Disruption in business
Our world is changing — and fast. Technology isn’t only redefining the workplace, but also the companies and careers of tomorrow.
The fourth industrial revolution is fusing the physical and digital worlds, bringing robotics, artificial intelligence (AI), nanotechnology and quantum computing into the world of business.
AI and robotics are changing the way we analyse data, while drones and driverless cars are transforming supply chains, logistics and how we travel. The potential is vast and we’re already seeing massive disruption unlike anything we’ve ever experienced before.
What do we mean by disruption?
The destruction of the old and the creation of the new. Disruption in business creates new markets, new possibilities and has a massive impact on the future of work. It can be argued that the internet is the most disruptive innovation of the last 30 years, transforming the way we live, work and buy services.
What is driving disruption?
While globalisation and shifts in demographics are key disruption drivers, it’s the convergence of a whole host of technologies and digital capabilities that is accelerating disruption.
We’re living in an increasingly connected world, with devices connected via the Internet of Things (IoT). The more we digitise, the greater the potential for analysing data to bring insights, build predictive models and drive business performance.
Where there is automation, trust is needed. Blockchain is a digital ledger which publicly records transactions made in Bitcoin and other cryptocurrencies.
Hackers and cyber threats are already a fact of life. Every single company needs to accelerate their digital efforts to protect computer networks and systems and keep up with the latest developments.
For more information about these key tech terms and what they mean for the future of work, check out our jargon buster.
What do these changes mean for you?
With change comes opportunity. As machines automate and deliver high volume tasks more and more across business, you’ll have time to focus on building client relationships, adding greater value to complex and exciting projects which drive change and improvement for business success.
EY and disruption
For EY, one thing is certain; we’ll be at the heart of this exciting change.
Technology is disrupting the world of business at a scale and rate we’ve never known before. As challenges like cyber security, data privacy and workplace automation become more complex, what will it take to connect the dots and thrive?
The big challenge for all organisations is how to turn these challenges into opportunity and growth. At EY we aim to lead the way by driving disruption from the inside out. Our unique combination of deep business insight and technological know-how puts us in a unique position to achieve that. We’re not just ready for the future of business. By brokering innovation, we’re leading the way.
What does transformational tech look like in practice at EY?
EY has launched a global proof of concept using drones for digital auditing. The cloud-based asset tracking platform, powered by an IOT sensor, analyses quantities in real time. Car manufacturers will be able to use the drones to do automated counts of vehicles, and retailers can use them for a warehouse stock count. The drones will work autonomously, using image and object recognition tools, so can be employed during off-hours to minimise risk and improve efficiency.
“We’ve been testing the use of drones in the audit process and the findings have been compelling. It’s just one of many ways that we are working to embed the very latest technologies into our audit processes to further improve quality.”
EY Global Assurance Digital Leader