The International Journal of Professional Management - ISSN 20422341
Strategy & Strategic Leadership in Turbulence and Complexity
Volume 12, Issue 4, July 2017
Fernando Kevin Vince
PhD, DBA, MBA, MBus (Accounting), MSc, FIPA
Introduction
The global economy in the foreseeable future will be defined by a complex and continuously shifting set of economic relationships. Nations while being increasingly interconnected will be ever changing the rules for conducting business across borders. Emerging nations not growing as rapidly as they were will operate with fundamentally different assumptions about the way an economy should be organised. The dispersion of economic power, the continuing evolution of state directed growth models and the accelerating disruption from technology change, all contribute to increase turbulence, uncertainty and complexity (Chesley, Everson & Garvey 2016). In more and more markets industries will compete with other industries; business models will compete with other business models even in the same industry and entirely new categories emerge (McGrath 2013).
Digitisation has rendered boundaries between industries irrelevant and competition can emerge from any industry or sector (Kotler, Kartajaya & Hooi 2017). Industry 4.0, which is a combination of several digital technology innovations - advanced robotics, artificial intelligence, sophisticated sensors, cloud computing, IoT, data capture and analytics, digital fabrication, software as a service, mobile devices, and others that integrate the physical with the virtual worlds - present both new challenges and opportunities.
Technology changes allow product design and development to be done in simulated laboratories and 3D printing for digital fabrication. Highly flexible machine networks can respond to both human commands, their own perceptions and self-direction. Effective tracking of everything produced from cradle to grave, closer interactions with customers and the ability to provide mass customisation and digital services is possible. Big data technologies support predictive analytics that allow real-time quality control and maintenance, reveal emerging markets or opportunities for growth, and support cost reduction efforts by identifying areas of waste and opportunities for continuous improvement. Connectivity technologies facilitate the creation of integrated networks of partners and the formation of ecosystems.
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