These business trends are emerging currently
In the last 50 years, the world has seen significant changes with every new decade. The 1970s saw more countries extracting oil because of the energy crisis. Nations also created strategic petroleum reserves and formed a new agency – The International Energy Agency. In the 1980s many economies switched to the service sector, and the share of the tertiary sector in GDP started to increase. The Internet started to grow and more people had access to it in the 1990s.
The 90s decade also saw the dot com bubble and emerging IT companies. But eventually, the bubble burst and it set roots for the financial crisis of 2007-09. After the bubble burst in 2002 and the infamous 9/11, the dynamics of the industry changed. Not just the bubble burst of 2002 but the loan financing by people led to the downfall of various economies of the world. But it was an opportunity too and from the next decade between 2010 to 2020, the planet witnessed advancement in the IT sector and technology became smarter. We saw the transition from keypad phones to touchscreen phones, and a new era of cryptocurrency along with blockchain emerged. Similar to the previous decades, the 2020s are also observing a movement.
Just in 2 years, companies shifted from office work to remote work and are experimenting with a hybrid work environment or a grinding week of 4 days. Similar to other decades the metamorphosis came from external catalytic events and this time it is severe as well as highly transmissible Covid 19 disease.
Let us discuss how emerging business trends would revolutionize the way we work.
Sustainable business
The most important lesson from the pandemic is that we can grow by developing nature. Lockdown and restrictions to fight covid saw falling pollution levels, nature curing itself, and restoration of the ecosystems globally. We need to understand that companies can and should reduce the environmental cost of living. A business that works to decarbonize the operation is considered more forward-looking. It can adapt and survive in the long run only if it indulges in nature conservation programs. Gen Z is becoming more aware and they want sustainable development to become a reality. Tesla is pioneering the electronic vehicle industry and EVs are a great way to reduce carbon emissions.
Artificial Intelligence and humans
Companies have started to invest to automate processes. Organizations like Ford, Pony.ai, Apple, etc. are inventing in the driverless car industry to make self-driving cars a reality and we might see them on the roads by end of this decade. Not just cars, we might see operator-less shuttles, trains, and metros or fully automated manufacturing units in the future. Although it is good in many aspects, it will lead to a rise in unemployment, causing damage to the global economy. So not just government but companies must find a balance between intelligent machines and human intelligence. Leaders should work on deciding the roles to be given to machines and people.
Business with a Purpose
Now organizations must serve a purpose rather than being completely profit-centric. Companies should know why they exist. It is mainly about the endeavours of an institution like Pony AI is working to give a better autonomous experience. A company’s purpose can be dynamic and It could vary from transformation, or striving for something better or a better way to do something like Space X revolutionized the space travel industry and reduce the costs to make space trips affordable.
Genuity and trustworthiness
A genuine business that can associate, attracts more customers. People seek to connect with a brand, thus giving rise to the need for authenticity, ingenuity, and trust. Consumers equate with leaders and companies which display qualities like integrity, dependability, empathy, humility along with vulnerability. Now a caring leader is preferred over those who turn high profits. Emotional intelligence has become a skill and organizations want individuals who display it at a higher level.
Fundraising and Finance generation
As technology advances, ways of funding a project have changed. With help of new platforms and mechanisms, businesses can easily connect with investors. Tokenization like Nonfungible Tokens (NFTs), special purpose acquisition companies (SPACs), or initial coin offerings (ICO) are some new-age methods to finance a business. Blockchain is one such movement that decentralizes financing services.
Structure and Employee Experience
After the pandemic, not only remote working but the contractual workforce is becoming prevalent. More youth is entering the workforce and companies are employing more gig workers. The remote style of work is becoming a new favourite and the traditional nature of employment is becoming obsolete.
The structure of companies is becoming dynamic too. The management wants to form a strategy that can aid in a quick reorganization and the team can work efficiently with the changes in the industry.
Leaders must change with time. Everything is changing and flexible companies will continue to thrive. Only those organizations which stay on top of the trends can be successful.
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