What are the disruptive forces that will affect your business in the future, and how can find the opportunities in these changes?
All the answers to your unique business lifestage questions
Graeme Codrington, futurist and founder of Tomorrow Today, calls them the T.I.D.E.S of change. They’re disruptive forces that, if used correctly, can create huge opportunities for your organization. Here’s how.
Preparing for change
T.I.D.E.S stands for technology, institutional change, demographics, environmental factors and social values. These are the core factors that will influence your business growth in the years to come. As you evaluate them, keep these questions in mind:
- Which of these trends will be most disruptive in my industry from now until 2020?
- What questions should my company be asking because of this?
- Where are the opportunities? Remember, for every disruptive source, there’s an opportunity.
- Which trends should I be tracking?
- Who should be watching each trend in my organisation?
- What sources will I use to stay up to date?
- How will I record and engage with what I see?
Technology. Today there is more processing power than ever before, in a much smaller package, at a lower price.
This means access for everyone. It’s the digital age, and the youth are digital natives. The result of this new technology-driven world is that all data is available on any device, instantly, for free. You need to adjust to this reality.
Institutional change. What are the orthodoxies (rules for success and failure) in your industry?
Where are the threats to those orthodoxies? In other words, just because you know something takes a week (and this is the accepted norm), doesn’t mean a new player won’t figure out a way to do the same thing in one day.
Be open to new thinking. Re-evaluate your ‘stupid’ rules. Play a game – each month get rid of one ‘stupid’ rule and change your orthodoxies. All the rules are being rewritten as we speak – stay ahead of the curve to avoid becoming irrelevant.
Demographics. People are living longer (More than half the people who have ever turned 80 are still alive). What does this mean? Retirement is changing. People don’t want to retire at 65 – they’ll be bored.
How can we tap into this? And how can we bridge the gap between the younger and older generations who are all working together in the new working environment.
Environmental factors. Do you believe in global warming? Do you understand why this is an important business factor going forward?
Social values. There is no normal – values differ, and it’s important to understand how values are influenced, but more importantly, how they influence decisions.