Empowering Sustainability: Practical Steps to Implement ESG Initiatives

In recent years, Environmental, Social, and Governance (ESG) factors have gained prominence as crucial metrics for measuring the sustainability and ethical practices of businesses. While larger corporations have been at the forefront of ESG initiatives, small to medium businesses (SMBs) also have a significant role to play in driving positive change. Implementing ESG initiatives not only contributes to environmental conservation and social responsibility but also enhances the long-term viability and reputation of SMBs. In this article, we'll explore practical advice for SMBs looking to create and implement effective ESG initiatives.

 

Understanding ESG:

Before diving into implementation, it's essential for SMBs to grasp the fundamentals of ESG and how it relates to their business operations. ESG encompasses three key pillars:

  1. Environmental: This involves minimizing environmental impact, reducing carbon footprint, conserving resources, and promoting sustainable practices such as recycling and renewable energy adoption.

 

  1. Social: This focuses on fostering positive relationships with employees, customers, communities, and other stakeholders. It includes initiatives related to diversity and inclusion, employee welfare, community engagement, and human rights.

 

  1. Governance: This pertains to the transparency, accountability, and ethical conduct of the business. It involves establishing robust governance structures, promoting fair business practices, and adhering to legal and regulatory standards.

 

Practical Steps for Creating an ESG Initiative:

  1. Conduct a Materiality Assessment:

Start by identifying the ESG issues that are most relevant and impactful to your business and stakeholders. This involves assessing the potential risks and opportunities associated with environmental, social, and governance factors. Engage with stakeholders, including employees, customers, suppliers, and local communities, to gather insights and prioritize focus areas.

 

  1. Set Clear Goals and Targets:

Based on the materiality assessment, establish clear and measurable goals and targets for your ESG initiative. These goals should be aligned with your business strategy, reflect your values and priorities, and address the most significant ESG challenges facing your business. Consider setting both short-term and long-term goals to track progress over time.

 

  1. Integrate ESG into Business Operations:

Embed ESG considerations into all aspects of your business operations, from procurement and supply chain management to product development and marketing. Implement sustainable practices such as energy efficiency measures, waste reduction initiatives, and ethical sourcing policies. Encourage collaboration across departments and involve employees at all levels in driving ESG initiatives.

 

  1. Engage Stakeholders:

Effective stakeholder engagement is essential for the success of ESG initiatives. Communicate transparently with stakeholders about your ESG goals, progress, and challenges. Seek feedback and input from employees, customers, investors, and other stakeholders to ensure alignment with their expectations and priorities. Foster partnerships with NGOs, industry associations, and government agencies to amplify your impact and share best practices.

 

  1. Measure and Report Progress:

Establish robust metrics and key performance indicators (KPIs) to monitor and evaluate the impact of your ESG initiatives. Track progress against your goals and targets regularly and report transparently on your performance. Consider using frameworks such as the Global Reporting Initiative (GRI) or the Sustainability Accounting Standards Board (SASB) to guide your reporting process and enhance credibility.

 

  1. Continuously Improve and Adapt:

ESG is an ongoing journey, and continuous improvement is key to driving meaningful change. Regularly review and reassess your ESG goals, strategies, and performance metrics to ensure relevance and effectiveness. Stay informed about emerging trends, regulations, and best practices in ESG and be prepared to adapt your initiatives accordingly.

 

In conclusion, implementing ESG initiatives is not only a moral imperative but also a strategic opportunity for small to medium businesses to create value, build resilience, and drive long-term success. By following practical steps such as conducting a materiality assessment, setting clear goals, integrating ESG into business operations, engaging stakeholders, measuring progress, and continuously improving, SMBs can make meaningful contributions to sustainability and social responsibility while enhancing their competitive advantage and reputation in the marketplace.

https://www.businessgo.hsbc.com/en/article/what-is-esg-and-how-can-smes-apply-it-effectively

https://www.british-business-bank.co.uk/finance-hub/business-guidance/sustainability/how-to-implement-esg-deploying-esg-in-your-business/

https://prospectlaw.co.uk/news/article/esg-for-smes-5-practical-steps-to-build-an-effective-esg-strategy/


The Evolution of 5G: Revolutionising Business Operations

Introduction

Beyond merely offering faster download speeds and seamless connectivity, 5G holds the promise of revolutionising how organisations function, innovate, and interact with customers. In this article, we delve into the impact of 5G on businesses and explore its potential applications.

