Have you ever realized the amount of time you spent in worthless meetings and how easy it is to get caught up in busy work...so this is one of those stories.
It´s noon and your stomach says you need food, your brain is trying to wake up. You have just spent four hours in a weekly meeting that you will never get back.
The weekly meeting began at 08.00
We are about 30 digital experts sitting in a traditional boardroom that holds 25 people, on the projector screen we see a classic PowerPoint with the text "ResultMeeting v45" with a "sexy" PowerPoint slide with people cheering. Guessing the purpose of the slide was to make the numbers more "engaging". 🎯
Our boss enters the room with rapid steps and calls out while moving toward the whiteboard:
- Good morning everyone, hope everyone is doing great, we don´t have that much time today so I hope everyone is psyched and ready to go!
Then a four-hour number medley began🤓 , when the participants were done presenting their numbers, they sat down, with empty eyes 😵💫, slowly sinking down into their chairs.
There is always someone who falls asleep at the meetings, sometimes several(me myself once after a late client meeting the day before), it usually happens when you "rest" your eyes a little too long if you understand what I mean. 🥱 😴
But this day I met the eyes of others who have already checked out. It's like being back in school again, you know that feeling when you lost focus after 10min and you count the seconds until the clock strikes 12.
The meeting finally ends, you stand up, you have since 30 minutes ago started texting with other participants where you should go and eat, everyone takes their things and goes out on the town.
You feel heavy in your head, irrelevant figures on outcomes and budget, figures that do not say anything about what customers think or think, figures that are compared to last year and do not take into account new behaviors or events.
The rest of the day was very inefficient as you were trying to get back to that focus and energy you had before going into the meeting.
What the hell happened I asked myself!? 🤯 Should work be like this? You have spent over 16 years at various start-up and scale-up companies, met ill-run entrepreneurs, constellations of people who create monster growth machines with just a few resources, and now you are stuck in meetings talking about meetings when your time to market is getting slower by the meeting. Yeah and running the numbers in the business case you by easy figure out this wasn´t really effective or created any value for the co-workers or the business.
We were there to digitally transform the business, but we were stuck in the act of a traditional number at the transformation theater that did not lead up to anything else than lost productivity. What could have been a Chat update and a 15 min stand-up became so much more of a culture killer.
Btw. There was nothing wrong with the people in the room! This was just one example of the wrong environment, culture, context, management styles that we all have experienced some time in our life...
For me, this was one of those experiences that gave me the wake-up call, that things needed to change. I was wasting time and energy, and so did everyone around me in the room. So I asked myself, how could we skip the busy work and focus on finding the moment of truths that really matter in a rapid phase so all of us can become highly effective, aligned, and collaborative. Yeah, and have fun doing so!
That's why WilburFlow was founded, WilburFlow is a design-driven innovation firm that helps companies create new businesses and products in a rapid phase. With unrivaled expertise in both product and experience design, we partner with industry leaders to create bold products, experiences, and digital platforms that are designed around the needs of their customers and the contexts in which they use them.
And by now you are probably wondering why I am sharing this story...
Long story short, this is my first of several upcoming series on how to build Great; - Leaders, -Teams, -Experiences, and -Products. Followers will be getting access to Insights,Challenges, Experiences, learnings as well as valuable treats, guides, canvases from our product, business, and team development programs at WilburFlow.
So stay tuned and follow me, subscribe to your monthly newsletter, and follow WilburFlow in our social feeds.
Yeah, and don´t forget to smile, it looks good on you! / Joacim Alm Founder of WilburFlow
Even before the Covid-19 pandemic swept over the world, the way we work was changing. Markets, customer needs, and behaviors are changing, and Covid-19 has, in many cases, accelerated the pace of change and created an even greater demand for new innovative services.
The pandemic has changed how many companies operate, and the norm for what work looks like is changing. "Digital by default" and "remote-first" have gained momentum in the pandemic, which means that how we work with innovation must also change. Excellent digital collaboration tools can offset the potentially negative effects remote work has on innovation.
Some digital collaboration tools are already being widely used, such as video conferencing tools like Zoom, Skype, and Microsoft Teams and messaging services like Slack or WhatsApp. Most people also already use cloud storage services such as Google Drive and Dropbox for sharing data rather than printouts and USB sticks. We will not devote this field note to these popular tools but instead, recommend digital tools for innovation and collaboration that you may not have tested.
