The digital economy is steadily revolutionizing every aspect of our lives. We all sense it – how we live, play, and work will never be the same again. In the past, enterprise software used to be about making existing work more efficient. Now, the opportunity for software is to transform and reimagine how we do everything. However, do we truly understand the impact of this new world order?
With this very question mulling in the recesses of their minds, my friends at SAP pulled together a comprehensive report on the trends, opportunities, and predictions about the future of business in the digital economy. Here is a small snapshot of their observations.
1. The nature of work and employee expectations are evolving
- By 2030, 2 billion jobs will disappear – roughly 50% of all the jobs on the planet – as a result of technology advances.
- Private and commercial robot use will grow 2,000% from 2015 to 2030, creating a $190 billion market.
- 78% of employees believe in the importance of working for a digitally enabled company or a digital leader.
- 53% of millennials would work harder if their organizations were focused on impacting the world positively.
2. Gen Z will further change the future of work by the end of this decade
3. The Internet of Things (IoT) is one of the most valuable and influential advancements
- Within the next three years, the data created by IoT devices will reach 403 trillion gigabytes annually.
- By 2020, information will reinvent, digitalize, or eliminate 80% of business processes and products.
- By 2030, sensor use will grow 700,000%, solving nearly every human need such as cancer-killing chips.
4. Businesses are no longer the sole creator of a brand – it is co-created by consumers
- Consumers want businesses to enact social and environmental change (68%) and greater accountability (81%).
- People seek brands that are socially and environmentally responsible (84%) and linked with a cause (90%).
- What convinces consumers to recommend brands? Simpler experiences (70%). And 38% will pay a premium for it.
- 72% of consumers trust friends and family, versus CEOs (46%), politicians (40%), and celebrities (34%).
5. Access to technology will change the competitive landscape
No matter your industry, position, generation, or location, you have the ability to influence how the digital economy impacts your corner of the world. Find out how you can drive transformational change. Check out the SlideShare “99 Facts on The Future of Business in the Digital Economy” below.
Some say the digital economy is transforming us into a more altruistic society. Learn what that means for business in the video Collaborative Economy: It’s Real and It’s Disrupting Enterprises.