Economy 4.0 – Risk Considerations for a New Era in Communications, Media, and Technology
Business models, particularly in the communications, media, and technology (CMT) industry sectors, are disrupting traditional concepts of service delivery, content production, and manufacturing. We are predominantly seeing a shift towards the virtual, the online, and the intangible — facilitating an easier flow of goods, people, capital, services, and ideas. This shift has transformed the risk landscape for many organisations and has prompted boards and risk professionals to review how they should face the challenges presented. For those who are responsible for risk management, Economy 4.0 will present significant opportunities as well as challenges. We predict that the domain of traditional risk management will be expanded and those responsible will have a great opportunity to transform or extend the function into an opportunity-enabler.
What is Economy 4.0?
After undertaking research across industries, but specifically in the CMT space, we believe that we are seeing radical changes in the socio-economic and business climates across the globe. Sometimes referred to as the sharing, on-demand, or digital economy — Economy 4.0 is focused on offering consumer-centric experiences, unlocking value to empower businesses and individuals, and maximising underutilised tangible and intangible assets by creating global marketplaces of trust, supported by big data.
Economy 4.0 connects idle capacity with demand; prioritises access over ownership; offers collaborative forms of consumption; and drives emotional connections to consumers’ experiences.
What Does Economy 4.0 Mean for Organisations?
Within the framework of Economy 4.0, we are able to explore the new risks being created and also examine how existing risks are being modified. In our whitepaper, Economy 4.0: Risk Considerations for a New Era in Communications, Media, and Technology, we consider how Economy 4.0 is changing the risk landscape of organisations and how these risks can be managed to create opportunities.
We invite you to engage in the questions which are raised within the paper, including:
- How do you see your business within the context of Economy 4.0?
- Are your business continuity plans ready for Economy 4.0? Have you independently assessed them?
- How can you manage the workforce of Economy 4.0?
- What opportunities in your business model are there to add value to clients and employees?
We look forward to debating these and other questions with you as our series develops.