He said these mega-trends are digital adoption, supply chain re-balancing, sustainability, focus on health and wellness and a global talent pool.
Highlighting that decades worth of headwinds have been faced in the past couple of years, N Chandrasekaran, Chairman of Tata Sons, on Wednesday pointed out five emerging “mega-trends” that will “shape all of us in business and society”. He said these mega-trends are digital adoption, supply chain re-balancing, sustainability, focus on health and wellness and a global talent pool.
At the CII Business Summit 2022, he said, “The recent history has been relentless. First, a global pandemic, identity wars, military conflict, rise of cryptocurrency, growing inequality — decades of experience, all seems to have been squeezed and packaged in a couple of years. Out of all this, there are many trends that are emerging, which will have a big impact on economies, countries, and businesses — both nationally and globally”.
Elaborating on the mega-trends, Chandrasekaran said that internet has penetrated “ever further into daily lives of everyone” in the last two years. “Soon all businesses have to become data and AI businesses. No industry can escape this trend. But this development is a huge opportunity for India”.
Turning into data businesses
The Tata Sons chief addressed the need for industry to become “future ready”, noting that all businesses will have to be data businesses.
He exhorted that issues arising out of geopolitical matters are “fundamentally re-balancing the global supply chain. “Supply chains have to be designed for resiliency, not only efficiency. From Indian perspective, this is a global opportunity for us”. Going forward, he said the pressure on mitigating the impact of climate change would increase and businesses would find tremendous support to accelerate the shift towards EVs, green hydrogen, storage batteries, circular economy, water efficiency, etc. “All of this is going to happen and it will require a unique ecosystem…”.
Fourthly, a focus on health and wellness as well as safety and convenience at workplaces should play a significant role within companies to stay ahead. Lastly, Chandrasekaran said that skills would find a primacy of place and become even more important than formal education.
https://indianexpress.com/article/business/n-chandrasekaran-out-of-recent-relentless-history-five-mega-trends-to-shape-us-all-7912353/lite/