These are the tools we at WilbuFlow have frequently been using in these pandemic and work-from-home times. Check out 90DaysOf if you are curious about what we are working on and how WilburFlow helps teams become better, more innovative, and more engaged.
Use digital whiteboards for idea generation, visualization, and workshop facilitation.
MURAL describes itself as a "digital workspace for visual collaboration." This incredibly useful innovation tool for design thinking can help you, and your team create and collaborate visually. Create charts, brainstorm topics, and ideas, and create more effective meetings and workshops. This is also an excellent tool for running digital design sprints.
Collaborate, create prototypes, test, and collect real-time feedback.
InVision helps you develop high-fidelity prototypes and high-quality graphics that look like finished designs. Build digital prototypes or MVPs that can easily be shared within the team and with external testers.
Figma really stands out as a collaborative tool for creating mockups, wireframes, and prototypes in real-time.
Google Forms is an excellent tool for conducting interviews and gathering feedback. It's also free.
If you regularly perform tests on a large scale, it can be a good idea to invest in the tool you use. With SurveyMonkey, you get more flexibility in designing your digital interviews and quickly getting the reports you want.
Let your attendees Schedule meetings with ease using shared calendars.
If you need help planning meetings and want to avoid the back-and-forth emails to find a time that suits all parties, a scheduling tool like Calendly can be something for you.
Are you working with OKRS?
Weekdone simplifies your team's work with OKRs by making individual and collective goals visible. Transparency is increased through interactive reporting. It reduces your need for weekly stand-up meetings through quick and easy online check-ins. Besides, you can use Weekdone as a planning tool where team members can plan their day and week with the company's vision in mind.
Organize and plan your team's work.
Notion is an online tool for project management and notes. It is designed to help members of a company or organization coordinate deadlines, goals, and assignments for the sake of efficiency and productivity.
With the collaboration tool Trello, you can create "boards" where you gather ideas, share, and save important information in one place. You can organize the team and the team's tasks throughout the innovation cycle.
Asana is another popular tool that helps you, your team, and your organization coordinate and plan workflows and projects more efficiently. This is an appreciated tool by project managers and agile organizations.
Conclusion:
Choose the right digital innovation tools and enjoy better remote collaboration.
Experiment with digital communication and collaboration tools to create more human encounters. Choose the tools that suit your team and your challenges.
Challenge everyone in the team to become better at running, facilitating, and participating in workshops. It will increase efficiency and improve your joint work quality. No matter which tool you choose, you should make sure that everyone on the team masters it.
Yeah, and don´t forget to smile, it looks good on you! / Joacim Alm Founder of WilburFlow
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2020 has been a difficult year for many people, and our thoughts go out to all those affected by this terrible pandemic. This field note's focus is not on the catastrophic consequences of Covid-19 but on how behaviors and needs have changed in its wake.
The current pandemic has had an enormous impact on society and the economy. During these uncertain times, technology has been an enabler for many companies and communities.
Innovation is a solution to the business crisis in times like the Covid-19 pandemic. Digital transformation and exploring digital technologies are no longer diffuse concepts. They have become fundamental strategies for any business to stay ahead of the competition and succeed in a digital-first world.
These statistics show just how much Covid-19 has impacted consumers, the opportunities created by new technology, and how the world is forever changed. When behaviors and needs change radically, you must innovate to meet them and to remain relevant in the market.
The Impact of COVID-19 on Digital Transformation and New Technology
70% of businesses chose to increase or maintain digital transformation spending during the pandemic. (According to IFS)
58% of businesses that had not yet begun a digital transformation program said that Covid-19 has accelerated their digital plans. (According to BakerMcKenzie)
76% of businesses plan on long-term IT changes as a result of Covid-19. (According to SWZD)
More than a third of 2021 tech budget increases will be influenced by Covid-19. (According to SWZD)
While 52% of companies plan to cut or defer investments because of Covid-19, just 9% will make those cuts in digital transformation. (According to PwC)
During the 2020 pandemic, there was a 15% increase in the use of digital tools for health support by consumers. And, 37% of consumers are very likely to use telehealth in the future. (According to McKinsey)
Covid-19 has accelerated healthcare investments within AI and nanotechnology, which are expected to grow at a rate of nearly 50% more a year towards a market set to be worth $1.333 trillion by 2027. (According to Vector Innovation Fund)
The Impact of COVID-19 on Us As Consumers
Sure, the need for new technology-driven by the ongoing pandemic is interesting. Still, something more interesting is to look at the human behaviors that drive change. Many of us have seen impacts in every aspect of our lives during this pandemic.
