Forecast report for 2018 and beyond, we are entering: the era of human enhancement

Ernst & Young disclosed some new trends in its latest report: "Subversive benefits: the megatrend will shape 2018 and beyond." The report predicts that we are entering the “enhanced era of humanity”, which will change many aspects of daily life and business life, from work to human behavior to consumer experience, requiring radically different regulatory approaches. The report also analyzes the transformation of food production, manufacturing, urbanization and health care.

Written by Ernst & Young's global think tank EYQ, the megatrend report explores “What will happen next?” by identifying emerging trends. These trends should be in determining leaders, as well as long-term adjustments in market, social and global order. It provides a framework for understanding where and where subversion comes from, providing leaders with a way to predict, prepare, and strategically respond.

Uschi Schreiber, Ernst & Young's global vice president and chairman of the Global Accounts Committee, said:

“Today's business leaders almost universally believe that subversion is both an opportunity and a threat to survival. But to seize opportunities and find subversive advantages, leaders need to understand the sources of disruption, the direction in which they occur, and what they mean.”

In the long run, Ernst & Young believes that the political and economic restructuring has the following aspects:

A rebalanced global system: As new economic powers establish a multipolar global system, new norms, institutions, networks, and influence centers, the rules of the international order will be rewritten.

Updated social contract: In an age of increasing digital inversion and rising income inequality, the rules of organizing society will be modified to achieve a more sustainable balance between individuals, institutions and governments.

The ultra-mobile market: rules governing companies and markets will be redesigned because subversion eliminates market friction and creates a market for everything, and produces lean and efficient companies.

AI, robot, VR will reshape society

According to reports, the emergence of new "human-enhanced eras" such as artificial intelligence (AI), robotics, enhancement and virtual reality (AR and VR) will become more and more realistic and act on our behalf. This will drive an unprecedented reshaping of work, consumer behavior and regulation. As artificial intelligence and robotics enter more professions, they will redefine the nature of work, from economic inequality to social contract and education policy.

“Super Consumers” will be endowed with technology that enhances human decision-making, creating more information and a richer consumer experience. Companies will face challenges to meet the challenges of these consumers' higher expectations.

The report cites consumer concerns about artificial intelligence and self-driving cars as technology becomes more viable, creating fear and resistance. To drive adoption, companies need to create new design methods that are delivered through psychology and behavioral economics.

Technologies such as AI and autonomous vehicles will challenge existing regulations. But the report shows that disruptive technology can also implement new regulatory approaches based on open data in real time and dynamically adapt to changing market conditions.

More efficient and stable food production and manufacturing

The report cites many technologies that are expected to reshape agriculture and manufacturing to make them more efficient and sustainable.

Plant-based alternatives and laboratory growth methods are expected to sustainably feed the world's growing protein needs. At the same time, digital vertical farms are bringing food production to urban consumers and providing them with fresh local organic food.

Manufacturing is also transforming where physics, digital and biological sciences intersect. Nano-scale innovations will introduce smarter, cleaner materials, while artificial intelligence and robotics will increase productivity in the factory, while 3D printing will bring production closer to demand and shorten the supply chain.

Megatrends will affect cities and health care

The report proposes the future of urbanization, namely climate change, population ageing, future mobility and future work integration will change the location and way of urban construction, and how to operate. Climate change can reposition the city center, and no painful commuting and virtual work can lead to a more balanced, less crowded urban model.

In addition, the power of subversion will help revitalize traditional small cities that offer lower costs and higher quality of life. These cities may become innovation centers for democratization and decentralization of innovation and production technologies such as 3D printing, AR and VR, Internet of Things (IoT) and AI.

Health care will also be influenced by technology and business models, making health predictive, personal, proactive and participatory. This will range from AI re-development of drug development to robotic caregivers and autonomous vehicles to enable older people to live independently.

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