The digital economy is 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. Click to tweet
- By 2030, 2 billion jobs will disappear – roughly 50% of all the jobs on the planet – as a result of technology advances. Click to tweet
- Private and commercial robot use will grow 2,000% from 2015 to 2030, creating a $190 billion market. Click to tweet
- 78% of employees believe in the importance of working for a digitally enabled company or a digital leader. Click to tweet
- Purpose-driven and value-oriented organizations outperform their competition 15 to 1. Click to tweet
- 53% of millennials would work harder if their organizations were focused on impacting the world positively. Click to tweet
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. Click to tweet
- 71% of Generation Z expect to experience significant failure before achieving success. Click to tweet
- 77% of Generation Z believe they will need to work harder than past generations to succeed. Click to tweet
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. Click to tweet
- Within the next three years, the data created by IoT devices will reach 403 trillion gigabytes annually. Click to tweet
- The IoT will yield a potential economic impact between $4 trillion and $11 trillion a year by 2025. Click to tweet
- By 2020, information will reinvent, digitalize, or eliminate 80% of business processes and products. Click to tweet
- By 2030, sensor use will grow 700,000%, solving nearly every human need such as cancer-killing chips. Click to tweet
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%). Click to tweet
- People seek brands that are socially and environmentally responsible (84%) and linked with a cause (90%). Click to tweet
- More than half (57%) of all B2B purchase decisions are made before buyers talk to a sales rep. Click to tweet
- What convinces consumers to recommend brands? Simpler experiences (70%). And 38% will pay a premium for it. Click to tweet
- 72% of consumers trust friends and family, versus CEOs (46%), politicians (40%), and celebrities (34%). Click to tweet
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. Click to tweet
- 96% of marketers cite data-informed decisions as high importance when responding to disruption. Click to tweet
- By 2030, 10% of the largest companies in the U.S. will consist of virtual workforces. Click to tweet
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 “99 Facts on The Future of Business in the Digital Economy”