Megatrends

What you should know about what’s ahead

Predicting the future is not for the faint-hearted, yet organisations need to be considering what may be ahead so they can proactively rather than reactively develop strategies. An article in the November 2022 issue of Company Director, and authored by the CSIRO, proposes seven looming megatrends for Australian business over the coming 10 to 20 years.

1. Adapting to climate change. Building resilience to climate-related disasters is a need as urgent as mitigating the impact of climate change.
2. Leaner, cleaner, greener. Food, water, mineral and energy resources are finite, so the pressure on these resources is increasing. Organisations can make simple changes to alleviate this pressure.
3. The escalating health imperative. We are experiencing more pandemics, antimicrobial resistance, an aging population, and high rates of chronic disease and mental health issues. Coping with the resource demands of these health imperatives poses a major challenge to Australia.
4. Geopolitical shifts. The world is restructuring in a way that could destabilise economies. Growing cooperation and collaboration between democratic countries is essential.
5. Diving into digital. Much of our life has moved to the digital realm, which forces us to rethink what this may mean for the settlement and mobility patterns of future workforces, our cities and regional centres.
6. Increasingly autonomous. While the rest of the world is investing into artificial intelligence, the level of research and development among Australian organisations is declining. Will we be left behind?
7. Unlocking the human dimension. Levels of trust are dropping, income inequality is growing and insecurity in accommodation and housing markets is increasing.

So what? As the article notes, these megatrends “provide a structure for conversations about the future.” These strategic conversations can then translate into “practical action that mitigate risk and harness opportunity.” It’s time to start thinking about how you will respond.

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