The digital economy is steadily revolutionizing every aspect of our lives. We all sense it – how we live, play, and work will never be the same again. In the past, enterprise software used to be about making existing work more efficient. Now, the opportunity for software is to transform and reimagine how we do everything. However, do we truly understand the impact of this new world order?
With this very question mulling in the recesses of their minds, my friends at SAP pulled together a comprehensive report on the trends, opportunities, and predictions about the future of business in the digital economy. Here is a small snapshot of their observations.
1. The nature of work and employee expectations are evolving
- Approximately one-quarter of the entire U.S. workforce will be contingent workers by 2019.
- By 2030, 2 billion jobs will disappear – roughly 50% of all the jobs on the planet – as a result of technology advances.
- Private and commercial robot use will grow 2,000% from 2015 to 2030, creating a $190 billion market.
- 78% of employees believe in the importance of working for a digitally enabled company or a digital leader.
- Purpose-driven and value-oriented organizations outperform their competition 15 to 1.
- 53% of millennials would work harder if their organizations were focused on impacting the world positively.
2. Gen Z will further change the future of work by the end of this decade
- Unlike their Millennial predecessors, Gen Z is mobile-first and mobile-only.
- 71% of Generation Z expect to experience significant failure before achieving success.
- 77% of Generation Z believe they will need to work harder than past generations to succeed.
3. The Internet of Things (IoT) is one of the most valuable and influential advancements
- By 2025, the total worth of IoT-enabled technology is expected to reach $6.2 trillion.
- Within the next three years, the data created by IoT devices will reach 403 trillion gigabytes annually.
- The IoT will yield a potential economic impact between $4 trillion and $11 trillion a year by 2025.
- By 2020, information will reinvent, digitalize, or eliminate 80% of business processes and products.
- By 2030, sensor use will grow 700,000%, solving nearly every human need such as cancer-killing chips.
4. Businesses are no longer the sole creator of a brand – it is co-created by consumers
- Consumers want businesses to enact social and environmental change (68%) and greater accountability (81%).
- People seek brands that are socially and environmentally responsible (84%) and linked with a cause (90%).
- More than half (57%) of all B2B purchase decisions are made before buyers talk to a sales rep.
- What convinces consumers to recommend brands? Simpler experiences (70%) – and 38% will pay a premium for it.
- 72% of consumers trust friends and family, versus CEOs (46%), politicians (40%), and celebrities (34%).
5. Access to technology will change the competitive landscape
- By 2027, there will be a 75% turnover rate of companies listed in the S&P 500.
- 96% of marketers cite data-informed decisions as high importance when responding to disruption.
- By 2030, 10% of the largest companies in the U.S. will consist of virtual workforces.
- No matter your industry, position, generation, or location, you have the ability to influence how the digital economy impacts your corner of the world. Find out how you can drive transformational change. Check out the SlideShare below.
by Vivek Bapat – originally published in D!gitalist magazine. Vivek Bapat is the Senior Vice President, Global Head of Marketing Strategy and Thought Leadership, at SAP. He leads SAP’s Global Marketing Strategy, Messaging, Positioning and related Thought Leadership initiatives.