2020 made even the traditional organizations that had steered clear of digitization realize that the nature of work is evolving. More businesses are pondering the future of work than ever before.
While each decade brings its own macro trends that shape the future of work, the scale and potential impact of changes that we are going to witness in the coming decade would be at a different level.
When Modus Create was founded in 2011, our founders wondered what the world would look like when everyone has a smartphone.
In the next five years, phones transformed from vanity to utility devices. Modus Create was at the forefront of mobile-first experiences, creating native mobile applications for businesses worldwide.
In 2015, they predicted that every business will become a digitally-enabled business. The next five years saw Modus Create lead digital transformation at some of the largest enterprises in America. COVID-19 further accelerated this trend, compelling even the most traditional companies to contemplate their place in an increasingly digital world. IT departments are transforming from cost centers to revenue generators.
What about the next 10 years? What is the next inflection point in the global economy?
“We are looking at a world with a connected grid, stable power, and microprocessors in every electronic device. We will see more progress in the next 100 years than what we have experienced in the last millennium.” – Pat Sheridan, Co-founder, Modus Create
If you think we are all connected at the moment, wait for a few more years.
“Starlink will be a game-changer. We will see a blanket of solar-powered satellites covering the earth, and bringing the entire world online.” – Jay Garcia, Co-founder, Modus Create
At present, 60% of the world’s 7.8 billion inhabitants use the internet. Imagine the possibility of billions more having access to high-speed 5G internet. A world where unlimited data is as accessible as air. You can be in the middle of a desert and have faster internet than any existing device. It’s hard to even imagine the massive economic opportunities that will arise.
Ridiculously Powerful Processing
There will be a revolution in digital experiences, not only due to the unprecedented internet connectivity but also the processing power of our devices.
“Artificial intelligence and machine learning will be infused in things we can’t imagine. We will see ML processing units inside computers, the widespread use of predictive analytics, and an increased ability of AI to generate pre-decision. We will also see 5 – 10X increase in processing power, with less than 5% of physical power needs due to innovations such as RISC – V.” – Jay Garcia
AI and ML
Yes, AI and ML have turned into trendy buzzwords. But don’t let that distract you from their eventual impact on all businesses. Remember, a few years ago digital transformation had a similar reputation. It was considered a fashionable project for new-age executives and many traditional companies stayed away from it.
Now, digital transformation has become such an important part of any business, that it isn’t even considered a separate phenomenon anymore. Having a digital presence isn’t a choice but a necessity.
Similarly, the combination of high-speed internet and powerful processing will allow businesses to use AI and ML to maintain a competitive advantage. Personalizing and optimizing customer experiences won’t be just limited to a few digital businesses, but all organizations.
The Next Big Macro Trend
Every few decades, a macro trend emerges. These trends don’t just fizzle out after a quick boom. They stay and shape the entire world around them.
In the 1980s, it was globalization. Despite varying attitudes toward it, globalization continues to play an increasingly important role in the world economy.
Similarly, since the 1990s, digitization has been another similar macro trend. It has taken over the entire world.
The next big macro trend will be dispersion. It’s commonly accepted that remote work is here to stay, even after the world recovers from the pandemic. As megacities get more expensive and unsustainable, and high-speed internet more accessible, people will move to smaller cities for a better quality of life.
According to a report by HireAHelper, an abnormally high percentage of people are emigrating out of major urban centers like San Francisco, New York, Los Angeles, and the Greater Washington D.C. Area and to small and medium-sized cities (SMCs) like Scottsdale, Durham, and Columbus.
While this increase might be a temporary effect of the pandemic, this is likely to be a macro trend as tier 2 and 3 cities ramp up their infrastructure for remote workers. Many countries are also warming up to the idea of hosting remote workers by launching new visas.
More Tech Means More Talent
Every burst of automation that devoured certain jobs, ended up creating new and more fulfilling opportunities. Entirely new industries rose as a result of the IT revolution.
In a world where more technology is emerging at a faster pace, it will be tough for any company to have an optimal workforce under one roof, or even one country. There will be a lot of jobs, but the skills needed for them won’t be concentrated in any one region.
Businesses that can recruit and onboard talent quickly from anywhere in the world will possess a huge competitive advantage. Organizations will have to either build capabilities in-house or rely on partners to scale their teams and operations.
Want to shape the future of work with us? Explore open positions at Modus Create.