Revolutionary shifts in consumer expectations are reshaping health care – creating massive opportunities for health care organizations to embrace digital commerce and connect with patients in ways that boost consumer loyalty and their bottom-line. Last year alone, the global health care e-commerce market grew to $310 billion from US$261 billion in 2021, and shows no signs of deceleration. Analysts suggest that by 2026, health care e-commerce will balloon to a staggering US$614 billion. So, what’s driving this growth? Beyond escalating demand for practitioners and increasing strain on health care systems, today’s patients have also begun seeking better health care experiences. Mirroring the seamless direct-to-consumer (DTC) digital experiences they can now access in other aspects of their lives; consumers demand the same convenience they have come to expect from shopping and travel. But what else are they looking for?
The aerospace and defense (A&D) industry is investing heavily in decarbonization — and it’s having a positive impact far beyond reducing the sector’s 2% share of carbon emissions globally. According to the latest EY CEO Outlook, 69% of advanced manufacturing executives are integrating ESG as a core aspect of all their products and using differentiated technologies to boost customer loyalty. Rather than bolting it on as an afterthought, sustainability leaders are putting environmental considerations at the heart of their innovation and product design. And whilst not yet at pre-pandemic levels, demand for air travel has been surging. By improving their operations — the sector can cut flight emissions by about 11%. But that’s just scratching the surface of innovation; alternative fuels could slash 55% of emissions and fully eliminate net CO2 emissions whilst aircraft design and propulsion innovation could cut an estimated 21% of flight emissions. But what else is on the horizon?
The assumptions that have underpinned national security policy and business strategy in the defense sector have been shaken up or no longer apply. Attitudes around defense spending have changed with Eastern European governments now spending almost 1% more of their GDP on defense than their larger western European neighbors. Industry-wide transformation is expected to occur if projected spending is to grow between 18% and 66% over the next 3-4 years. With future military capabilities requiring investment today, defense leaders have pin-pointed several investments that are critical for the fighting force of the future; from AI to cyber and space to microelectronics. But budgets are not unlimited, the allocation of funds must be carefully managed. European business leaders should create bold strategies, improve program performance, harness new technology, focus innovation on policy priorities and attract and retain the best talent to weather any storm.
We’ve now entered an era in which machines will become smart, self-optimizing themselves and the systems in which they operate. It’s a shift that’s shaping many of the megatrends EY has identified that are in turn changing how the world works. Some have seen this as the rise of the robots – a dystopian future of mass unemployment and dehumanization as machines do away with the need for people. But history suggests that while new technologies may end the need for human involvement in some tasks, it will also enable the creation of new jobs – even new industries. So how can technology – and especially Artificial Intelligence (AI) encourage human creativity in meeting human needs? Freeing up time for humans to focus on innovation and actively augmenting human decision-making are just a few examples, but it doesn’t just stop there. Nicola Morini Bianzino, EY Global Chief Client Technology Officer shares more in his latest article.
For companies’ diversity and inclusion strategies to be taken seriously organizations must consider the wider foundations to be laid globally for advancing LGBT+ inclusion. With freedom to love varying across borders, it is important to have a global policy but with consideration to cultural differences when implementing locally. “Companies can be respectful of local cultures and inclusiveness – they are not mutually exclusive” writes Karyn Twaronite, EY Global Vice Chair of Diversity, Equity & Inclusiveness. It’s clear – as firms expand rapidly in frontier markets, where LGBT+ inclusion is often not well-institutionalized, global D&I strategies are crucial.