The combination of globalisation and the dizzying rate of technological advancements means that the corporate world is on the brink of a Fourth Industrial Revolution.
At a luncheon recently, The Executive Connection discussed how this new environment has evolved and how its challenging leaders to rethink traditional revenue streams.
The catalyst of this revolution has been the increase in the volume of international trade and cultural interaction that we’ve seen in recent years. This means that goods, services and ideas are flowing across borders now more than ever before.
Ainkaran Krishnarajah, Director, Strategy, Optus summed it up perfectly when he said, ‘Established enterprises want to grow and innovate in new areas but are challenged by the drug of traditional revenue streams and profit margins, which steers thinking closer to the core and to shorter term objectives.’
The scale and force of change is impacting businesses across all industries and as a result, is driving companies to reassess whether their current business model is now the best approach; from processes to people the shift in the landscape is fundamentally changing the way businesses operate.
Not only does this challenge organisations to rethink how they structure their workforce, but also the way they approach their business processes. Companies with inflexible structures will struggle to compete and the knowledge economy will see skill diversity triumph.
Businesses that recognise the need for change and react accordingly will ensure they’re building a business ready for the future of now.