Can Your Business Compete In a Fast Changing World?           

The world is changing faster than ever before and businesses need to compete to survive. But how do they do it?

A growing population

The population of the world is predicted to increase from seven billion to nine billion in the next 25 years. The greatest growth will come from poorer countries, as they embrace the digital economy and move millions of people out of poverty. Such changes will create demand for goods and services and trigger a shift of economic power from established to emerging markets.

In the last couple of centuries the UK and the US were leaders in industry as a result of their ability to invest and innovate. In this century, China and other economies are taking the initiative and positioning themselves as global leaders. At a local level it is easy to see the shift taking place as the economy limps from one crisis to the next. Technology and the out workings of Brexit have a negative effect, as jobs come under threat in one industry after another. And although employment is at a high the quality of jobs disappoints as the number of working poor increases. Ironically, there is also a shortage of skilled workers as companies find it difficult to find suitable staff.

In advance of Brexit the EU expanded to a total of 28 countries. The entry of new members and the likelihood of the UK leaving are stretching already strained public sector budgets. The UK has changed too, as the glories of the past in textiles, manufacturing and industry have given way to swathes of industrial decline. As a result, the UK needs a raft of new ideas to manage the change taking place at a global level. This includes new thinking about the effect of technology and the digital economy, the internet and its resultant upheaval in industry after industry, the shift of economic power to China and other countries, and the specific threat of China’s growing influence in the world.

Closer to home

Closer to home such threats are having an effect too, as the local economy struggles to sustain growth. In this context there is an urgent need to create jobs in the digital economy, increase the size of the private sector, reinvigorate the public sector, and develop a fair economy for everyone.

Given the effect of technology it is crucial that private businesses and public sector organisations embrace the digital economy. One way to do so is to understand how data is used to boost performance. The management of data is now a driver of sales, profitability, lower costs, productivity and innovation. The value of data has reached a point where it is vital to the success of any business, notwithstanding the challenge of cyber-security.

The world will reinvent itself relentlessly and new thinking is essential to create the jobs and lives people need to flourish. One solution is to fully embrace the digital economy and the technology it brings on a daily basis.

So, global economic challenges abound and will increase in complexity unless and until we embrace all aspects of technology in the digital economy.