Source | LinkedIn | Sanjay Podder | Managing Director for Accenture Labs in Asia Pacific (Bangalore and Shenzhen Labs), Eisenhower Fellow
It’s a Post Digital World. There is a new Business Order. There are two tectonic shifts happening.
In the first shift, Businesses are embracing a larger purpose towards People, Profit and Planet; as Trust becomes the core competitive differentiator. Work aimed at just making Profit is not good enough. The Shareholder is no longer the only stakeholder to keep happy as technology like social media gives opportunity for customers to express their thoughts and feelings real-time. There is a new Digital Social contract and business stakeholders both external and internal expect more from the businesses. Businesses are being watched for their sustainability practices and impact to the Planet, as concerns such as Climate Change takes a center stage in peoples mind.
Business will be increasingly measured with their impact to the 3P of Planet, People and Profit. The new larger Purpose will imply ‘New Work’ for attaining the purpose.
The ‘New Workplace’ will be broader- an ecosystem of diverse stakeholders- customers, civil society, government, startups and not limited within the 4 walls of the companies. New technologies like Distributed Ledger will help Business shape ecosystems based on trust with their partners. For example, more and more customers are interested whether the products or services are sourced ethically- from Coffee, Diamond, Cobalt and Apparels. Business performance KPI and business scorecards will change as the New Work of the future will be measured differently.
The second tectonic shift is emergence of a New Workforce. When it comes to Workforce- Gen Y and Gen Z is changing the culture of the Workplace. Unlike Gen X, Gen Y and Gen Z workers no longer aspire to spend a lifetime pursuing a goal to move up the corporate ladder. The Gen Y and Gen Z are focused on market friendly skills and operate like a Gig economy. Ready to move where there is more money and meaning. They are ‘one person’ organizations. Emergence of Startups- fueled by a new breed of entrepreneurs armed with Digital technology is becoming a major source of Open Innovation and a new form of workforce for the Business.