MYOB has released its ‘Future of Business Report: New Zealand 2040', which focuses on the future of business and work over the next 25 years, the role developing technologies will play, and what businesses can do now.
The report features perspectives from a range of sectors, including Federated Farmers, the Employers and Manufacturers Association and Microsoft.
Simon Raik-Allen, MYOB chief technology officer, says technology advancements will drastically transform how we live and work, and in order to prepare your business for the future it's important to start now.
“The first step you can take towards being successful in 2040 is to think about how you can make your business data-driven,” he says.
“First, get some accounting software and get comfortable with the charting so you can see at a glance how your invoicing, debt recovery and payments are tracking.
“Next, automate as much of your data entry as possible so your business flows with as little human intervention as possible. There are lots of neat features along those lines that already exist and that will prepare your business for the next 25 years,” says Raik-Allen.
Technological changes over the next 25 years will be be driven by the rising cost of energy and transport and the need to manage impacts on the environment, according to Raik-Allen.
In 2040 the suburban village will be commonplace, with everyone living and working primarily within walking distance of their homes and communities sharing resources, says Raik-Allen.
This will contribute to the invention of the ‘shared workplace', where workers interact with holographic people from around the world and will pitch ideas to a global workforce.
Raik-Allen says this will be the biggest invention to change the workforce since email.
Another significant invention of 2040 will be thought activation and mind control technology, Raik-Allen says.
He says chips embedded in your body will be used to manage food and vitamin intake, as well as send signals to various organs to help regulate your body.
“Your brain will be also start to be integrated and there will be many things you can control just by thinking about them. You might even be able to purchase brain add-ons, just like you buy apps today for your phone,” says Raik-Allen.
He says the idea of money will also be revolutionised. “You will be able to transact and be paid by internet-based crypto-currencies, which will be governed by independent bodies, such as associations and corporations, rather than government.
“Any business will be able to make its own currency – to buy and sell at values regulated by the market and at the perceived value of the company,” he predicts.
“As this trend develops, exchanges of currencies, much like we have today, will arise entirely independent of national economies.