EY and Wikistrat Crowdsource the Implications of Industry Convergence

The Future of Industry is Convergence banner

In an era of disruption and convergence, what are the new skills and competencies businesses need to succeed?

To find out, EY has partnered with Wikistrat in an online, crowdsourced analytic exercise. Some 70 analysts, including hand-picked experts from Wikistrat’s global community and invited associates and clients of EY’s, are collaborating to map out how convergence will change the competitive landscape for industries and how it will affect leading global companies.

At one level, convergence is about the gradual interweaving of previously discrete areas of activity. But it is more than a merger or an acquisition. The broader implication of convergence is that it actually transforms existing activities into something entirely new – in essence, shifting the paradigm so that the previous activities or industries are no longer the same.

Wikistrat’s methodology is particularly suited to this type of forecasting and analysis. We leverage the wisdom of the crowd to explore many different and competing scenarios at the same time — and assess which ones are the most likely to come about. Analysts are encouraged to approach the subject matter from various points of view and challenge conventional wisdoms.

After identifying which industries are most likely to evolve and reconfigure in new ways, the crowd moved on to studying the implications for companies. What are the questions business leaders should be asking? And what can they do to take advantage of convergence?

The findings from this simulation will be shared by EY in an insight series on the topic. Everyone who is interested should keep an eye on Wikistrat’s and EY’s digital channels where ideas and updates from the project will be shared throughout the next few weeks!

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