Predicting the business future
People refer to Warren Buffett as the Oracle of Omaha, because he has got phenomenal gut and infallible economic outlook. He’s proven time and again that he can predict how markets will change and which companies will succeed in the aftermath.
Predictions like this are based on greater awareness about dynamic processes in the “value networks” model.
According to the model, several members (individuals or individuals and corporations) connect with each other, and their interactions benefit the group. Members in a value network can buy and sell from one another as well as exchange important and relevant information.
Value networks help their members to grow value and increase its knowledge to gain and sustain the success. When markets or technologies change, it often requires entire segments of the value network to be reinvented.
For example, with the designing of the world’s first Xerox Alto computer, using the desktop metaphor and based on graphical user interface, computers and their full suite of applications became finally available to virtually anyone.
It’s those types of innovative changes, that required rethinking of the whole value network.
Predicting the future of business, we should ask ourselves three questions.
- What has changed?
- What business assumptions become irrelevant?
- Which business models can take advantage of the change?
Here are the key factors business should be prioritizing in future:
— privacy,
— community,
— sustainability,
— decentralized,
— digital.
This list is by no means comprehensive, but it should help illustrate what I mean. ;)
Okay, why privacy?
Digital security caused ever-growing concern with increasing amounts of users data that companies regularly capture, store and analyze: from consumer behavior to predictive analytics.
However, today we cannot speak of complete anonymity: almost all companies legitimately capture and use IP data.
Data privacy regulations are changing the way businesses capture, store, share and analyze consumer data. Businesses that ignore data privacy regulations can expect to have a greater legal obligation to protect consumers’ data as more consumers demand privacy rights.
We need to seek a compromise, because data collection is unlikely to go away; it will merely change as businesses adapt to new laws and regulations.
Okay, why community?
It is a very versatile term, being defined in different ways. First of all, these are people connected by the common idea and values. It is a structured system with a detailed distribution of authority. Such a group may not have money (if we mean a startup), but they have a goal or focus on results. A strong team is always the soul of success!
Okay, why sustainability?
Sustainability is the system’s ability to maintain its current state in the presence of external influences … In macroeconomics, sustainability means a long-term balance between the exploitation of resources and the development of human society.
Simply put, sustainability is a focus on creating long-term value by taking into consideration how a given organization operates in the ecological, social, cultural and economic environment. It increases the expectations on corporate responsibility, but also motivates and encourages the team, enhanced the status and provides a strong community.
Okay, why decentralized?
If we look to the future, we will find out that the economics of the future are somewhat different. This is the economics of artificial intelligence. And that’s not bad. The benefits of AI include automation of repetitive tasks, improved decision making and a better customer experience.
Blockchain is now providing a unique opportunity for mankind to transit from trivial toneless working to creative being.
Nowadays we are seeing many large companies integrate Etherium (the first blockchain for mass automation and building decentralized organizations) into their existing operations.
Well, it’s a big topic that requires extra article.
Okay, why digital?
It’s kind of obvious, isn’t it?
. . .
Let’s see if I’m right. 😌
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