Here we have found some interesting statistics on how our behaviors have changed that can serve as inspiration for how we should direct our innovation efforts in the coming year.
69% of consumers say Covid-19 has made them more focused on managing their mental health and well-being. (According to PwC)
55% of consumers will prioritize more time with family after the virus has been contained. (According to Accenture)
87% of U.S consumers prefer to shop at stores that have touchless or robust self-checkout options. (According to Shekel)
79% of consumers say they will continue to use self-checkout or increase their usage after Covid-19. (According to McKinsey)
78% of consumers have made a change in where they shop for food. (According to FMI)
31% of U.S. consumers are changing to less expensive products to save money. (According to McKinsey)
39% of consumers say they will purchase more in the future from brands that responded well to the crisis. (According to Deloitte)
31% of global consumers anticipate they will visit movie theaters less often after the pandemic. (According to GlobalWebIndex)
We can look at changing behaviors and needs, driven by the Covid-19 pandemic, from different perspectives. Here we have found some interesting statistics on how our purchasing behaviors have changed.
E-commerce, as a whole, is projected to grow by almost 20% in 2020. (According to IBM)
36% of consumers now shop online weekly, an increase from 28% before the pandemic. (According to Selligent)
Globally, 49% of consumers shop online more now than they did pre-Covid-19. (According to Bazaarvoice)
One of the most significant e-commerce growth areas was over-the-counter medicine, which is expected to see a 44% increase in customers shopping online in 2020. (According to McKinsey)
The number of orders placed online and picked up in-store grew 208% between April 1 and 20, 2020, compared to a year ago. (According to Adobe)
79% of consumers say contactless store pickup is significant to them. (According to Incisiv)
It is also important to know that some things do NOT change. According to Incisiv do 91% of consumers say they miss shopping in stores.
If you are interested in more statistics and trends from 2020 involving digital transformation, new technology, digital skills, and the demand for new customer experiences, we would like to recommend this field note that we recently published: Digital Transformation 2020 Statistics.
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No one could have predicted where 2020 would take us. In these times of unprecedented change it has become even more evident that companies must innovate, digitally transform, and adapt to remain competitive and succeed. If they don’t, they are doomed to fail.
With this field note, we want to share interesting statistics and trends from 2020 involving digital transformation, new technology, digital skills, and the demand for new customer experiences. We’ve collected data we’ve stumbled upon while helping companies take advantage of new opportunities using new technology. These statistics, or at least the underlying trends, are something all companies should know to succeed in 2021 and beyond.
We have divided this 2020 statistics, and trends data dump into four parts; Digital Business Statistics, Digital Skills Statistics, Customer Experience Statistics, and Emerging Technologies Statistics. Read everything or scroll straight to what you think sounds most interesting.
Digital Business Statistics and Trends in 2020
Strengthening the digital business model is a solution to the business crisis in times like Covid- 19 pandemic. Terms like digitization, digitalization, digital technologies are no longer just concepts that businesses have heard of - they have become fundamental strategies for any business to stay ahead of the competition and succeed in a current digital-first world.
Companies need to transform their business models to keep pace with the ever-changing business environment. Otherwise, they will fail to keep up with the changes brought by new technologies or situations like Covid-19. The current market is changing, and the need for new digital services is increasing.
