InsightaaS: R. “Ray” Wang — widely-respected IT analyst and CEO of Constellation Research — has recently published a two-part “futurist framework to guide 2014 outlook and beyond” on the Enterprise Irregulars blog site. The first part of the series focused on technology trends, and the second, highlighted here, focused on societal shifts driven by “a generation of millennials” that have unique objectives, a “lack of upward mobility” and “a bipolar view on the role of government.”
Wang’s work is generally thought to be first rate, and this post is no exception: he outlines five shifts in social behaviour – affecting ownership, privacy, and even wealth redistribution – that will require boards and CEOs to develop strategies dealing with “digital business disruption.”
Generational shifts by age and by digital proficiency will show up in force in 2014. A generation of millennials no longer seeks the same objectives as previous generations. Lack of upward mobility and opportunity sow the seeds for societal disruption. Furthermore, a fear of government intrusion along with a need for government programs creates a bipolar view on the role of government. Hence, organizations must adapt to an ever-changing array of future business models based on dynamic demographic and psycho-graphic preferences. The following five broad societal movements shape how individuals behave and play a strong role in influencing business model adoption..
- Access trumps ownership in a sharing economy. From car sharing in the late 1990s, to vacation rentals to collaborative financing, the sharing economy has been inching its way into the forefront of the consumer’s mind. Since, thought leaders such as Rachel Botsman, Lisa Gansky and Anne-Sophie Novel, have been chronicling the forces, underlying trends and players behind the movement. Key success factors in this new business model require the identification of underutilized assets, optimization of value through time slicing of access, trading on the goodwill and generosity of others and building a reputation economy. A sharing economy model is not for every industry, yet this trend may affect how products and services companies shift their offerings and business models in the next three to five years.
- Five generations of customers and workers driven by digital proficiency, not age. When discussing the future of work, most people immediately jump to the discussion of millennials, Generation Y, Generation X, Baby Boomers, post war, etc. However, under a shift to digital business, the generations are defined differently…