Mobots & More: 21 Business Terms You Need to Know

Do you know what Peak Stuff, The Internet of Energy and eSports all have in common?

They are all new terms which Goldman Sachs believes that business leaders need to understand. These words signal changes in our industries which will impact how we do business. Take a look at the 21 terms and see how many you know (Bhattacharyya) .

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1. eSports

Organized, competitive computer gaming has become a mainstream spectator event (online or in an arena). Now it’s becoming a big business, generating considerable revenue for advertisers.

2. Mobots

Mobots are robots capable of changing positions autonomously. They’re a combination of an automated guided vehicle and a collaborative robot with sensing abilities that can work alongside humans. Demand for mobots is expected to increase in manufacturing, military, services, logistics fields and in hospitals.

3. Peak Stuff

We’ve accumulated so much stuff that some of us no longer want to buy any more of certain types of goods, including clothes and other household items — a drastic change from consumer-driven growth of the past 50 years. Goldman quoted Ikea’s head of sustainability saying, “in the West, we have probably hit peak stuff. We talk about peak oil. I’d say we’ve hit peak red meat, peak sugar, peak home furnishings.” In other words, we are spending more on experiences than physical belongings.

4. Bots

A bot, otherwise known as a chatbot, is a type of software designed to automate tasks over the internet that are ordinarily handled by humans. They often operate in conjunction with instant-messaging platforms, and got a huge boost this year when Facebook opened up Facebook Messenger to third-party bot development.

5. Athleisure

A portmanteau of the words “athletic” and “leisure,” athleisure is used to describe the fashion trend that’s seen clothing used for exercising increasingly worn in other contexts, including work and social settings. Athleisure has been called one of the fastest-growing clothing categories of recent years.

6. Yield-to-Worst

According to Investopedia, yield to worst means the lowest potential yield that can be received on a bond without the issuer actually defaulting.

7. Machine Vision
Machine vision allows a computer to use imaging-based automatic inspection to complement manual inspection for quality control, read bar codes to ensure parts are in the right area and to help orient robots. It’s becoming a part of the manufacturing process, from food and beverages to automobiles and pharmaceuticals.

8. OLED

OLED stands for organic light emitting diode. Developed by Kodak in 1987, it’s seen as an alternative to the traditional LCD (liquid crystal display) enabled by LEDs used in smartphone, TV and tablet screens. OLED is seen as superior to LED in providing better color contrast and faster response times. Although it is currently in early adoption, its market is expected to grow to over $33 billion by 2020, according to IHS estimates cited by Goldman.

9. 5G

5G is the next generation of wireless technology expected to be mainstream in 2020. It’s the next step up from 4G/LTE. “5G should provide 100x faster wireless with typical 5G speeds of 1Gbps compared to typical 4G speed of 10Mbps,” wrote Goldman analyst Simona Jankowski.

10. Net Metering

Net metering is a policy, implemented by most states, to compensate rooftop solar owners for excess power they generate and thus offset the cost of the power they draw from the grid. Currently, 44 states and the District of Columbia have a net metering policy, though the growth of solar has resulted in some debate over how much solar owners should be compensated.

11. Space Congestion

After 50 years of rocket and satellite launches, space is getting crowded. Debris from destroyed satellites and other space junk is piling up, and that shrapnel that can destroy other satellites and hinder access to space. This is creating complications for national security, satellite communications and GPS navigation.

12. Liquid Biopsy

As tissue biopsies are seen as costly, painful or potentially risky for the patient, the advent of the liquid biopsy allows DNA sequencers to detect cancer directly from the blood. This could be a $14 billion market by 2025, wrote Goldman analyst Isaac Ro.

13. See Now, Buy Now

Keep your wardrobe up to date without having to wait six to nine months from when an item hits the runway and makes it to the physical or online store: “Technology has democratized fashion and luxury. Purchasing decisions are no longer made in the VIP rooms of large stores by the few, but by a growing base of aspirational middle class consumers,” wrote Goldman analyst Carl Hazeley.

14. Craft

You’ve heard of craft beer, but producing other artisanal products in small batches is becoming immensely popular, particularly among the young. “Millennials, who represent the largest age cohort in the U.S., are more experimental, seek bolder flavors, and have a high propensity for things that are perceived to be more ‘authentic’.” The craft market now includes spirits, soda and other “farm to table” food items.

15. The Infinite Shelf

A concept that describes the vast advantage online retailers have over bricks-and-mortar retail stores. The virtual shelf can serve a broader range of customers and build demand for certain items that would not perform well in a physical store.

16. Immersion

Immersion, or immersive storytelling, is the idea of allowing virtual reality technology to mimic being physically present in an alternative environment. The technology is changing videogames, live events, journalism, video entertainment and educational experiences.

