As a business leader you are entrusted by members and shareholders, not to mention customers and the community, to make good choices. Yet, there are so many factors that often remain outside of your control.
The one thing you can control is who you listen to when you search for answers.
Renowned Australian futurist Dr. Keith Suter AM has mastered how to make local sense of world affairs and ensure the right decisions are made for clear skies tomorrow.
Suter says if you can’t confidently answer the five questions he posits below, you need to ask why. Or better yet, grab a ticket to see him forecast what lies ahead for WA in Perth on September 25, as part of the inaugural Clear Skies conference.
1. What significance will the emerging Asian era have on West Australian business?
Suter claims that over the last 500 years, the world has been dominated by the WEIRD — Western, Educated, Industrialised, Rich, Democracies — in regions such as the UK and US.
With this era now ending Asia is returning to its previous glory and in close proximity to dominant economic powers including India and China, Western Australian businesses have the chance to take a ringside seat.
2. How do we respond to the threat of strong “Davids” and weak “Goliaths”?
Suter claims that we are all now living in the defensive conventional era, and with guerrilla warfare tending to benefit defenders throughout history, there’s lessons to be learnt.
A guerrilla group can lose many battles and yet still win because the attacking force runs out of energy and gets worn out. Applying this to business, Suter encourages leaders to ask themselves: In the face of being challenged by a competitor — be it a “David” or a “Goliath” — is the waiting game key to success?
3. What impact will the relative US decline have on local business?
The US remains the world’s most powerful country. However, that dominance is now being challenged by China. Suter says there are fears of the two countries colliding in “The Thucydides Trap”, where one old dominant power is challenged by a new rival that could lead into trade, technology, geopolitical or even military war.
The flow on effect of such decisions made by external powers will undoubtedly have detrimental impacts to the way Western Australian businesses operate locally — from imports through to trade and more.
4. How do we best navigate the era of artificial intelligence?
For the past half century, the power of computers has doubled every two years, and halved in price every two years. Suter claims that not enough public attention has been paid to this issue, and speculation is now swirling around when computers will equal the brain power of a human being.
While in the short-term an AI solution can be a quick fix to driving down costs and increasing revenue, making decisions with a long-term horizon will be the key to being truly future-proof as a society and we all have a role to play, says Suter.
5. How do we stop the spur of misinformation across social media?
Increasingly people are looking to get news from social platforms rather than the traditional mass media. But, social media is becoming easier to manipulate, making it the “wild west” of misinformation — particularly with younger generations. Last week the Australian Government announced plans to introduce legislation that bans children from accessing social media, but Suter asks: Is this enough to curb the spread?
While leaders may not see this as an important conversation to weigh into, the impact of such legislation will have a flow on effect into how businesses communicate with stakeholders and decisions to navigate these challenges will need to be made.
The rate of change in business is accelerating and many of our traditional ideas are quickly becoming out of date. Undeniably, the future offers both threats and opportunities to Western Australians businesses and Suter says leaders will have to make psychological adjustments as part of decision making.
How can leaders do that? You’ll need to get a ticket to his event to find out.
Book your ticket to Clear Skies with Dr. Keith Suter AM in Perth on September 25, presented by RAAFA in collaboration with Business News, here.
