Yet, the pandemic has also exposed the fault lines of economic inequality, highlighting we are all made more vulnerable by weaknesses in social safety nets. This could catalyze trends we have been discussing for some time — populism, renewed social contracts, long-term value and new economic metrics — and accelerate the move along the new S-curve. That’s why, for business leaders, now is the time to question the merit of seemingly positive short-term actions that yield poor long-term outcomes. A better baseline has become thinkable.
Using megatrends to widen your frame
This new S-curve has been visible for a while now, albeit in the form of long-term trends that lay over a distant horizon. It’s the future described in EY Megatrends reports, where social contracts are rewritten to be more inclusive and sustainable, compelling businesses to take a more proactive role in creating long-term value. A future where the global system is reshaped by everything from shifting power dynamics to 3D printing. Where human augmentation technologies such as artificial intelligence and the internet of things transform every human domain, from consumer behavior to the nature of work.
All of which is to say: we’re not in entirely uncharted territory. In fact, some companies have in recent years become market value leaders by operating by the rules of the new S-curve. They’ve been labeled disruptors or “unicorns,” making them sound rare and almost mythical. In the new normal, though, they’re anything but — every company will revamp its strategy and approach to operate by the rules of the new reality.
So, how do you use the EY Megatrends framework? First, it generates a potentially countless collection of megatrends, since the evolution of primary forces continuously creates new ones. This helps you identify other megatrends based on the primary forces. Design thinking and design-based innovation can blend creativity and analysis in this process. Environments built on these principles, such as EY wavespace™ facilities, allow executives to experience the art of the possible in an immersive way.