 

Key Features of 5G Technology

Before delving into its advantages, let's familiarise ourselves with the key features of 5G:

  • Faster Speeds: 5G networks boast speeds up to 100 times faster than existing 4G networks. Downloading a full HD movie could take less than 10 seconds on a 5G network, compared to approximately 10 minutes on 4G.
  • Lower Latency: 5G significantly reduces delay or lag when using devices. With a latency of 1 millisecond or less, interactions become seamlessly instantaneous.
  • Greater Capacity: 5G can handle high-demand applications simultaneously, ranging from connected cars to virtual reality experiences. It robustly supports the Internet of Things (IoT) and extensive data streams.
  • Reliability: 5G ensures ultra-reliable connectivity, particularly critical for applications like digital health and autonomous vehicles.
  • Flexibility: Network slicing empowers operators to create customised virtual networks tailored to specific use cases.
  • Improved Battery Life: Surprisingly, 5G extends device battery life by up to ten times.

 

Benefits of 5G for Businesses

Empowering Remote Work:

High-speed wireless internet via 5G facilitates remote work from any desired location.

This could potentially lead to a radical cultural shift as people choose where to reside based on connectivity.

Augmenting Edge Computing:

5G enhances edge computing for real-time interactions in sectors such as fintech, online gaming, and robotic surgeries.

Immersive Brand Experiences:

Retailers utilise 5G to create immersive video, 3D, 360-degree, and augmented reality brand experiences.

Supporting Sustainable Farming:

5G offers real-time field-level insights for growers, enhancing sustainability and efficiency.

Enhancing Enterprise Mobility:

Faster speeds and reliable connectivity empower collaboration at remote sites.

Revolutionising Supply Chain Management:

Real-time data exchange and predictive analytics optimise supply chain operations.

 

Use Cases for 5G in Business

Connected Vehicles:

5G enables vehicle-to-vehicle communication, improving safety and facilitating autonomous driving.

Immersive Entertainment:

High-resolution video streaming, virtual reality experiences, and interactive content become seamlessly accessible.

Cloud Robotics:

5G supports real-time control of robots, revolutionising manufacturing and logistics.

Predictive Maintenance:

IoT devices powered by 5G offer real-time insights for optimizing maintenance schedules.

Edge Computing Applications:

Low latency allows for real-time decision-making in critical scenarios.

 

Conclusion

As 5G continues to evolve, businesses must ready themselves for its transformative influence. Whether it's facilitating remote work, revolutionising supply chains, or enabling immersive experiences, 5G stands poised to reshape the business landscape. Embracing this technology will be crucial for maintaining competitiveness and fostering innovation in the years to come.

 

https://www.forbes.com/sites/forbestechcouncil/2021/07/08/13-big-impacts-5g-has-already-had-on-business-and-consumer-life/

https://medium.com/@the365ceo/the-power-of-5g-in-transforming-business-operations-2db20530f919

https://www.mckinsey.com/industries/technology-media-and-telecommunications/our-insights/navigating-the-three-horizons-of-5g-business-building

https://5g.co.uk/guides/5g-benefits-for-businesses/

https://www.nokia.com/networks/5g/use-cases/

 

 

 

 

 

 


Navigating the Pros and Cons of Remote Onboarding for International Sales Teams

In the wake of global connectivity and technological advancements, remote onboarding has emerged as a prevalent method for integrating international sales teams into organizations. This approach allows companies to streamline the process of integrating new team members, regardless of their geographical location, by leveraging digital tools and virtual communication platforms. While remote onboarding offers numerous advantages, it also presents unique challenges that businesses must navigate. In this article, we'll delve into the intricacies of remote onboarding for international sales teams, exploring its benefits and drawbacks.

