Recently I was introduced to a term new to me – “megatrends”. In layman terms, it refers to transformative forces of change that are reshaping our economy, business, and society – completely changing the way we live socially, environmentally, and technologically.
I cannot claim to know the megatrends changing the world today, but I can (non)expertly share the changes that I – and those I have interacted with – have seen.
Recession or Recess?
It goes without saying that the whole world is bracing themselves for a long winter of uncertainty, especially with rising inflation rates, national conflicts, global tensions, and shaky governments. But is it all gloom and doom? Some of the world’s most innovative and life-changing companies were born during economic downturns.
The people who dare to build and create when all is uncertain may find instead that gloom and doom is “on recess”, and opportunities are abounding.
Matters of the Meta-verse
I have never believed in the metaverse – NFTs, AR, VR, and the lot. However, I’ve come around to admit that when you pair the blockchain technology with those situations where validation and authentication matter – especially in the arts, collectibles, and luxury goods space – you have something relevant and useful.
I feel that, when many think that the virtual space will dominate our human interaction, the reality is that the virtual realm will take a lesser but nevertheless important role…as people will still look for a mixed human / digital interaction going forward.
Stability, Security, Sustainability
Businesses before have often pursued growth at all costs. Now, especially having gone through a pandemic, maybe stability and resilience are the factors that have become more important. Corporations look at tightening their (cyber)security first before anything else.
And previously unimportant factors like sustainability and other ESG aspects become top of mind. This new pivot is critical to how businesses plan their roadmap, resources, and talent going forward.
Digitalisation was cool…now what?
Everyone knows how much technology adoption has already changed businesses and SMEs. While digitalisation and business transformation is still important, what form will it take?
Will it entail new supply or value chains, new industry-centric solutions, or new ways to engage customers? This is not really a megatrend but some questions that we ourselves are searching for answers to.
End of the day, the onus is not really about being “trendy” with the megatrends, but to understand how the world is changing and find your own path to strength and success.
Until next time,
What’s New on The FinLab Online
Digital Spotlight is a series of thematic knowledge-sharing workshops to help businesses transform and grow with the right digital tools and strategies.
Through this workshop, businesses can gain insights on the trends, opportunities and challenges within the HR & Payroll industry. Businesses can also learn how to leverage on the latest technology to streamline and automate operations such as leave and claim filings.
Date: 21st July 2022
Time: 7:00pm – 8:30pm
Venue: UOB PLQ Branch
Transform Your Accounting and HR Functions
Accounting and human resource are crucial functions that can drive organisational growth. Every SME needs to leverage technology to streamline your daily transactions and use data to optimise business decision making. NTUC Learning Hub and Ngee Ann Polytechnic, together with UOB FinLab and NTUC uSME, bring you the Accounting & HR Automation Track in their SME Digital Reboot Programme. You will learn about cloud accounting and how to maximise the use of accounting and HR digital solutions to increase business productivity.
Up to 90% Funding Available!
Programme Fees (without funding): $2,675 (w/GST)
After SSG funding and claiming absentee payroll*: $158.50 (w/GST)
*Terms and Conditions apply.
We encourage your organisation to leverage on the available SkillsFuture Singapore (SSG) Funding and Absentee Payroll (AP) to embark on our carefully curated digitalisation tracks, in order to increase productivity by implementing automation.
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The FinLab is UOB’s innovation accelerator that brings the ecosystem together to catalyse business growth and transformation. With a regional presence in Singapore, Malaysia and Thailand, The FinLab provides access to a range of business and technology experts, tools and content through The FinLab Online and in-person programmes. These programmes range from supporting the FinTech and start-up community in developing solutions, to assisting the Small and Medium-sized Enterprises (SME) community in going digital and innovating for sustainability. Founded in 2015, The Finlab has supported and connected with more than 14,000 businesses globally.