Business Trends… The Digital Age Dominates the World
Digital disruption involves changes that result from using digital technologies to create new business models. New technological innovations often affect the value of products and services in traditional industries.
At the same time, environmental concerns and a shortage of natural resources are prompting manufacturers to change how they operate and find solutions to make their businesses more efficient and sustainable. The chemical industry is also changing its strategy in response to environmental trends and priorities.
Sarang Wadyalkar, a market researcher, explains three mega-trends that are underway:
- Sustainability and the Circular Economy: Industries will eventually adapt to the recycling and upcycling process. Upcycling adds value to resources. Biodegradable products are environmentally-friendly and lead to new solutions such as bioplastics. There is no longer any need to throw away old batteries or scrap wind turbines as they can be refurbished or recycled for reuse.
- Digitalization: Advances in digital technologies lead to rapid changes but can also be disruptive to businesses given the difficulty in accurately estimating their potential impact. Artificial intelligence (AI) is being developed to better learn and incorporate predictive analytics to more accurately estimate and analyze large volumes of data.
- Innovation and Accelerated Globalization: People are working less in silos or independently and increasingly in teams. The business sector will integrate these changes to its benefit contributing to improved productivity and innovation.
The impact of these three mega-trends is happening now. It’s important that people are aware of these shifts and that businesses effectively adapt to smoothly transition and succeed in the digital age.