 

Understanding Remote Onboarding:

Remote onboarding refers to the process of integrating new employees into a company's culture, workflows, and systems without requiring them to be physically present at the office. This method relies on digital tools such as video conferencing, online training modules, and virtual collaboration platforms to facilitate communication and training. For international sales teams, remote onboarding enables companies to efficiently onboard team members located in different countries or regions, ensuring consistency and effectiveness across diverse geographic locations.

 

Advantages of Remote Onboarding for International Sales Teams:

  1. Flexibility and Accessibility:

Remote onboarding allows companies to onboard international sales teams regardless of their physical location. This flexibility enables organizations to tap into global talent pools and expand their sales operations into new markets without the constraints of geographical boundaries.

  1. Cost Savings:

By eliminating the need for travel and accommodation expenses associated with traditional onboarding methods, remote onboarding can result in significant cost savings for companies. This is particularly beneficial for international sales teams, where travel expenses can be substantial.

  1. Time Efficiency:

Remote onboarding streamlines the onboarding process, allowing new sales team members to quickly ramp up and start contributing to the organization's goals. This accelerated timeline is essential for international sales teams operating in competitive markets where time-to-market is crucial.

  1. Scalability:

Remote onboarding enables companies to scale their sales teams rapidly to meet changing market demands. Whether expanding into new regions or launching new products, remote onboarding provides the flexibility to onboard sales team members efficiently and effectively.

  1. Consistency and Standardization:

With remote onboarding, companies can ensure consistency and standardization in the onboarding process across different geographical locations. This consistency fosters a cohesive company culture and ensures that all sales team members receive the same level of training and support.

 

Disadvantages of Remote Onboarding for International Sales Teams:

  1. Communication Challenges:

Remote onboarding relies heavily on digital communication tools, which may not always facilitate effective communication, especially across different time zones and cultural backgrounds. Miscommunication and misunderstandings can arise, leading to inefficiencies and delays in the onboarding process.

  1. Lack of Personal Connection:

Remote onboarding may lack the personal connection and rapport-building opportunities that come with face-to-face interactions. Building trust and camaraderie among team members can be challenging in a remote setting, potentially impacting team cohesion and morale.

  1. Technology Limitations:

Dependence on technology for remote onboarding introduces the risk of technical glitches and connectivity issues. Poor internet connection or incompatible software platforms can disrupt training sessions and impede the onboarding process, frustrating both new hires and trainers.

  1. Cultural Differences:

International sales teams often comprise members from diverse cultural backgrounds, each with their own communication styles, work preferences, and business practices. Remote onboarding may not adequately address these cultural differences, leading to misunderstandings and conflicts within the team.

  1. Onboarding Experience:

Remote onboarding may lack the immersive and hands-on experience provided by traditional onboarding methods, such as in-person training sessions and shadowing opportunities. New sales team members may struggle to acclimate to their roles and responsibilities without the guidance and support of experienced colleagues.

 

In conclusion, remote onboarding offers numerous advantages for international sales teams, including flexibility, cost savings, and scalability. However, it also presents challenges such as communication barriers, technology limitations, and cultural differences that must be carefully addressed. By leveraging digital tools, fostering open communication, and providing comprehensive training and support, companies can overcome these challenges and ensure a successful remote onboarding experience for their international sales teams.

https://www.omnipresent.com/articles/remote-onboarding

https://demodesk.com/blog/remote-sales-remote-sales-onboarding

https://www.techshout.com/remote-onboarding-for-sales-teams-tips-and-tricks/

 


Channel Identification, Expansion, and Onboarding: Navigating Success through Strategic Partnerships

In the ever-evolving landscape of business, the importance of strategic channel management cannot be overstated. It's not merely about having a product or service; it's about finding the right avenues to showcase it, connect with the right audience, and ultimately, drive success. Channel identification, expansion, and onboarding stand as pillars in this process.