87% of senior business leaders say digitalization is a priority. According to Gartner
91% of businesses are engaged in some form of digital initiative. According to Gartner
51% of digital transformation efforts are fueled by market pressure and growth opportunities. According to Prophet
Up to 93% of companies agree that innovative technologies are necessary to reach their digital transformation goals. According to Forrester
89% of all companies have already adopted a digital-first business strategy or plan to do so. According to IDG
70% of companies either have a digital transformation strategy in place or are working on one. According to Tech Pro Research
Digital-first companies are 64% more likely to achieve their business goals than their peers. According to Adobe
87% of companies think digital will disrupt their industry, but only 44% are prepared for potential digital disruption. According to Deloitte
Only 23% of companies are not dependent on digital products or operations. According to Harvard Business Review
45% of companies reporting a positive business impact of digital transformation also reported higher net revenue growth. According to Deloitte
The benefits of digital transformation are exponential. As the stats clearly show you, the benefits of digital transformation are imminent. Digital Transformation helps businesses to communicate, collaborate, and deliver services more efficiently and effectively.
Digital Skills Statistics and Trends in 2020
Digital skills are becoming even more important, if possible. With businesses increasingly adopting new technologies like Artificial Intelligence, cloud platforms, and data analytics, employees will need to continue developing new skills and adapting to change.
Covid-19 has profoundly affected the demand for digital skills across the labor market. We can see that digital tech roles remain in high demand compared to other sectors.
Without access to the right digital skills, employers cannot drive transformation forward. Digital transformation depends heavily on employees’ capabilities and talents. The lack of crucial skills can significantly hinder business growth and innovation.
Amazon revealed that they will support the future workforce with free cloud-computing skills training for 29 million people worldwide by 2025.
Microsoft launched an initiative to help 25 million people worldwide acquire digital skills.
By 2022, everyone will need an extra 101 days of learning. According to World Economic Forum
54% of all employees will need significant reskilling by 2022. According to World Economic Forum
55% of employers most worried about digital skills say innovation is hampered by a lack of key skills. According to PwC
Over the next five years, the global workforce can absorb around 149 million technology-oriented jobs. According to Microsoft
85% of Americans believe that digital skills will be important to success in today’s workplace. According to Pew
42% of organizations have implemented digital skills training initiatives. According to BrainStation
How To Respond to Changes in Your Business
How can you handle changing markets, the demand for new customer experiences, and the need for new skills?
Book a free demo and find out how we can help you adopt a mindset for change and tools to increase your pace of innovation!
Customer Experience Statistics and Trends in 2020
Customers are at the core of the digital transformation. As businesses enhance customer experiences, they will gain a competitive edge to surpass their competitors in an increasingly competitive marketplace. With the help of digital transformation, companies can keep up with changes in the market and provide customer satisfaction and an increase in profitability.
Customers want the best result from your product and services. They seek the best customer experience from your company - if you can’t offer them something good enough, they likely take their business elsewhere.
Customer experience was marked as the single most exciting opportunity for B2B businesses in 2020. According to Adobe and Econsultancy
Customer experience will overtake price and product as the key brand differentiator. According to Walker
Businesses that lead the way in customer experience design outperform late-movers by almost 80%. According to Forrester
Increasing customer retention by 2% is the same as cutting costs by 10%. According to SuperOffice
86% of customers today are willing to pay more for a better experience. According to SuperOffice
Some 27% of brands improved their CX this year, which is 13% higher than the previous year. They improved by focusing on core CX competencies. According to Forrester
Digital transformation and a focus on customer experience can generate a 20-30% increase in customer satisfaction and economic gains of 20-50%. According to McKinsey
84% of customers say being treated like a person, not a number, is very important to winning their business. According to Salesforce
70% of customers say understanding how they use products and services is very important to winning their business. According to Salesforce
Customers are 2.1x more likely to view personalized offers as important versus unimportant. According to Salesforce
Customers are 3.7x more likely to view seamless transitions between channels as important versus unimportant. According to Salesforce
New TechnologiesStatistics and Trends in 2020
The use of digital technologies like AI, cloud computing, big data, automation will help business leaders to make better and faster decisions that result in progression.
At least 90% of new enterprise apps will insert AI technology into their processes and products by 2025. According to IDC
Internet of Things (IoT) had the largest share of the overall digital transformation market in 2019, but AR/VR technology is predicted to have the fastest growth until 2025. According to Research and Markets
88% of all organizations have accelerated their cloud migration, but only 55% are adding security tools to protect it. According to Trend Micro
Top Takeaways From All These Digital Transformation Statistics and Trends
Digital disruption and transformation are fueling change in the modern economy, as these statistics suggest. Digital-first initiatives have become a top priority for the majority of companies, even during the pandemic. Yet, it has also accelerated the need for digital transformation, helping companies stay more resilient and profitable during such difficult times.
