The world has been moving towards advancement at a high pace since entering the internet era which evolved from the industrial landscape to the digital landscape. Those who are late to catch up are leaving behind, and that’s a distinction between advanced countries and non-advanced countries.
These advancements are dragging the world into a more complex dimension and the world is approaching and being sucked into this wormhole.
Blair Sheppard, PwC’s Global Leader, Strategy and Leadership[1]
"A decade ago, many people thought there was time to address the Megatrends in a leisurely way. But it has become obvious that is far from true. The Megatrends are coming at the world like a freight train, and they are creating more numerous and more acute crises, year after year. There's unlimited potential if humanity comes together to address the Megatrends, but we must act now."
Florin Klein, Head of the Centre for the Long View, Deloitte[2]
“We all have to make decisions despite an uncertain future. Imagining the future through scenarios enables us to identify robust strategic choices that would fit any plausible future, and to keep strategies flexible in case the future surprises us. “
Thus, how far do we understand the Megatrends and how are we prepared for this force?
[1] PWC. (n.d.). Revisiting the Megatrends. PwC. Retrieved March 6, 2024, from https://www.pwc.com/gx/en/issues/megatrends.html
[2] Deloitte. (n.d.). Beyond the Noise: The Megatrends of Tomorrow's World. Deloitte. Retrieved March 6, 2024, from https://www2.deloitte.com/content/dam/Deloitte/nl/Documents/public-sector/deloitte-nl-ps-megatrends-2ndedition.pdf
What Are Megatrends?
There are numerous definitions of Megatrends, addressing almost similar in their language.
Megatrends are long-term, large-scale forces that shape the world. They are complex factors that shape society on several levels[1].
Global megatrends are not simply the important issues facing governments. While issues differ between countries, megatrends are the larger forces shaping the policy choices available to governments to deal with emerging issues[2].
However, the key points on Megatrends are long-term, observable now[3] and evolving due to interactions between the trends1.
Therefore, Megatrends are not built just in one night. It was a continuous activity that evolved its trend and shaped society by its impact through time. Megatrends started just by a trend that looks normal, well blended and adapts well to society. The quicker it evolves, the more complex it appears.
Example Of Existed Megatrend
For instance, let's take the Internet as an example. Since its introduction to the world for communication, it appears that the world has relied on the Internet for most of its things and functions. The signs of the trend are completely changing the context of society today. It is affecting public interactions, public policy and regulations of each existence of phenomena.
[1] Dyvik, E. H. (2024, March 1). Global megatrends - Statistics & Facts. Statista. Retrieved March 6, 2024, from https://www.statista.com/topics/3512/global-megatrends/
[2] KPMG INTERNATIONAL. (n.d.). Future State 2030: The global megatrends shaping governments. Retrieved March 6, 2024, from https://assets.kpmg.com/content/dam/kpmg/pdf/2014/02/future-state-2030-v3.pdf
[3] European Union. (n.d.). The Megatrends Hub | Knowledge for policy. Knowledge for policy. Retrieved March 7, 2024, from https://knowledge4policy.ec.europa.eu/foresight/tool/megatrends-hub_en
Plus, the internet is always communicating with other Megatrends that are evolving around the world to solve it. Technology is always shifting to more advanced versions. The Internet is essential for technology to gather and transfer data. As we re-look at Industrial Revolution 4.0, the emergence of the Internet of Things (IoT) was super advanced during its introduction to the industry sector. This creates an opportunity for industries to be more efficient, cost savings and maximize production.
On the other hand, the internet has created a complex era of communication and data sources. How the internet space creates another opportunity to abuse its chance of creating a threat to society in social media such as cyberbullying, false news by deep fake, scams by phishing and even security breaches [1]
[1] Internet Society. (2017, July 25). A Brave New World: How the Internet Affects Societies. Internet Society. Retrieved March 7, 2024, from https://www.internetsociety.org/resources/doc/2017/a-brave-new-world-how-the-internet-affects-societies/
The Current Megatrends
Today, many consultation firms have predicted the megatrends since almost a decade ago.
PWC, KPMG, Deloitte and EY have their prediction and framework for preparations with Megatrends either with the public or private sector as their clients.
In common, they predicted 5 major Megatrends, some up to 14 like the European Commission5. The issues are collectively by the data and the signs that are observable from now on. The preparations for business and policy are to be pondered by time.
Megatrends are evolving fast due to their interaction with each other in this complex world. Whether it has been treated as a threat or opportunity, the sector needs to act proactively.
Moving Forward
For businesses or governments, there is an urge to perform research and analysis to face the Megatrends. As it will come as threats or opportunities it depends on how prepared the institutions are and serious matters taken upon.
Overseeing or looking down on the matter is welcoming much greater threats than before. Start to analyze data and phenomenon observation, engage all possible stakeholders to get different views and deep understanding of affecting groups.
Revise policies comprehensively, let stakeholders contribute and play their roles for a more strategic and comprehensive policy.
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