How will we emerge from this current pandemic in a way that we can be proud of? How will we help protect our organizations while supporting a strategic shift to creating long-term value? Will we look back and be confident that we took adequate time to truly look forward and reframe the future?
These are some of the questions that undoubtedly are occupying board members’ minds right now. While management contend with resiliency throughout this critical time, boards need to adopt a “futurist” mindset in order to ensure organizational sustainability in the long-term. In other words, they need to recognize and respond to how society is shifting in a post-pandemic world.
Some of these shifts were already happening but have now been accelerated. As an example, technologies such as artificial intelligence (AI) and the internet of things were already transforming everything from consumer behavior to the nature of work before COVID-19 arrived.
So, what’s on the horizon and approaching fast, that boards need to keep in view?
Long-held assumptions about industry structures, markets and the nature of competition due to convergence will be up for challenge. And the global system will be reshaped by everything, from shifting power dynamics to robot assistance.
The EY Megatrends report, published every two years by EYQ, EY’s think tank, offers board chairs and other directors an organizing framework for adjusting and adapting their strategy to be at the forefront of these and other significant disruptive changes.