forefront of all considerations.
A new model for consumption.
Fresh ideas to create adaptive and sustainable offerings are constantly emerging and evolving. You can observe the struggle of the fittest in the digitalized economy. Academic research, government platforms and business consulting firms are strongly investigating and assisting companies along this path of changing demands.
What really matters to the consumers? And what do companies need to change at an organizational level to guarantee a stable foundation and ensure the agility to adapt to evolving demands simultaneously?
First, a precise understanding of what is really important to an individual at any given point-in-time is required. And secondly, speed, channels and the most optimal offering should be aligned. Find out more below. We should consistently question ourselves on whether we truly address these needs and how we can push further for the perfect offering.
What does all this mean for companies?
Both sides are one and the same, all correlations are clear. Industry, business and society must place human nature at the center of everything – what we do and what we make. Most importantly, we need to make these considerations for the fragile environment we live in. We cannot do it disjointedly.
This is why the Next Industrial Revolution is in reality a true Industry Renaissance.
To put these topics into practice, we must weigh the infinite possibilities. Take this food for thought as an invitation to ponder holistically and focus on what really matters to make life better.
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Stay tuned to discover how a variety of topics will unfold from this starting point.
