FedEx Express today revealed the findings of its ‘Future is Now’ study that offers insights into the UAE’s readiness to embrace the future.
The UAE is at the cusp of change, with the pandemic accelerating the country’s digital transformation. From healthcare to education, banking to manufacturing, technology is transforming every sector, giving rise to a future full of possibilities.
According to the study, which surveyed more than 750 respondents across the UAE, 96% stated that they believe the country is prioritizing technology like Artificial Intelligence (AI), the Internet of Things (IoT), and Blockchain to deliver a future-ready world. Approximately 96% also believed technology they’d seen in science fiction movies is either already a part of their daily lives, or likely to be in the next few years.
With the trend of technology-led change likely to continue, future-forward industries were identified as major drivers in shaping the cities of the future. Roughly 96% of respondents believe that the e-commerce sector will need to be more technologically driven to meet their needs better in the future, and 93% consider tech-enabled logistics important in a futuristic world.
With digital transformation accelerating rapidly, technologies and innovative services with a focus on sustainability are expected to drive the future of business. Technologies like Blockchain, IoT, Robotics, and Automation are emerging as crucial elements in helping to future-proof prominent economic sectors and helping ensure business success.”
The ‘Future is Now’ study focused on three main views: being dynamic, how the UAE is open to experimentation and innovation, and to what degree the country is sustainability conscious. The findings indicated that future success will likely rely on businesses structuring their approach around these three outlooks.
The Future is Dynamic
Regardless of the industry, companies must monitor the pulse of their consumers, anticipate their needs, and stay one step ahead of their rapidly evolving expectations. The pandemic accelerated change in almost every aspect of life, from how we live and work, to how businesses interact with their customers, and how customers purchase products and services.
The FedEx study shows that businesses are already working to keep pace with this change. Approximately 90% of respondents stated that over the past year, companies demonstrated their ability to understand ‘What’s next?’ and present possible solutions.
An openness to experimentation is indispensable to a future-ready mindset
The UAE ranked first in the Gulf region and 33rd globally in the Global Innovation Index and is considered as one of the top innovative economies. In an increasingly dynamic environment, success for businesses hinges upon pushing the envelope and fostering a culture of experiment-led innovation. A majority of 95% of those polled in the FedEx survey believe that organizations, communities, or even individuals who experiment and adopt change are better equipped to navigate through future challenges.
A sustainable mindset isn’t a choice, but rather, a business imperative for success
Consumers today are growing more conscious of the impact their choices have on the world around them - whether it pertains to the environment or their communities. Even their purchasing decisions are increasingly influenced by their perception of an organization being sustainable and responsible. According to the FedEx study, over 88% of respondents agreed that individuals, communities, etc. that have a ‘futuristic’ outlook are more environmentally conscious. In fact, 93% claimed that, as decision-makers in a futuristic business, sustainability would be crucial and their top priority.
The response from the study participants is clear: organizations must continue to reevaluate and revamp their sustainability strategies to ensure relevance to their customers and resilience for the long term.
As the world keeps evolving, technology and trends will likely drive changes in lifestyle, behaviours, and attitude. For both businesses and individuals, embracing a future that offers endless possibilities and having a mindset that is dynamic, experimental, and sustainable will be imperative to staying one step ahead of the curve.