Riding on the theme of building resilience, Frost & Sullivan’s latest report titled Top 8 Growth Opportunities for 2021 Impacting Industries, Governments and Society, predicts the new year to bring about significant changes in the way we live and work. The report attributes this to changes in user behaviour patterns triggering major shifts in consumption and business models.
While it pins hopes on emerging technologies like AI and automation to help stem the spread of the COVID-19 pandemic, the report calls on companies to pivot on three positions if they are to capitalise on the opportunities and drive growth.
Imperatives for growth
- Lead a smooth transition to a secure, multichannel, work-from-anywhere and connected workspace.
- Embrace automation and adopt a ‘digital-first’ approach.
- Build a clear ‘circular strategy’ and encourage corporate consciousness.
Eight growth opportuntiies
- The trust paradox: disinformation and lack of data privacy
The adoption of new technologies and increase in Internet use puts the world at great risk of data exposure, disinformation and cyberattacks.
- The automation wave
Advancements in AI and cognitive computing capabilities that allow machines to mimic humans will unveil new growth opportunities in automation.
- Resilience and risk-proofing
2021 will mark the beginning of a path towards building resilience, amidst changing customer expectations and adapting to the new normal.
- Trade decoupling
As geopolitical chaos and macroeconomic pressures intensify, trade powerhouses like China, US and the UK will focus on building national sovereignty.
- Sustainability and circular economy
As nations gradually recover from the pandemic, 2021 could prove to be a transition year for Climate Action.
- Anywhere-health
Anywhere-Health will personalize virtual health experiences using data as the underlying catalyst.
- Workforce in transition
Technologies that enable hybrid workplaces will take centre stage in 2021 along with a massive increase in growth and market cap.
- Corporate consciousness
The choices made by corporate leaders is bound to have an inherently large influence on several micro and macro aspects of the society.
Recommendations
Frost & Sullivan recommendations organisation take a five-step approach to building an innovation and growth strategy.
- Acknowledge the issues challenging growth
- Set a clear list of objectives
- Know your resources and data
- Build an innovation process with distinct steps
- Institutionalise consistency
