Technological shifts bring new challenges through data and analytics, artificial intelligence and distributed ledger technology (blockchain), and these can all be identified as components of the digital transformation that lies ahead.
Another challenge in this space lies in regulation and legislation. Activity in this aspect is ramping up with cybersecurity threats, changes in tax codes and regulatory easing.
While dealing with these external strategic issues, leadership teams are addressing cost containment and beginning to develop people-based strategies to prepare their workforces for the future. Organisations have no choice but to use these people-based approaches to implement complete Business Transformations based on the technologies of the future.
To thrive in this sector in the future, organisations will need to transform their businesses and in some cases completely rethink their place in a supply chain that has become, at times, adversarial but will, in the future, be led by those who collaborate openly.