Channel selection is not a one-size-fits-all endeavour. It takes a strategic approach to understand and identify the most appropriate channels or distributors for your products and services - unpicking the intricacies of their route to market, reviewing insights and ensuring that you are ready for any engagement discussion is of paramount importance.

The Significance of Choosing the Right Channel Partner for your business

The process of channel identification, expansion, and onboarding holds great importance for several reasons:

  1. Identifying and Developing Relationships:

The journey should begin with meticulous research to identify potential partners for your product or service. This involves proactive outreach, negotiation of partnership agreements, and the development of meaningful relationships with partners aligned with your objectives.

  1. Expanding Reach:

Channel partners serve as conduits to new markets and customer segments that might be challenging to access independently. Leveraging their established relationships, customer bases and market entries will extend the reach of your products or services to a broader audience.

  1. Tapping into Expertise:

Channel partners bring specialized knowledge of the market and industry. Their insights help navigate the competitive landscape, identify opportunities, and can help you to strategically position products or services.

  1. Boosting Credibility:

Partnering with reputable and established channel partners enhances the credibility of products and services. The association lends credibility in the eyes of potential customers, establishing trust and confidence in the offerings.

  1. Enhancing Customer Service:

A well-structured channel network contributes to improved customer service. Localised support provided by channel partners addresses customer needs promptly and efficiently, leading to heightened satisfaction and loyalty.

In conclusion, channel identification, expansion, and onboarding are integral components of a successful business strategy. In a world where partnerships play a pivotal role, choosing the right channel partner is a strategic decision that can shape the trajectory of success. 

Drop us a message to find out how we can help you with your channel identification process.

https://markettraction.io/contact-us/


Navigating the Data Dilemma: Balancing Legislation, Consumer Ownership, and Transparency in Marketing and Sales

In the fast-paced world of marketing and sales, data has become the cornerstone of success. However, this reliance on customer information has brought forth a complex challenge: the delicate balance between data protection legislation, consumer demands for ownership, and the need for transparency in how their data is utilized.

As marketing and sales professionals, navigating the evolving landscape of data protection regulations is paramount. Legislations like GDPR and CCPA have reshaped the way businesses collect, process, and store data. Compliance with these regulations is not only a legal necessity but also a strategic imperative to build and maintain trust with customers. Failure to adhere to these laws not only poses financial risks in the form of hefty fines but also jeopardizes the reputation of the brand. With the recent advent of AI based marketing tools, this focus on data protection will only increase through 2024 and beyond, as more legislation is look set to come forth – and rightly so – to ensure the privacy and security of consumers.

Beyond legal considerations, the modern consumer is increasingly aware of the value of their personal information. There is a growing demand for more control and ownership over how their data is utilized. This shift in consumer expectations presents both a challenge and an opportunity for marketers and sales professionals. It is crucial to strike a delicate balance between leveraging customer data for personalized experiences and respecting their right to control the use of their information.
Transparency has emerged as a key factor in building and maintaining trust with customers. Clearly communicating data collection practices, storage methods, and usage policies can help alleviate concerns and foster a sense of control for consumers. By being open and honest about the purpose of data collection, businesses can establish a foundation of trust that is vital for long-term customer relationships. This is looking to go one step further in 2024 – as some marketers are looking at the prospect of using this transparency as part of their overall marketing strategy, and playing to “your data, your control” approach. Further giving confidence and the sense of reliability to customers.

Implementing robust consent mechanisms is another critical aspect of addressing the call for data ownership. Providing customers with clear and granular options for opting in or out of data collection ensures that businesses are not only compliant with regulations but are also respecting the preferences of their audience. This approach not only aligns with legal requirements but also demonstrates a commitment to ethical and responsible data practices.