The data demonstrates that companies who invest in digital transformation will have a better chance of succeeding, staying profitable, and even leading in their industries. Companies that fail to keep up with digital trends will have a much more difficult time in the years ahead.
Adopting digital technologies and a digital mindset is not just profitable; it is a necessity. As the economy becomes more digital and more dependent on new technology, every organization will need to become digitally mature, or even digital-first. The digital skills gap is widening, so companies must step up to close that gap to ensure that employees remain proficient and productive.
I hope you found this field note fascinating!
If you have comments, questions or just want to have a talk, do not hesitate to contact me.
Gustaf Ledin WilburFlow
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To give you a rundown of the state of digital and experience transformation, we’ve put together some interesting stats from the last two years. Just follow the links, or drop us an e-mail if you want to dig deeper into these fascinating findings.
If you are interested in more than just facts and figures, you should check these articles out
70%of companies either have a digital transformation strategy in place or are working on one. According to ZDNet
21%of companies think they’ve already completed digital transformation. According to Forrester
40%of all technology spending in 2019 will go towards digital transformation. According to CIO.com
Most digital transformations are driven by growth opportunities, followed by increased competitive pressure and new regulatory standards. According to Altimeter
55% of startups have adopted a digital business strategy, compared to 38% of traditional companies. According to IDG
89% of all companies have already adopted a digital-first business strategy or plan to do so. According to IDG
87% of companies think digital will disrupt their industry, but only 44% are prepared for a potential digital disruption. According to Deloitte
Nearly half of all companies say improving customer experience and customer satisfaction were the leading influences to start a digital transformation. According to PwC
Digital-first companies are 64% more likely to achieve their business goals than their peers. According to Adobe
Just 19% of companies have a customer experience team that helps bridge gaps in the business. According to Genesys
Fewer than 30% of a company’s technology vendors are actively involved in their digital transformations. According to Futurum
Digital transformation and a focus on customer experience can generate a 20-30% increase in customer satisfaction and economic gains of 20-50%. According to McKinsey
Consumers who have an emotional connection with a brand have a 306% higher lifetime value. According to Motista
The most common experience metrics tracked by executives are overall revenue (24%) and Net Promoter Score (23%). According to Genesys
67% of consumers will pay more for a great experience. 74% of business buyers say they’ll pay more for a better B2B experience. According to Salesforce
Loyal customers are five times more likely to buy again and four times more likely to refer the brand to family and friends. According to Qualtrics
76% of consumers expect companies to understand their needs and expectations. According to Salesforce
Experience-led companies have 1.6 times higher customer satisfaction rates and 1.9 times higher average order value. According to Adobe
93% of companies consider innovative technologies as necessary to reaching their digital transformation goals. According to SAP and Forrester
68% of global business leaders believe the future of business involves humans and AI working together. According to Fujitsu
34% of marketing leaders believe AI will lead to the biggest improvement in customer experience. According to Oracle
28% of digital transformations are led by the CIO, and 23% are owned by the CEO. According to Prophet
71% of leaders say the workforce is important in supporting their digital transformation strategy. According to Industry Week
70% of companies say their CEO has an adequate or above average practical understanding of new technology. 35% of employees say the most common obstacle for digital transformation was the CEO. According to Futurum
20%of employees said their company’s leadership doesn’t know what to do with digital transformation. According to Futurum
80% of companies say their digital transformation efforts involve multiple business units or the entire company. According to McKinsey
81% of employees at digitally mature companies say innovation is a strength of the company, compared to just 10% of employees at early-stage digital companies. According to The Enterprisers Project
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Let's start exploring and predicting the tech trends leading the way for the next wave of digital transformation.
Before we even start, let’s address the term ”digital transformation” because we're going to see it lose its mojo. We’re already seeing this start to happen as leaders use other terms when explaining their business change efforts. It’s probably a good thing, though. As leaders get over the hype of the term ”digital transformation,” they’ll start getting down to the real business of actually transforming.
Why try to predict the future?
