Wondering what the year ahead has in store? At Re_Set, we’ve identified the five areas of untapped innovation we think will give your business the edge as we enter a period we’re calling ‘The Great Transition’
January 2020 seems like a long time ago. Since then, we’ve been living in a period of extreme disruption, with Covid-19 affecting all aspects of our lives. And while the bad news is that disruption is set to continue in 2022, the good news is that we know how you should navigate it.
We’re calling 2022 ‘The Great Transition’, as every aspect of the world continues to respond to disruption and seek its way through the chaos:
- The labour market: we’re seeing a change in the skills being demanded by businesses due to technology disruption, labour shortages resulting in high job vacancies, and rising wages driven by the pandemic and Brexit. Changing consumer behaviours are also creating rapid shifts in terms of where resource is needed.
- Customers: driven by months of lockdowns and restrictions, businesses are having to work harder than ever to understand and respond to their customer’s constantly evolving needs.
- Supply chains: organisations are dealing with the shocks of 2021 by creating more elasticity in their supply chains, leveraging technology more effectively and shifting from linear to circular models.
- The economy: at a global level, there’s a move from an economy powered by fossil fuels to one powered by renewable energy. Accelerated by this year’s COP26, over 90 per cent of GDP is now covered by a net zero target
This accelerated disruption in an era of rising inflation creates considerable risk for companies. Especially when you factor in changing political landscapes and increasing pressure to act for social and environmental sustainability.
However, it also creates new opportunities for innovation to drive growth for the benefit of all. And in 2021 our clients were the ones to seize this opportunity:
- We co-created a bold and ambitious 10-year sustainability strategy with Primark to transform the world of fast fashion.
- We connected David with Goliath by helping Aviva to build better partnerships with fintechs.
- We enabled Tesco to stay ahead of the disruption through unconstrained innovation.
Now, as we look to 2022, our innovation intelligence hub, Springwise, has spotted five key areas of innovation that we believe can support companies dealing with The Great Transition.
Five untapped innovation areas for 2022:
1. The workplace reimagined
We’re advising companies to work even harder to attract and retain talent, by rethinking everything from employee health and wellness, the physical workplace, and what your business means by ‘work-life balance’.
The innovations:
- Israeli startup Retrain.ai helps businesses predict future skills gaps. The artificial intelligence-powered platform identifies the skills a business needs to meet future industry demands. By analysing the skill set of current employees, the platform can map the knowledge, personal attributes, and qualifications currently available to the company. With that data, a business can better understand where gaps in expertise may lie as well as indicate employees who could be good matches for lateral, as well as vertical, promotions internally.
- In the US, an adjustable smart desk monitors air quality and sitting time. Smart One designs by Aitdesks monitors how long a worker has spent in one place and indicates when it’s time to get up and stretch their legs. It also has a carbon monoxide alarm and provides data about the room’s air quality – letting users know when it’s time to let in some fresh air.
2. Conscious consumerism
The days of consumers being motivated only by price could be ending. When speaking to our clients, we’re increasingly hearing about the narrowing gap between consumer actions and intentions – it’s clear that consumers care about sustainability issue more than ever.
As consumers become more willing to put their money where their mouth is, leaders in 2022 will need to understand their consumers needs and expectations, involve them in shaping products and services to meet these needs and demonstrate their ‘ESG’ credentials with measurable action.
The innovations:
- A UK activist investment platform gives consumers a voice to push major companies for positive change. Users can buy shares in Coca-Cola, Apple, and Amazon from Tulipshare, which the platform will then combine until it reaches the level required to gain voting rights as company shareholder (the equivalent of around €21,000 of equity in the US). The platform hopes it can use the collective voice of its investors to push on ESG topics.
- In France, a tool enables companies to obtain a score measuring their environmental impact to help consumers become fully aware of the role of their lifestyle and purchases. Zei’s scoring considers environmental, social and governance criteria. The platform offers consumers eco-responsible alternatives in many areas, including food, lifestyle and wellbeing, fashion, energy, transport, and housing. Meanwhile businesses are offered a catalogue of more than 800 innovations and alternatives, from green electricity suppliers to waste recycling providers, all to boost their score.
3. Simplified supply chains
Post-pandemic and with increased global economic instability, can businesses afford to continue absorb lost revenue that comes from a supply chain stuck in the past? Smart leaders are already looking at ways that technology can help simplify supply chains in 2022.
The innovations:
- In Singapore, a logistics startup is using AI-powered predictive analysis to save retailers money by shortening trips and reducing emissions. Portcast gathers shipping data from numerous sources to track cargo movements, disruptive wind and weather elements and pandemic-related issues to predict where shipments might encounter difficulties. The company claims it can track more than 90 per cent of the world’s ocean trade, 35 per cent of air cargo and can forecast demand for 30,000 global trade routes.
- Berlin-based software company Choco, aims to reduce food waste by digitising the food supply chain. Used by restaurants and their suppliers, orders and chats with suppliers are compiled in one single app. Orders are then converted into the supplier’s format of choice – email, WhatsApp, text, fax, and direct ERP integration. The system enables operators to adapt to changing market conditions with greater efficiency around procurement processes, as well as reducing expenses.
4. The transition economy
Now 90 per cent of GDP covered by net zero targets, leaders’ focus must shift to building great net-zero businesses. As the technology becomes increasingly available to support a net zero transition, leaders in 2022 will be judged by their actions to turn targets into outcomes.
The innovations:
- India’s Cochin International Airport now produces more energy than it uses. Thanks to the installation of two additional solar plants, the airport complex produces 40 megawatts per day. Completely run by sustainable energy, the airport complex includes a golf course and exhibition centre. The golf course contains 12 lakes and uses treated sewage from the airport for irrigation water. Two of the lakes are now home to 1300 photovoltaic panels that cover an area equivalent to one acre. The installation of the floating solar farms adds a further 452 kilowatt-hours to the airport’s energy production capacity. Both sets of floating panels are connected to the Kerala State Electricity Board power grid.
- Denmark is building the world’s first ‘energy island’, an artificial landmass designed to hold wind turbines that will produce enough energy to power three million European households. The result, due to be ready in 2033, will be a 30-acre artificial island in the North Sea that will accommodate a huge expansion in wind production.
5. Regenerative business
No longer just an add-on, the business case for sustainability is clear. However, for 2022, leaders will need to go beyond ‘do no harm’ to thinking about how to have a positive impact and create regenerative business models. Forward-looking businesses will need to embed sustainability into every part of their business – and quickly.
The innovations:
- A new platform helps all types of food businesses, including manufacturers and restaurants, accurately track and improve their carbon usage. Foodsteps is designed to help food manufacturers and restaurants understand the environmental impact of food products, set recommendations for improvements, and generate progress reports. Businesses can also download carbon labels directly from the Foodsteps platform to use on product packaging, menus, and apps.
- A wooden cargo ship that uses both solar-generated electric power and traditional sails displays a more sustainable future for shipping. Today, just 15 traditional cargo ships emit sulphur dioxide emissions equivalent to every car in the world combined. Currently a proof of concept, Sailcargo’s Ceiba is powered by renewable energy sources, including sun, electricity, and wind. And while the ship is built of wood, Sailcargo plants more trees than it chops down, making the project carbon-negative overall.
Did you enjoy this article? Follow us on LinkedIn to stay up-to-date with our latest insights
Find out how Re_Set is helping businesses like yours stay competitive in 2022. Sign up to our newsletter or get in touch