In conclusion, the challenges of data protection and ownership in marketing and sales are ever-evolving. Staying abreast of the latest legislations, respecting consumer demands for ownership, and embracing transparency are essential components of a successful data strategy. By navigating this data dilemma with integrity and foresight, businesses can not only mitigate risks but also build stronger, more trustful relationships with their customers in an era where data is both a powerful asset and a potential liability.

For more information: www.markettraction.io
Contact us: www.markettraction.io/contact-us/


Navigating Business Dynamics in 2024: Embracing Change, Global Expansion, and Strategic Growth

In the ever-evolving landscape of modern business, change stands as the only constant. In the dynamic interplay of technological advancements, shifting consumer preferences, and market dynamics, businesses find themselves navigating challenges that demand adaptability and strategic prowess. The saying, "The advantage you have yesterday will be replaced by the trends of tomorrow," resonates loudly, emphasizing the pressing need for continuous evolution to not just survive but thrive in a volatile environment.

Success, fleeting in nature, requires a perspective that transcends past triumphs. Strategies effective yesterday may falter tomorrow, urging businesses to foster a culture of continuous adaptation. Success is not merely about doing things right; it's about staying attuned to the shifting landscape and anticipating future shifts that define the path forward.

The significance of strategic competition comes to the forefront, extending beyond avoiding mistakes to understanding market dynamics and seizing emerging opportunities. Businesses that strategically position themselves, adept at riding the wave of change, outshine competitors, irrespective of past errors. It's about not just surviving but thriving by actively shaping and influencing the market.

Amidst these guiding principles, embracing global opportunities emerges as a powerful strategy for staying ahead. Market Traction International takes centre stage as a pivotal support system for businesses. Expanding into international markets not only diversifies revenue streams but also provides exposure to a broader range of trends and consumer behaviours.

Global markets present a vast expanse of opportunities for innovation and growth. Market Traction International serves as a bridge, allowing businesses to tap into diverse markets, gain valuable insights, enhance adaptability, and secure a competitive edge. It's not just a platform; it's a community fostering networking, collaboration, and learning from global trends, facilitating a proactive approach to change.

To fortify businesses on their journey, essential services come into play. Data enrichment ensures informed decision-making and targeted marketing efforts with accurate, up-to-date information. Effective sales channel management optimizes distribution, enhances visibility, streamlines operations, and cultivates fruitful partnerships. A well-crafted go-to-market strategy becomes the blueprint for introducing and promoting products effectively, ensuring resonance with the target audience.

Enhancing the go-to-market strategy requires a deep understanding of the target audience, product positioning, and effective communication channels. This involves market research, customer feedback, and leveraging digital platforms. A cohesive and well-executed strategy ensures products not only meet market demands but generate sustained interest and demand.

Boosting product sales entails a multi-faceted approach, leveraging technology, understanding customer needs, strategic pricing, establishing an efficient sales funnel, and providing exceptional customer service. These elements collectively contribute to creating a positive brand perception and, ultimately, driving sales.

The business landscape is a dynamic and unforgiving terrain, but within change lies opportunity. Embracing global opportunities through Market Traction is not just a strategic move; it's a transformational step toward sustained success. Continuous improvement, adaptability, and a proactive approach to change, coupled with a global perspective, are not mere buzzwords; they are the keys to thriving in the evolving business landscape.

Moreover, integrating services like data enrichment, effective sales channel management, and a refined go-to-market strategy further solidifies a business's foundation. As we forge ahead, the ability to embrace change, expand globally, and strategically grow through these services will define thriving businesses on both local and international fronts. The wise choice isn't just to catch the wave but to be the one who creates it, both domestically and globally, while strategically managing every aspect of the business for optimal growth and success. With Market Traction as your guide, the possibilities in the world of business become limitless.