We are somewhat reluctant to try to predict the future. Most predictions are simply wrong or fuzzy enough, not to say anything valuable. Trying to keep up with technology, making predictions for emerging technologies and digital trends might be perceived as very difficult or pure guesswork. But keep in mind, the plans you make now and the success of the products and services you're currently working on depending greatly on how the digital landscape changes.
If your company misses a trend or technology that turns out to have a major impact on your line of business, you might be left behind. This is one reason why it’s so important to keep track of the digital transformation trends on the horizon, as these will impact the plans you make today and help you prepare for how business is changing, evolving, and expanding.
How does WilburFlow work with trends and hypotheses on new digital technology?
To be honest, our specialty is to help our customer companies grow and take advantage of their employees' potential, not to predict future technology breakthroughs. Therefore our method is simple. In addition to working with interesting companies in various tech sectors and talking to a huge number of people in the industry, we read and study everything we can come across. We collect data, analyze, test, and compile content, so you and our customers don’t have to do it.
Fortunately, the big digital transformation trends are not too difficult to track, as they're already impacting businesses and will continue to do so in 2020.
While older, more mature foundational technologies will continue to find themselves at the center of most digital transformation initiatives, we believe that these trends will dominate digital transformation discussions in 2020. In this text, we’ve chosen to highlight six interesting trends with great business-changing potential.
Ok, enough talk, let’s start with the digital transformation predictions!
1. There is going to be even more noise about AI, but 2020 is not the year that AI change the world
If you think there’s already a lot of talk about Artificial Intelligence (AI), prepare for more in 2020. All kinds of companies, especially startups, will to an even greater extent brand themselves as AI-powered and market it extensively - regardless of what they actually offer.
Similarly, bigger and established public companies will increasingly repackage their services with some sort of AI touch as an attempt to satisfy top management and shareholders' need for digital transformation success stories.
Even though there will be a lot of proper progress in the field of AI, 2020 is shaping up to be another year of people getting disillusioned with the distance between marketing and reality.
2. In 2020 business transformation will increasingly be driven by data
Data-driven decision-making is one of the key elements in building a successful business. Useful insights are necessary for producing the right solutions to problems. Data is also highly valuable for turning information into knowledge and insights to act on.
Automation technologies will help data-driven business transformation immensely. So let's continue the trend analysis with more thoughts about AI. AI is not all talk and no action. We will see increased investments in Machine Learning (ML) and AI because companies need the capability to process vast volumes of data accurately and in real-time.
These two technologies will continue to be integrated into services, infrastructures, and applications. We will also see progress in the implementation of Robotic Process Automation (RPA). RPA isn’t in any way new, but it can be considered the lowest hanging fruit on the AI tree.
3. We will continue to simplify networks and migrate to the cloud in 2020
What’s a digital transformation prediction without the other big digital transformation hype term - the cloud? Cloud migration has been gathering increasing momentum amongst enterprises in recent years and will continue to do so.
As organizations realize that cloud migration promises much greater scalability, flexibility, optimization, and lower costs for their big data applications, beginning the cloud journey makes increasing operational sense.
In 2020, we expect that not only will organizations increasingly make the transition to the cloud, but they will also do so through a carefully planned approach after seeing how early adopters have often foundered. Just as organizations recognize the cloud's benefits, they see the risks too, and we expect this will be reflected in more carefully planned cloud migration journeys.
4. 2020 will be a year of faster connectivity. Much faster
There are many technologies today that cannot be realized to their fullest due to limited connectivity. Autonomous vehicles, for instance, need to communicate with other vehicles on the road constantly. They also have to receive and relay tons of information all at once. Thus, they require faster connections than what’s currently available. In a similar light, wearable techs and smart cities cannot be implemented fully due to connectivity issues.
2020, however, we can expect these problems to be resolved. That’s because two of the biggest digital transformation trends for 2020 will be taking the spotlight: 5G and Wi-Fi 6.
The fifth-generation or 5G network is expected to either replace or expand the 4G LTE connection we have today to increase mobile connectivity. It offers an exponential increase in speed, faster than the previous generation of mobile networks could ever hope to achieve.
Additionally, the next generation of Wi-Fi networks, Wi-Fi 6, is capable of a much faster download speed than the current one, 4x faster at least. Wi-Fi 6 is projected to grow by about five-fold within the next few years.
