As we leave behind 2019 and enter a new decade, we have asked 30 senior figures from the Isle of Man business community for their view on what 2030 might look like for the economy and their businesses. These are our “30 Voices for 2030”. We have Voices from a wide range of sectors including technology, financial services, hospitality, retail, eGaming, politics and government, covering off all angles for the coming decade.
To get to 2030 we have to successfully negotiate the 2020’s, which are starting with some significant challenges with regards to business, the economy and the environment. Whilst our commentators come from different sectors, there are a number of common themes that run through their observations other than technological change.
Our Voices have expressed views on advances in healthcare, life expectancy and food availability as we move through this decade. There are constant advances in medicine which will no doubt impact our lives and, by 2030, our life expectancy and that of future generations will start to shape some of our traditional industries. For example the current state and private pension arrangements that we are familiar with may start to look less fit for purpose than at present, as we look at affordability over a longer life span. This will also impact our care systems and infrastructure as aged populations increase. A number of our voices are investing in this area and see this as a key impact in 2030.
Another common theme from our Voices is a commitment to the global environment and having to ensure we think about our environmental footprint at all times. Ethical investment is already coming to the fore at the start of the 2020’s and this is only likely to continue as environmental issues rightly take on a greater importance in business decisions. Businesses and locations that recognise this will be favourably viewed by consumers. As an island we will need to look at our power requirements and how we fulfil these going forward, together with how we incentivise investment into these areas.
All of our Voices commented on the impact that technology is having, and will continue to have, on their businesses and how it will impact how they serve their customers. However, one of the key themes is that technology is likely to strengthen the customers relative position in their interaction with businesses as they become more able to evaluate competing opportunities, undertake tasks themselves and control their own private data. Indeed, the collection, use and ownership of private data is discussed by many of our Voices as being a key aspect of life in 2030 and this could lead to customers taking back greater control of their data and how it is used.
Notwithstanding the forecast advances in technology, a significant number of our Voices also focus on the importance of human interaction in processes. Whereas as there are predictions of greater automation to reduce costs, the desire of people to deal with other humans rather than robots is widely acknowledged and seen as something that could provide a competitive advantage in 2030.
These themes present a daunting challenge for today’s CEO’s to navigate over the next decade and our Voices had good advice for them in this regard. The key lesson for our Voices is to do the work now for the future, as it will be here before we know it, and that you continue to empower leadership at all levels of the business to tap as many perspectives as possible.
Our 30 Voices for 2030 have certainly provided us with some great thoughts and views of how our future may look and I would like to thank each of them for giving up their time to contribute. I hope you enjoy reading what our Voices have to say over the coming weeks.