For more information: www.markettraction.io
Contact us: www.markettraction.io/contact-us/


Niche Down and Dominate

Some individuals are destined to become Entrepreneurs, they think differently where others see challenges they see opportunity, they chase a dream with unrelenting passion. For others the path to business independence can be an intimating and scary prospect, yet for both their belief remains a constant and with success the benefits endless.

Reflecting back on the numerous founder conversations I’ve been privileged to be involved in, many founders struggle to articulate their niche. Comments such as “We do not want to limit out market”, “We are thinking big”, “We want to avoid limitations” are all common place.  By not niching down you attempt to cater to a large market meaning potentially thousands of competitors requiring higher investment in marketing to reach your audience; your chances of success are reduced.

Finding a niche and sticking to it is necessary for new businesses and/or small businesses, niching down makes it makes far easier to describe what you do and sell, in fact the single most important benefit is in being able to communicate your ‘Why’, your reason for being. Simon Sinek’s book ‘Start With Why’ is a compulsory read for all. Many organisations can explain what they do, how they do it yet struggle to articulate why they do it, ‘the golden circle’. Simon’s TEDx is well worth a look https://www.youtube.com/watch?v=u4ZoJKF_VuA .

Deciding to niche down can have a lot of benefits, choosing to focus on a small, well-defined segment means you are excluding any markets that are not in your sweet spot. Entrepreneurs or small/medium sized businesses have fewer resources and need to make sure that their investments are as effective as possible. Focusing on your strengths will save you time and money. Understanding your focus will help identify and connect with the customers, generate a stronger brand awareness and customer engagement model. Establishing yourself as a subject matter expert will enhance your brand. Be bold and use what makes you unique in your marketing set yourself apart and this will help clarify your position as a leader/influencer.

Niching down will help your business become more effective and set for growth. Niching down does not necessarily mean you will only focus on one niche forever, it allows you to focus on your brand, market awareness and develop your voice. With a narrower focus you can: make smarter decisions, scale more effectively, drive better revenue.

At Market Traction we work with businesses who are looking to achieve growth, we understand the constraints of limited resources, and challenges moving into volume production. We give access to resources and expertise that you may not own. We focus on your most critical issues and opportunities by introducing the functional expertise required to execute at pace delivering against your objectives.  Our tailored strategies and propositions are underpinned by vigorous commercial analysis designed to deliver growth.

Contact us: info@markettraction.io


Business Growth Beyond Survival

As we look forward and collectively try to understand what the business environment might look like as we emerge from the global lockdown, consider the various scenarios and predictions one thing remains clear in my mind, agility and flexibility will be paramount to success.

You will all have heard the shocking predications that the global economy will fall into a depression similar to the 1930’s, remaining optimistic I see more of an economic compression, I am not predicting a ‘V’ shape bounce although I do believe that the fundamentals are very different and something I will discuss in a later blog. What is clear to me is that demand still remains, it may soften nevertheless it has not abated.

Conventional commercial wisdom has always suggested that the ‘BIG eat the small’, this I believe to be defunct. As we emerge size remains irrelevant, of critical importance is an organisations ability to deal with high velocity whilst remaining both agile and flexible. Adapting to speed will be critical to success, as we surface from this economic lockdown organisations will need to recognise the game has changed, action needs to be taken to act quickly and lead. Those looking for growth should not shy away from adopting new, emerging technologies as well as product diversification.

When considering new product strategies it is always prudent to first revisit your product SWOT analysis, I then promote the use of the Ansoff Matrix in exploring future growth opportunities.

The Ansoff Matrix is a strategic planning tool that provides a framework to help devise strategies. Each quadrant represents a different strategy and a different risk reward ratio.

There are four basic growth strategies to expand your business: market penetration, product development, market development and diversification.

Which strategy should the company pursue? To answer this you need to overlay the outputs of your product SWOT analysis, this will allow for better decision making from which you will be able to gain a better understanding of the risk/reward ratio.

