Innovation has been a buzzword for a long time, but it takes different shapes and forms. What will set organisations apart is how seriously they take innovation. An ‘innovation lab’ with real investment by the organisation can help workers to be innovative. An inclusion of innovation in the overall business strategy shows commitment from the top down. Allowing workers to experiment with ideas and feel safe to fail means that an organisation can potentially spot real opportunities in the market to grow and potentially disrupt in 2018.
Speaking of disruption, this term impacts various industries in different ways. So what does disruption look like in 2018? Blockchain has been big news this month and is likely to disrupt both financial institutions and real estate industry with news stories of properties for sale accepting bitcoin rather than cash. Disruption also includes machine learning and things like genetic scans that look for diseases.
Data is going to be big news for Australian organisations early in 2018 with the new Notifiable Data Breach reporting going live in February. If organisations don’t have a handle on what customer data they collect, where they store it or undertake the necessary controls to protect it, they may just end up in the headlines for the wrong reasons.
The security of data becomes increasingly important with predictions of more evolved ways of hackers gaining access to our personal data in the cyber world. The Forrester report[i] noted that hackers are likely to attack for personal financial gain rather than for the previous political or social reasons. Organisations must take steps to ensure they are protected and that when they do encounter an attack, they have a robust defence and a response plan to recover.
With technology advancing rapidly (I can’t believe we’ve had iPhones for a decade), issues relating to AI and disruption will be prioritised on the agendas of all organisations. And, it’s important to remember that we still need to be compliant. According to an interview by KPMG[ii], Australian business leaders still see regulatory change in the top 10 issues facing our businesses. Whilst a lot of the post-GFC regulatory change has taken place there are still changes to come. As the legislative landscape adapts to the rapid pace of change, especially in technology, organisations need to be vigilant in ensuring their policies and training match this pace.
Compliance with the law, whether it relates to privacy, anti-discrimination, consumer law or insider trading, is crucial to effective risk management. Providing training to your workers creates awareness of key processes, values, behaviours and helps maintain an organisation’s reputation from the damage associated with breaching the law.
The predictions for 2017 were for a bumpy ride and it more than delivered. Certainly 2018 doesn’t look likely to hold back on any of that change. Make sure your organisation is prepared.
Your 2018 Buzzword Bingo card
How to play
- Simply download the Buzzword Bingo card
- Take the card with you to your Strategic planning day or read any article on business predictions for 2018
- Put an x when you hear or read any of the below buzzwords.
- When you complete a whole row (either horizontal or vertical) yell ‘Bingo’ (or not if you are in a strategic planning day)