This so-called ‘fourth industrial revolution’ has seen breakthroughs in artificial intelligence (AI), robotics, the Internet of Things and nanotechnology that are changing the way we live, work and interact on a fundamental level. Given this, how can businesses and organisations make sure that they can stay relevant in our brave new world?
Below we take a look at some of the main ways, as well as examples of businesses and organisations that have done just that.
Be willing to evolve
What worked 10 years ago may no longer work as well today, so it’s important for businesses and organisations to be willing to adapt their approach and offerings to suit the current dynamic of their marketplace or risk being left behind. Agile project management has become increasing essential, helping teams to respond to unpredictability and new challenges in a flexible manner through incremental, interactive work. The same is true of ‘holacracy’, which encourages self-management within organisations by distributing authority and decision-making outside of the normal management hierarchy.
Danish toymaker Lego is a great example of a company that has successfully evolved over the years, having grown from a 10-person company making wooden toys in the 1930s to a world-leader with numerous products, film and video game franchises and even theme parks by 2017.
Engage with your target audience
Whatever your business or organisation offers, be it products or services, knowing what your target audience wants and how best to give it to them is key. Tastes, trends and needs are changing so rapidly that it be easy to lose sight of this. Social media is a particularly effective way of reaching out and engaging with your target audiences, given its reach and popularity.
Zappos, an online shoe and clothing store, has a long history of excellent customer engagement. The company prides itself on putting the customer first at every turn, from offering overnight shipping upgrades and a 365-day return policy, to conducting some of the longest and most supportive customer service calls in business history.
Embrace new opportunities
The ‘Internet of Things’ – where smart devices, vehicles, buildings and other technology-based items are all interconnected – is an integral part of the fourth industrial revolution. The influence it’s having on the business world is opening up a wealth of new possibilities in terms of new technologies, markets and approaches. Taking advantage of such opportunities is a good way of helping businesses and organisations to stay relevant, safe-guard jobs and ensure that they’re maximising their potential in terms of profit or reach.
Facebook has been investing heavily in artificial intelligence (AI) over the last few years, dedicating a lab to AI research in 2013 and adding a new AI feature to its app in 2016 to help blind users ‘see’ photos. The company is also reportedly using AI to map population density worldwide and identify areas without internet access, with the aim of bringing it to them in the future.
Look after your employees
Employees are the heart of any business and according to a recent study by The Guardian, the majority of them just want to feel valued, appreciated and rewarded at work. By investing in employees, their training and their wellbeing, employers can benefit from a strong workforce that’s more productive and committed to the company’s work and goals. Rewarding success can also help to maintain good moral and long-term employee loyalty.
Internet giant Google is famous for the benefits it offers its employees, which include free gourmet food, free transport, access to the latest technology and even being able to bring pets to work. Employees also have the chance to spend 20% of their time working on their own projects – all of which have led to Google regularly being voted one of the best employers in the US.
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Details
- Publication date
- 22 February 2017
- Authors
- European Labour Authority | Directorate-General for Employment, Social Affairs and Inclusion
- Topics
- Youth
- Sector
- Accomodation and food service activities
- Activities of extraterritorial organisations and bodies
- Activities of households as employers, undifferentiated goods- and services
- Administrative and support service activities
- Agriculture, forestry and fishing
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- Manufacturing
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- Other service activities
- Professional, scientific and technical activities
- Public administration and defence; compulsory social security
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- Water supply, sewerage, waste management and remediation activities
- Wholesale and retail trade; repair of motor vehicles and motorcycles