Today, it is hard to read a business article, read a tweet or attend a meeting without the word disruption popping up. It is as if we need it to spur us into action because the future is unnervingly unpredictable.
In reality, there is something much larger afoot beyond just disruption. We are not simply seeing businesses shift or adjust their strategies. Fundamental changes are in progress in business models and the industries in which they sit. This is not just the disruptive age. This is the Transformative Age.
Much like the Industrial Revolution, we can expect a deep shift in everything we know – not only in the speed of change but also in our increasing dependence on connectivity. This is the signature difference of the transformative age: being connected, whether it’s to data, interfaces, people or experiences.
Technology may be providing the fuel for this revolution but it is about so much more than that. Perhaps, ultimately, it will be the human component of transformation – our skills, our hopes and our passions – that determines where we will be and what we will achieve.
In its wake, disruption throws up a vast ecosystem of ingenuity, experience and varied viewpoints. Ultimately, in this ecosystem, the winners will be those who understand that keeping the human element at the core of any business or digital transformation is the key to success.
This is an era that combines unparalleled change with unlimited opportunities. The nature of work is evolving fast, new generations are now leading the workforce and we are all being asked to adopt new behaviours and attitudes – to be more innovative, more agile, more collaborative and more everything.
We now live in a cloud-based world
We now live in a cloud-based world and every day we learn of advances in robotics, cognitive technologies and intelligent automation. Like the information age before it, and the industrial age before that, the transformative age is changing how we live, work and play: the gig economy, artificial intelligences, smart cities, new millennial mindsets, self-driving vehicles, clean energy sources and more.
How can artificial intelligence (AI) enhance human potential? Could you execute your strategy better by seeing digital from every angle? Do you change your people or change the way your people work? Does cybersecurity only become a priority once you have been attacked? We believe better questions come from better connections.
This means embracing a multiplicity of ideas and a rich fusion of talents, backgrounds and experience. These collective perspectives seed new insights and equip you to operate in an entirely new way.
This is why in recent years, we have built a wide range of strategic alliances and hired, acquired and developed talent and capabilities in AI, design, cybersecurity, analytics, robotics and other transformative disciplines.
We have connected these skills with our professionals in finance, regulatory, tax and transactions. And we have made a multi-million-dollar investment in EY wavespace, our global network of growth and innovation centres to help clients make radical breakthroughs.
This approach is assisting clients leverage predictive analytics to create new markets and products. Through our robotics experience we’re streamlining multiple business processes and by applying emerging technologies, such as wearables, we are helping our clients create entirely new customer experiences.
It’s clear that the more we all connect, the better able we are to meet the complex challenges of our times, and forge new paths to growth.
This year’s edition of EY Malta Attractiveness event (October 24) will explore these transformative concepts and provide a platform for insights and ideas that will help everyone successfully navigate the transformative age.
To join us just click www.ey.com/mt/attractiveness.
Ronald Attard is country managing partner of EY Malta.