Rapid shifts in technology, outburst of social media will impact substantially the way businesses are run tomorrow.
Individual approach – More and varied input of managers, colleagues and customers on each employee’s performance may create more objective pay models.
Consumer Segments Will Cede To The Individual – Rather than meeting the needs of different consumer segments (e.g. geographic, age, income) businesses will be able to truly serve the individual based on specific needs and desires. “What you will see with rapid data and social sharing is the death of the average and the era of you,” “It’s about a dialogue” with each individual understanding her/him, not about just handling the script any longer.
“At the end of the day, it’s about mindset and culture” – Just because the technology exists and will become increasingly accurate, the shift will require new ways of thinking in business management.
The Social Network Will Drive Value – In the near future “your value will not be what you know, but what you share.”
Data Analytics Will Revolutionize Decision-Making – Data will be the basis of competitive advantage going forward, calling it the “the next natural resource.” Decisions will be based on predictive elements versus gut instincts compared today when judgments are still based on anchoring biases – leaders and managers interpret information through the lens of their subjective perspective and set of experiences.