Market Penetration: The first quadrant in the Ansoff matrix and the most common strategy deployed. With a knowledge of a known market its needs and the competitive landscape companies most commonly look to increase market share through commercial levers such as price. The challenge remains profitability and a potential race to the bottom as competition become more intense. The good example of such a scenario is the broadband industry.

Market Development: Market development is the second market growth strategy in the Ansoff matrix. This strategy can be an effective way to grow in the short to medium term, new markets are targeted using the existing product and infrastructure. Note also that new markets can be geographic or new market sectors. There are several examples with Apple leading the way.

Product Development: Product development refers to a scenario where a company may have a good market share in its existing sector and begins to see the risk of diminishing rates of returns, expansion needs to come form new products and services. A market penetration strategy is no longer viable and a new product development strategy is a better proposition.

Diversification: The diversification strategy in the Ansoff matrix applies when the product is completely new and is being introduced into a new market.
Although the highest risk approach, as both market and product development is required, the risk can be mitigated through related diversification. There could be potential synergies between the existing business and the new product/market.
The decision on which strategy to pursue will depend on a number of factors, what is clear is we will emerge into a different landscape, ‘business growth beyond survival is critical’, doing what you always did will not deliver what you always had, be ready to embrace change.

Time will remain a precious commodity as many of the commercial activities that have ceased begin again and business as normal monopolies the working day. Consider the expansion of your resource to include subject matter experts to help navigate through development and diversification in an agile and flexible manner.

At Market Traction We work with businesses who are looking to achieve growth. Through joint collaboration we amplify your ideas and through our S.A.F.E DNA of Simplicity, Agility, Flexibility and Execution provide a framework that enables us to challenge the status quo and business norms. We passionately enable the creative few, corporate entrepreneur and commercial visionaries. We deliver this whilst ensuing a relentless speed of execution. We breathe life into your products and your services, we generate market traction.

Contact us: info@markettraction.io


Life After

Society and community have never faced such challenging times, we have no clarity of what our world will look like, and I for one am not aligned to the Trump rhetoric of ‘open for business in a number of weeks’. This does not feel to me like the pause button has been hit, more ‘Ctrl Alt Del’. The global economy has required immediate triage and for the most part the Politicians are responding quickly. We may well see some restrictions lifted in weeks and not months giving a sense of relief, then the realization and anxiety kicks in as to the economic damage we face, and the potential looping of this virus later in the year.

I wondered what does the future hold? Some of you may have read my article ‘Clarity of Vision For The Next Decade’ little did any of us know that at the time of writing we would be facing such a global challenge effecting both individual wellbeing and our economic futures.

Technology has remained the mainstay of the global economy and continues to pump blood to our economic heart, those companies who have adapted and focused on the digitalization of their business although impacted appear to be fairing better; the question remains what will the future look like?

Reflecting back I recalled a TEDx given by Economist Andrew McAfee titled ‘What will future jobs look like?’ I would heartedly recommend it. One of Andrew’s opening statement “We are going to see more and more things that look like science fiction and fewer that look like Jobs” seems profound. AI in its various forms Siri and Watson with their emerging cognitive learning could replace call centers and customer services, robotics in distribution and the list goes on, is the age of technological unemployment at hand and will the Covid-19 virus act as an accelerant?

The earlier adopters are weathering the current pandemic better than the technological laggards, we see creativity from the maker communities and early stage start ups no more so than the maker community fighting the Covid virus in Spain. The current pandemic will change the commercial landscape dramatically, there will be shift with many new organisations replacing the technological laggards.

We will all feel the pain and suffering in the short term, my prediction however is that automation through AI will now accelerate faster then previously thought. Governments will need to consider adopting elements of a Milton Friedman like approach to wellbeing. To be clear I am not promoting a socialist agenda far from it I firmly favour free market economics however this unprecedented shift will require us to reconsider the norms.

It is my profound hope that from the ashes of the current pandemic a phoenix will rise, our activities will shift and society and community will improve. Be safe look after those around you and lets remain relentlessly optimistic.