5. Blockchain will be used for more than just cryptocurrencies 2020
Blockchain has been hyped long enough. But there are still many issues regarding its usability. Most notably, the combination of everyone wanting to use it, but there’s no standard way to do so. The result? Blockchain is more or less a mess. 2020, however, might be the year when this technology becomes more than just a buzzword.
Blockchain, for many people synonymous with cryptocurrency and bitcoins, is one of the most innovative digital transformation trends in financial services. It’s a fantastic technology for cryptocurrency, but more use cases are surfacing. These include areas such as asset or real estate management, intellectual property, and food safety. We don’t know the next big service based on blockchain technology, but in 2020 activity will shift from unfocused exploration to focused strategic projects.
Interesting findings within this prediction is how Amazon Web Services is democratizing blockchain technology with their subscription-based blockchain-as-a-service platform. Many other global leaders are also playing in this space, including Samsung, Microsoft, IBM, and Alibaba.
6. The 2020 return of privacy, data protection, and trust
Cybersecurity continues to be the leading external concern for businesses in all industries and individuals worldwide. Every year, the number of cybercriminals attempting to break into computers increases. And for the past years, there have been several terrifying data breaches.
The government imposed new data security laws within the past few years, such as the well-known GDPR. So, businesses should be more mindful of how they collect, use, and store their data. Thanks to the implementation of these laws, in 2020, we will see more businesses finally taking data security issues more seriously.
In 2020, privacy concerns will extend far beyond politics, but the security field is not sitting idle. New forensic technologies will emerge, including those for facial recognition and in other areas of biometrics to help verify individuals' identities and keep them secure and safe.
We believe there will be a significant opportunity for brands to offer greater levels of data usage transparency to deliver best of breed experiences while also providing consumers a better understanding of how data is being used.
To sum it up:
If you’re following the past few years' digital transformation trends, you might see repetitive contenders. Cloud, AI, IoT, RPA, and others are always there, either during their development or first implementation phases. After all, these technologies are reshaping the digital landscape. From minor trends to potentially disruptive innovation, you should know what lies ahead of you in 2020.
Whether these predictions come true or not, the world is rapidly changing, and all indications point to something changing in each of these areas. Prepare in advance so that when the new technologies hit the market, you’re ready for innovation, not afraid of it.
I've seen my fair share of failures when it comes to transforming businesses and making them digital. My own biggest blunder has been the belief that digital transformation was about using new technology, creating digital services, and presenting digital customer experiences. Don't get me wrong; I still find it incredibly important to research, develop, and use new technologies to offer new products and services. And I believe it's equally important to create processes and structures that facilitate effective technology development.
I now realize that the biggest enabler to transformation is simply people because digital transformation is not about technology but rather about constantly evolving organizations.
Digital technology is enabling companies to increase efficiency to levels that even a few years ago would have been unthinkable. Instead of fighting the digital transformation, people and organizations must start developing knowledge and skills that will constantly change. But it's not just about specific knowledge; it's also about having the right mindset.
Develop a Mindset for Growth and Constant Change
In an effort to keep up with the digital transformation, many companies are investing heavily in consultants and external innovation projects. Some companies invest in providing their employees with technical skills and teaching them to use specific systems and software.
Unfortunately, neither will help the organization in the long term. The reason why it does not help companies, in the long run, is that it doesn't change the company itself. When everything around a company changes, the company must change as well. People must acquire digital skills, and above all, they must acquire a mindset for growth, continuous development, and change.
Companies need to fill their organization with these people to cope with the digital transformation.
At a time when new digital solutions are the norm, we all need to have an attitude to change where we stay updated and relevant. As change leaders, we must focus on people first and technology second.
How should we as individuals handle digital transformation? New technology is being brought to the market at an ever faster rate. No company wants to fall behind and therefore innovation and transformation are necessary for the survival of companies. Personal transformation is equally important. Whether we are business leaders, managers, employees or entrepreneurs, none of us can afford to stand still from an individual perspective. This means that each of us must constantly adapt and develop. In short, we all have to constantly increase our knowledge, improve our expertise and develop new skills.
The business world is changing dramatically. New technologies such as Artificial Intelligence (AI), Machine Learning (ML), automation and robotics come in many different forms. Event hough it is still unclear how it will affect the labor market.
