Distances are reduced but the challenges are increased.
With the help of advanced Communication Technologies (CT) businesses and Organisations are transforming into a new virtual domain of globally distributed teams. They are far apart from each other but still working together as a single team with the help of advance technologies. This advancement in Organisation has reduced long distances in business relationships to a great ease but at the same time it leads to some ineluctable challenges.
Virtual Teams are far apart from each other but still doing business together as a single team with the help of advance technologies like virtual reality.
Today when most of the companies are baffled in implementing new innovation processes, billions of dollars are wasted on failed innovation projects annually! It clearly suggests that it is not that easy to implement a systematic innovation process which promises to deliver value.
Technology is changing at an alarming rate and there are rapid trends emerging every day. No doubt, Innovation managers are needed to be more attentive than ever, as it is never known when a new technology wave will hit and blew away a well-established business. I call the awareness to this disruptive wave as Technology alarm!
Today we are at the edge of yet another big revolution! This is impelled by an Openness Driven Workplace. But how different tomorrow’s working world will be from today?
Both: a lot and very little! More of us will live to be 100. Our resources will diminish while our technological capacity grows. Stuff will get faster and cheaper. But our basic needs? I am betting those stay the same—that humans will still need to sleep, to eat, to work and move from place to place. Wait! Will human need to work and move from place to place? I really doubt about it!
Dense urban grids... Self-driving vehicles.... Flexible workspace.... Auto-mobility in future will unlock a new wave of efficiency, convenience, and urban growth. Commutes were dramatically reduced… allowing people to live closer to a flexible “Work On Wheels,” site. At the same time we will encounter an utmost alteration in the way how Information exchange, Goods creation & Mobility will take place in future.
Circular Economy (CE) is an approach with “feedback” at each stage of the system which not only offer an economical business value but also better user satisfaction and environmental sustainability. It is a systematic framework which enables material to flow in a closed loop in economy.
In today's world where resources are limited and their prices are getting more volatile day by day, companies are facing new challenges to survive. CE is a ray of hope for all the companies out there, it will completely transform the way how they will work in future by offering a new revolutionary model which envision a smarter, more restorative way to create, use and dispose of products that “Design out waste”. This will solve the major upcoming environmental concerns and lead to a “long term sustainable growth”.
The next big thing!
CE is the next big thing and the future of Businesses. It will shape the future by generating huge opportunities in all sectors by creating:
The “Impact of CE on Existing Business models" is the aspect which intrigues me most. Because I believe that each element of the system is required to rethink. It will impact each element of business and give rise to the generation of new constructs, such as:
1) Circular Technology Management (advanced/digital manufacturing, 3D printing)
2) Circular Design Management (Design for recycle)
3) Reverse Logistic Systems (Advance tracking technologies)
4) Circular Innovation (Business Model Innovations)
5) New skill sets & Specialties (Circular Eng., Circular Innovation Managers)
6) Circular Marketing (Durability over cost:- Long term profits)
7) Cross category Collaboration (Partnerships, Ownership to Temporary usage)
But what is the problem?
The biggest challenge for the companies would be the willingness for adaptation of this new complex system as there are high risks with lower margins and new customer relationships with lack of know-how.
The shift from “ownership” to other forms of “temporary Usage” is consequently at the core of the transformation towards a CE and basis for establishing reverse networks. I think that it’s a system thinking problem and a detailed system analysis is required. In a broader way two of the main concerned sectors are: