What Impact Do Technological Advancements Have On The Economy In Four Scenarios?

There are many stories about the future of the economy. Technology often plays a leading role in this: Are robots taking over our jobs? Will cryptocurrencies supplant the current currency? Are we facing a new economic crisis? Will we make a timely transition from a linear to a circular economy? Will globalization continue or will an international trade war lead to a more closed economy? Will the European Union have a long life? Is the Dutch social care system sustainable in the light of an aging population?. If you are interested, visit techwear shoes.

Will cryptocurrencies supplant the current currency?

Is there anything left to choose from?

Does technology steer us towards a certain future, or is there something else to choose from? The question of what influence technological developments will have on the economy of the future was central to the Economics Outlook that the Foundation for the Future of Technology (STT) conducted between 2017 and 2019. The exploration led to the publication ‘How do we produce, consume and redistribute in 2050? Bioprinters, resource roundabouts, and brain internet?’ which is handed over.

Theme economy defined

In this exploration, the theme of the economy is broadly defined, namely as the system in which is determined what is scarce, how we produce goods and services, how consumers make choices and how we distribute wealth. During the one-and-a-half-year exploration, various instruments were produced, namely a trend overview, future scenarios, a serious game, and the final publication. These instruments are intended to facilitate the discussion about the future, in other words, to distribute the insights gained.

Trends are the basis for four scenarios

Technological developments are central to this exploration. For example, 3D and 4D printing, digital twins, artificial intelligence, biotechnology, neurotechnology, and blockchain technology. In addition, social trends, for example in the field of demography and geopolitics, are also taken into account. The trends are the basis for four scenarios:

Scenario A: Less is beautiful (2050)

In this scenario, resource scarcity has led to a fragmented world and a longing for the past has led to large-scale behavioral change. Close-knit communities use information technology, 3D printing, big data, blockchain, biorefinery, and autonomous transportation to be as self-sufficient as possible.

Scenario B: Big government (2050)

In this scenario, globalization has continued and strong international institutions are steering towards global sustainability, justice, and the interest of future generations. Advanced communication tools, based on technological developments such as mixed reality, the internet of things, and hologram technology, mean that we are moving less and less and we work together virtually in teams from all over the world.

Scenario C: Survival of the most efficient (2050)

The struggle for scarce resources has led to international tensions and a world of strong regional trading blocs. Highly urbanized, self-sufficient regions are relying on high-tech solutions in response to resource scarcity. Biotechnology, genetic engineering and quantum computing are developing new materials and restoring ecosystems, greatly reducing the pressure on the environment.

Scenario D: I am technology (2050)

In this scenario, global trade increases, and multinationals have much, if not everything, to say in this world. Fully autonomous companies and new jobs and tasks for people are created. We see the emergence of all kinds of applications in the field of human enhancement: people fit themselves into bionic prostheses and brain chips in order to be active for as long as possible and to be able to compete in the global labor market with advanced robots and AI systems.

Serious game: an instrument to sharpen scenario stories

In order to put the future on the agenda and to advise organizations on how to prepare for an uncertain future, STT has developed a serious game on the basis of which they entered into discussions with more than sixty participants from fifteen different organizations about what the future could bring. Executed in the form of a board game, this game is based on the trend overview and the scenarios from the exploration and has participants choose building blocks for a fictional society. Project leader Silke den Hartog: ‘The game is a good tool to initiate discussion about trends and scenarios. We can ‘playfully’ let people experience visions of the future and thus help them prepare for a future full of uncertainty and complexity.’

Innovations, Technology Is Important

Moreover, it appears that companies that innovate are more resilient in the crisis than organizations that remain conservative. It is therefore crucial that you remain competitive and agile, even in times of crisis. By the way, visit now monster musume season 2.

 

Innovation is always important

Innovation is not only important in times of crisis. Do you want to outpace your competitors? Then continuous innovation is key for your success. Innovation helps your company to grow. Don’t you innovate? Then you might miss new market opportunities. It is also possible that the motivation – and therefore the productivity – of your employees decreases. Sometimes a lack of innovation can even mean the end of your company.

Innovation is distinguishing yourself

Do you really want to distinguish yourself? Then you have to innovate. Of course, you have loyal customers who will not deviate from your brand, but on average consumers have become less brand loyal. They are also more sensitive to price and have higher expectations. To stay attractive in this situation, you need to stand out. You have to show that you are flexible, think along, and can surprise the customer with creative ideas. Have a strong mission and vision that you communicate to your customers.

Your competitors are also innovating!

Won’t you? Then someone else will. Not only your direct competitors but also start-ups are lurking. Anyone with a creative mindset and access to a computer can offer your product and compete for it, for example on price. Make sure you stand out and are always one step ahead of your competition.

If you want to move forward, you have to innovate

Progress without change? That does not exist! Keep everything as it is because it’s going well, right? Yes… until it suddenly stops working. The world is changing faster than ever. You have to keep adapting and adapting to the new times. Get out of your comfort zone! Be proactive! Where the first GSM came on the market about 25 years ago, we are now talking about Virtual Reality, 3D printers, drones, Artificial Intelligence. A lot is happening and it is going very fast. The world is changing and your customers are changing with it. You will therefore have to make decisions, which is not always easy. In order to be able to make such big decisions, you need a clear innovation strategy.

What is an innovation strategy?

In an innovation strategy, you make clear what role innovation has in realizing your business ambitions. It is a practical tool to sharpen your goals, develop a shared vision of success and determine which ideas are worth investing in. An innovation strategy consists of a thesis and an innovation portfolio.

Getting started with innovation

Need help with innovation? Trainer Joey Gonesh has already listed 20 success factors for innovation for you. He can also help you with your innovation strategy during the two-day Innovation Strategy training. Do you want to specialize yourself as an Innovator from strategy to execution? Then follow our popular Innovation Manager training.