Reduce risk by reading trends
The world is changing, offering both risk and opportunity for businesses in every industry. However, those that do not engage with key trends correctly are more likely to pay the price than reap a reward.
From climate change and new technology to changing employment practices and energy costs, businesses of every size are affected by external factors.
At WSP we’ve been assessing key trends for some time, borne out of our responsibility to evaluate and help the public and private sectors prepare for the opportunities and threats of their specific industry, location or structures.
We noticed that traditionally accepted models are no longer safe to assume. For example, the Met Office predicts winter rainfall in Scotland will rise 10 to 35 per cent, while summer rainfall will decrease by 25 to 50 per cent. This affects the way infrastructure performs, meaning that road surface lifespans will be different from what is traditionally expected. Changing weather patterns are revealing a much-altered future, with significant consequences for project design and management.
These observations inspired Future Ready, an internally developed innovation programme offering a long-term forecast of factors likely to affect a project. Our worldwide intelligence network analyses and translates key trends to help cities, communities and clients take practical actions to prepare for the future. It enables us to design for the long and short term, “future proofing” our solutions against urbanisation, weather changes and an increasingly connected world.
In Scotland, we help whisky distillers assess future demand for their product by judging how climate change, migration and technology will affect everything from water sources and risks to barley growth. As it can take 25 years to produce a single malt, this industry is already comfortable with taking the long view, but the additional data we provide allows them to plan and adapt their business operations with greater clarity than ever before.
Another of our projects used data and innovations in electricity and road maintenance to aid the design of an electric car charging infrastructure which is able to expand with demand and cope with challenges, like increased rain or snowfall.
With Scotland adopting electric vehicles twice as fast as the rest of the UK, and the Scottish Government intending to encourage this through legislation and infrastructure, our highways are set to change dramatically. This will have knock-on effects for businesses along every route that can benefit from a future-oriented view.
Ultimately, business success in the future is determined by strategic intelligence in the present. Miss the trend and the risk rises. However, read the trend correctly and you could enjoy untold rewards. Bruce Donaldson, operations director, transport and infrastructure at WSP.