When you think of the future of business, you’ll think of robots, AI and futuristically computerised companies. That’s certainly not far from the truth: basic human skills are being automated very quickly. Providing basic products has become reliant on advanced production lines and technologies that have rendered some human labour obsolete.
This does not mean that doing business will shrink though; many economists believe that digital transformation carries great opportunities for an expansion into new markets and services. Being able to adapt to this change will separate successful businesses from failures. Below, you’ll find basic information to help you understand the current transformation underway in the business world.
Everything is Connected
Digital technologies are about connectivity. In today’s world, people are aware of more choices, connected to more platforms, and are consuming goods they’ve seen on the internet. The shape of the global economy is becoming interlinked – geographically and financially. From gathering business intelligence with geographical heat maps to analyzing consumer behavior with analytics datasets.
Though this connectivity brings threats – as seen in 2008 – it also brings significant business opportunities within emerging markets. Take advantage of the changes brought about by digital connectivity by entering these far-flung markets with your products, boosting both your business sales and the business prospects of the countries you choose to serve.
Consumer Demands
The perception of the rational consumer making rational choices is being left behind in an age of behavioural economics and fast data. Nowadays, there is growing understanding that the major factors influencing consumption revolves around feelings and socio-political motivations just as much as how much a product is suited to one’s needs. Consumers choose products, for instance, based on their charity work or their green credentials – and that’s based on their feelings, not their rational evaluation of the product itself.
Staff Changes
Something similar is happening to your workforce, too. Your staff in general are better informed, better educated and more motivated than in the past – and this has a lot to do with the digital technologies that’s feeding them more information, enabling them to find more courses that suit them and linking them up to inspirational videos, skills and insights across the expanse of the world wide web. In order to understand this impact on your business, you can use an Employee Engagement Software to constantly survey and map the happiness of your employees, building in their emotional state to your business planning and evaluation.
The Change Continues
The times of stable businesses that continue to generate profits for long periods of time is over. With so much in a state of change, the business climate is requiring businesses to constantly change, adapt and choose new and bold modes of expansion. Not only do business leaders need to continue learning and improving, but everyone needs constant growth in their knowledge and skills to move up the economic ladder. Keeping up with changes can be what separates a successful businessperson from one who can’t adapt to the fast-paced environment brought about by tech. The future of business is about understanding machines, computers and people – and how the three are going to be interacting in an increasingly connected and high-tech future.
