In a recently published report, Deloitte have identified nine business trends that will re-shape the world and Australia in 2014. Their report can be accessed here.
Leaders of organizations can be forgiven for feeling nervous at the potential shake-up in the business environment that is looming. Looking at just three of these trends should be enough to rattle your tree. Remember these are trends not predictions, reflections of what is already happening, not what is predicted to happen.
- Social Impact
The social issues of Australia are too big for any one sector (Government, NFP, Business) to solve. The realization is dawning that it will take collaboration and partnerships between sectors to have any real impact.
Some businesses in the mining sector in particular are already engaged in such partnerships, with marked levels of success. Programmes such as these will grow within Australia, and entities involved in the NFP sector should be looking at ways to ‘partner-up’ with the business sector.
- Social Media
Surveys of executives’ consistently highlight the growing use and importance of social media as a legitimate business tool. A 2013 survey by Deloitte Australia noted that 48% of Australian consumers update their social media nearly every day (5-7 days per week) and 34% consider it an important tool. But the growing digital footprint does come at a cost.
However, social media advertising is now the fourth most influential category of advertising.
Social media now includes as standard social TV channels (like YouTube).
The consensus is that while specific tools may come and go, social business is here to stay. Avoid it at your peril.
- C-Suite version 3.0
The C-suite (derived from management titles beginning with chief….) has been based on a traditional model. Today there are more and more functional specialists being appointed. Roles are appearing like Chief Operations Officer, Chief Strategy Officer, Chief Risk Officer, Chief Information Officer, etc. to the point where CEO’s today have more direct reports than ever before.
Typically the most recent additions are in the digital, customer oversight, innovation and transformation areas. This highlights the importance business is placing on these aspects of business. The challenge is to avoid a silo mentality by compartmentalizing these functions, and to ensure there is cross-collaboration and integration across the business.
It is a challenge, but an important one.
Thinking about your business, are you ready for these trends that are happening now? What changes do you need to make to ensure your business is not left behind?
The Avondale Business School can advise your organization on being effective in these areas – find out how by contacting Warrick Long at the Avondale Business School.
P: 02 4980 2168