Here at WilburFlow, we are convinced that we all need new skills to stay relevant and in this article we have collected more thoughts on how we can face the future.
Prepare for the Unpredictable
Given the rapid pace of change, it is almost impossible to predict which technologies and areas of expertise will be the most relevant in the future. That is why the ability to adapt and learn new skills is so critical. But it will not happen by itself. It is important to invest time in setting goals for your training, formulating a plan and then implementing that plan.
Be Attentive to Growth Opportunities
Make it your priority to learn more. Even though companies often have a formal process for staff evaluations and employee development, you should still make it a priority to regularly evaluate your knowledge with the aim of identifying gaps or growth opportunities. Be interested in understanding different business areas and how different parts of the organization work and interact. Be attentive and curious about new technologies being used in your field of work or that are on the horizon. Define your own plan for learning opportunities in the short, medium and long term and how to achieve them. Implement your plan in practice and regularly evaluate your progress.
Learn from Failure
Last but not least - Look at your failures and mistakes as opportunities to learn something. Many successful business leaders strive to build an environment that allows and in some cases even encourage mistakes, provided they are not repeated.
Have you read news about new disruptive technology or tech start-ups that disprove old truths and felt stressed about how you and your company should remain competitive? Because we have.
In fact, we live in a world where new technology plays an increasingly important role. As individuals, we must keep ourselves updated in the ever-changing digital landscape, and companies must continually update their employees' skills to remain competitive.
We know that digital competence is becoming increasingly important in today's economy. Still, it could refer to so many different types of knowledge and skills, making it difficult for us to know how to stay relevant. Learning new skills can give us great benefits in the digital economy. Companies, businesses, and working methods evolve. Therefore employees and entrepreneurs need to develop their skills and knowledge to embrace new challenges and remain relevant.
Lifelong Learning
We must be curious and flexible, learn to adapt to changes continuously. This includes our ability to be open to change and to address it through lifelong learning. This will give us skills that contribute to our personal resilience and ability to handle and adapt to change. Our work will be even less limited to one employer, one job, or one team in the digital economy. People will need to constantly learn new skills to remain relevant in the workforce of the future. A growth mindset will be crucial to our success.
Constantly Changing Specialization
We must specialize to meet local market priorities and industry-specific needs. This specialization does not consist of static or fixed skills as before but will need to change continuously based on context, industry, market issues, and type of work. The need for specialized, fast, and market-relevant skills is crucial for all types of work or entrepreneurship. As jobs and opportunities change in the digital economy, the specialized skills required to progress in these areas will continue to change. The basis of our specialization must be continuous learning, retraining, and adaptation.
Technical Knowledge
Skills and knowledge about how to use, work with, and/or create technical solutions and data are becoming increasingly important in the digital economy. Our ability to use digital devices and platforms to analyze and share data is crucial. To work effectively with data requires an understanding of how technology and data can be built, manipulated, and applied. Digital and data skills are no longer just for experts; they are crucial for most people, as almost all professions and companies will have a digital component in the future.
Cooperation and Social Skills
Teamwork, collaboration, communication, social and emotional intelligence, and the ability to deal with others, as well as the functions that enable us to understand, control, and adapt our own feelings and behaviors in a group environment, are becoming increasingly important. As our work becomes increasingly focused on collaboration and becomes more task-based, social and relationship-building skills become more important. These skills have always been and will continue to be in high demand among employers.
Creativity and Solution Focus
Our ability to tackle problems creatively through empathy, logic, and thinking differently becomes even more important. We need to become better at creative problem solving, critical thinking, and logical reasoning to assess and analyze problems with entrepreneurial thinking. As the boundaries of work become more fluid while our challenges become more complex, the concept of problem-solving changes. This also makes new demands on our cognitive functions such as decision making and the ability to plan and reach our goals. Although simple problems can be solved through automation, human intelligence, critical thinking, and reasoning will remain critical when dealing with more complex problems. In the digital economy, individuals must look beyond traditional methods to identify analytics and creatively solve problems. This requires that we think unconventionally and gather ideas from different sources. In this context, Design Thinking becomes even more important.
We decided to stop talking about all these changes and decided to do something about it instead. This is why we created a training program to help individuals and companies develop their skills and knowledge to embrace new challenges and remain relevant.
