Partner Article

Brave new world for the SME in 2062

The future of the SME in the UK looks very different from what it is today, if research taken from over 1000 companies is to be believed.

According to a random sample of British small and medium-sized firms, in 2062 the entire SME workforce will be working from home and artificial intelligence will become an integral and trusted workplace advisory tool.

A survey carried out by insurance experts, Zurich, showed that 14% of SMEs think working from home will be the only option in 50 years time, while over 50% think robotics will be a vital part of the landscape.

Over half of respondents said workers will no longer commute to work in the future, while 37% said this will have a significant impact on their company, and 16% said the nature of business will be entirely transformed in the next five decades.

Although communication issues are the obvious obstacle to working from home, and 77% of small and medium-sized businesses said email will be the primary means of communicating by 2020, 68% believed this will die out by 2062 in favour of “telepresence”, which allows a person to feel as if they are present in another location by using technological advancements.

Zurich collaborated with best-selling Science Fiction author, Alastair Reynolds, after the research was compiled, to get a sense of what business in the future might look like.

He said: “Many of us rely on technologies and systems that only a couple of decades ago would have seemed quite ‘science fictional’ – think GPS navigation tools, or powerful tablet computers. “By the same token, there are technologies coming into usage now that in a few decades will become part of our everyday lives.

“Telerobotic devices already allow us to interact with environments that may be the other side of town, or thousands of miles away.

“Feeling physically present and embodied in a remote location - and being able to move around and speak to people - will offer a vastly more immersive experience than simply using a webcam or teleconferencing system.

“Have no doubt, these advancements, along with artificial intelligence becoming trusted workforce advisors and driverless fleets on the road, will be little short of revolutionary for the business world.”

With trade posing a particular topical theme in the present day, as the UK Government attempts to establish links with emerging markets, SMEs said they expected trade laws to be hugely liberalised by 2062.

Over a third said that as the online business community changes, international laws and sanctions on trade will be relaxed, while 27% believed they will be able to trade anywhere in the world in the future, without needing a physical presence in the other country.

Companies responding to Zurich’s research had a revolutionary vision for British high streets, as over half of SMEs said many firms will massively increase their online presence to adapt with consumer habits.52% said shops will be unmanned, and assistants will be replaced by robots, while 51% said products in the future will be delivered in driverless commercial fleets.

Richard Coleman, Director of SME, Zurich, commented: “The UK’s SMEs are already embracing change on a daily basis, with developments in technology, demographics and globalisation having profound effects on their businesses.

“Our research has revealed that SMEs are predicting nothing less than a seismic shift in the business landscape of the future.

“Their predictions highlight some significant future opportunities, such as the opening up of overseas trade, the ability to reach new customers and lower fixed costs due to redundant business offices.

“Many of these changes are happening today and will only grow in the future. As SMEs embrace this brave new world, there are also unavoidable risks that must be considered so they can remain resilient and take full advantage of the emerging new shifts.

“While it is encouraging that a significant number of businesses recognise the challenges and risks that they will have to face, it’s even more heartening to see that nearly half remain optimistic, predicting not only SME growth but also their importance to the UK economy and community increasing in the future.”

Transformative changes predicted by the SME community for 50 years time will provide ultimate benefits that are already being embraced by businesses, however concerns are bound to be raised.

Half of the firms surveyed said taking on new technologies will be a significant challenge in the next eight years, and 36% are worried by the long-term implications of changes in the future.

Despite this, 45% said they feel positive about the future, and agreed that the economy in 2062 will be bolstered by a stronger and more influential SME sector.

This was posted in Bdaily's Members' News section by Miranda Dobson .