17. Synthetic Biology

This branch of science allows genetic engineers to develop apples that don’t brown when bruised or breed salmon that grows faster than normal. Despite the technological advances, consumer acceptance of these products has not yet been tested.

18. V2V / V2X / V2I

Vehicle-to-vehicle (V2V) or vehicle-to-infrastructure (V2I) technology allows cars to communicate with other road users, infrastructure and even pedestrians and cyclists. It could be used by both human-driven and autonomous vehicles, and could allow for wireless toll and parking payments. It would also allow autonomous vehicles to “see” what the human eye could perceive.

19. Ayurveda

Yoga guru Baba Ramdev has shaken up the Indian consumer goods market. Ramdev’s company, Patanjali Aurved, markets products from toothpaste to consumer healthcare based on Ayurveda, a system of natural healing that has its origins in the Vedic culture of India. Patanjali generated $1 billion in revenue from scratch and has beat out multinationals like Unilever, Nestle and Colgate.

20. Internet of Energy

The “Internet of Energy” means the process of upgrading, digitizing and automating electricity infrastructure, leveraging advanced hardware and software. The concept has taken off in China, the world’s largest energy market and biggest investor in renewable energy.

21. Basic Income

The concept of basic income is about introducing a universal benefit that everyone receives, regardless of income or employment status. It has been touted as a means to reduce income inequality. Although the idea was rejected in a referendum in Switzerland, analyst Sumana Manohar notes that it is gaining interest elsewhere.


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Jeff Suderman is a futurist, consultant, and professor who works in the field of organizational development. He partners with clients to improve culture, leadership, teamwork, organizational alignment, strategy and organizational future-readiness. He resides in Palm Desert, California. Twitter: @jlsuderman Email: jeff@jeffsuderman.com

Photo Credit: TEFL

Source: Bhattacharyya 

Live|Die|Repeat: Thinking Like Gen Y/Z

Sometimes, popular culture provides us with unexpected insights about life. This recently occurred during family movie night when we watched Edge of Tomorrow. This futuristic science fiction thriller was not only an entertaining movie, but it helped me understand aspects of how generations younger than my own think (I’m a Gen X’er).

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SPOILER ALERT: Content below will spill movie details!

In the movie, Tom Cruise is unexpectedly caught up in a fight against aliens who have invaded earth. However, the aliens are almost invincible and Tom and his partner find themselves regularly being killed only to wake up the next day to relive the same sequence of events. As a result of what they learn from their recurring identical experiences (like the movie Groundhog Day), they get closer to their goal of killing the mother-alien each day. This is more succinctly summarized by the movie tag-line: LIVE. DIE. REPEAT.

MAXIMIZING GENERATIONAL DIFFERENCES

The idea of repeating a task and doing it more successfully a second, third or twentieth time is a fundamental premise of most video games. As a result, ‘do-overs’ are a normal part of life for a generation raised in homes with multiple gaming consoles. Since they think, study, work and live differently, employers need to equip themselves to work with Generation Y & Z employees who enter the workforce with different mindsets. It is critical that we do not label these differences in negative ways. Instead these differences carry both positive and negative components, just like the prevailing set of characteristics that any generation possesses.

At this point in my blog, I typically cite research which supports my insights. However, this weeks research won’t be found in any academic journal or book. Instead, it is based on 38 cumulative years of observations of my three children. As a result of this research, here are a four principles and implications of a Live, Die, Repeat mindset which characterize many who make up Generation Y and Z .

1. Perfection is less important than trying.

The upside: They are willing to fail. Since innovation requires that we try new things, comfort with failure is important!

The downside: They are not perfectionists and often do not expect to get it right the first time. Perfectionist bosses beware!

2. Jumping-in vs. planning ahead is encouraged. Most video games are fast-paced and encourage doing and then thinking (see my recent blog post  Do–>Think or Think–>Do).

The upside: They are people of action.

The downside: Extensive listening is slow death for them.

3. Experimentation is required.How many times did it take to beat the final level of The Legend of Zelda? Many!!

The upside: They are taught to think creatively and try things that may seem illogical.

The downside: The journey may become more important than the destination. 

4. Motivation is intrinsic.Since games teach them to live, die and repeat, the motivation to beat the challenge comes from within.

The upside: They need a deeper reason to do something than “because I said so”.

The downside: Sometimes they simply need to do it “because I said so”.

An important caveat must be included at this point – this generalization is not fully true for every person and every situation. However, the themes of these behaviors are regularly observed in our family.

How does the LIVE, DIE, REPEAT mindset manifest itself in your personal and work lives? What observations would you add?

 


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I provide consulting solutions which help organizations achieve their mission. Organizational improvement occurs by developing leaders, fostering organizational alignment and blending strategic planning with foresight. The sample group for this article are proudly displayed in this recent family photo.

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