This year’s CBI Annual Conference didn’t disappoint – as well as a host of insight from the leaders at some of the UK’s biggest business, we were also joined by the Prime Minister, the Leader of the Opposition and the US Secretary of State for Commerce.
In amongst all the big speeches (and a little political point scoring…), here are some key takeaways from the day to ponder over your next coffee.
Brexit is having an impact now
The opening speech from CBI President Paul Drechsler set the tone for a lot of strong debate on Brexit. Whilst the government maintain negotiations are on track, there was a strong feeling in the room that businesses need certainty now and that the government needs to ‘get on with it’.
The message from the business community is that things have settled down now since the referendum and they are simply looking to get on with it. What UK businesses need now is certainty around what the Brexit deal will look like and how we will transition out of the EU. Until this happens firms can only realistically plan investment decisions for the next 12-18 months, and, in some cases, are being forced to plan for a ‘worst case’ scenario in the absence of anything more concrete.
The potential of technology is genuinely mind-blowing when you stop to think about it
It’s a well-trotted out assertion but nonetheless a very true one that technology is changing the world at a faster rate than anyone could ever had expected.
Even the smartphone and the concept of users interacting with the internet with a finger swipe and a scroll – just a few years ago the platform to focus investment and research in – is being rivalled by new innovations. These days, we’re seeing a rapid adoption in homes of voice activated assistants like the Amazon Alexa and Google Home which are changing the way we do things like check the weather, order food and learn new skills.
Likewise, the power of artificial intelligence and machine learning are really coming to the forefront now – particularly interesting was how companies are using it not only to improve, simplify and speed up user experience, but also to drive efficiencies internally. This is seen at BT where they are using AI both to eradicate nuisance calls as well as to learn and predict where technical faults are likely to occur next, minimising disruption to their networks – a win-win for both customer and supplier.
As one speaker so simply put it, ‘yesterday’s sci-fi is becoming today’s reality.’
It’s all about your perspective
Depending on your perspective, both technology and Brexit can be seen as both opportunities or threats. Whilst the potential of technology is hard not to get even a little excited about (or perhaps this is my inner-geek coming out!), there is also the very real prospect of the automation of many traditional job roles and this presents a skills shortage threat to established businesses up and down the country.
In the case of Brexit, leaving the EU carries with it a whole host of well-known risks and scenarios that could negatively impact businesses. But there’s also the opportunity to create new trade deals and form partnerships that better suit the UK.
Whatever your outlook, it’s important to be taking time now as the end of the year approaches to reflect on the changes that lie ahead for your organisation. One thing is for sure – it’s going to be an interesting few years ahead.
