University:
University of North Carolina at Charlotte
Course:
BUSN 1101 | Introduction to Business and Professional Development
Academic year:

2024
Views:

156

Pages:

11
Author:

Harsh P.

Business Trends and Future Outlook Introductory slide about current business trends and future outlook Introduction to Business Trends Current business trends shaping the future include a shift towards digital transformation, adoption of artificial intelligence, increased focus on sustainability, and the emergence of the metaverse. These trends are disrupting traditional business models and changing the way companies operate. Key Business Trends Digital transformation Supply chain resilience Businesses adopting digital technologies like cloud, mobile, AI, etc. to transform operations. Building resilient and transparent supply chains. Remote work Flexible and remote work becoming mainstream due to technology. Sustainability Focus on ESG and sustainability becoming critical. Changing demographics Adapting to the needs of millennials and aging populations. Rise of AI and Automation Robot working in factory Self-checkout machine Industrial robots are increasingly being used in manufacturing to improve efficiency and reduce costs. Self-checkout machines powered by AI are replacing cashiers in stores and supermarkets. Autonomous vehicle Companies like Tesla, Waymo and Cruise are developing autonomous vehicles to transform transportation. Virtual assistant device Smart speakers with AI assistants like Alexa and Google Assistant are being adopted in millions of homes. AI chatbot Chatbots using natural language processing are automating customer service and providing 24/7 support. Workforce Changes Remote Work Gig Economy Automation More employees working remotely due to improved technology and desire for flexibility. Rise of short-term independent contractors and f reelancers instead of full-time positions. Certain roles being replaced by automation and AI leading to workforce displacement. Reskilling Diversity & Inclusion Investment in training employees with new skills needed for evolving roles and industries. Increased focus on diversity and inclusion initiatives to build a varied and equitable workforce. Sustainability Priorities Percent of consumers who factor sustainability into purchases Percent of businesses with sustainability goals Increase in sustainability job postings since 2019 Percent of investors factoring sustainability Personalization and Customization Consumers today expect personalized and customized products and services tailored to their individual needs and preferences. This demand is driven by always-connected mobile devices, advanced data analytics, and production innovations enabling mass customization. Companies can collect extensive data on customers and use AI to understand their desires. They can then design flexible manufacturing systems to produce individualized offerings at an affordable cost. Rise of Mobile and Digital Experiences Year over year growth in key digital metrics f rom 2017 to 2018 35% 25% 15% Mobile website traffic Mobile app usage Social media engagement Data Analytics and Insights Collect Data Gather relevant data from various sources like sales, marketing, operations etc. Clean and Organize Clean the data by removing duplicates, errors etc. and organize it into structured databases. Analyze Trends Use data analytics techniques like dashboards, models, algorithms to uncover insights and trends. Identify Opportunities Leverage insights from data analysis to identify new business opportunities and improvement areas. Make DataDriven Decisions Use data-driven insights to guide business strategy, marketing, product development and other decisions. Security and Privacy Cyber Threats Data Privacy Secure Infrastructure Ransomware, data breaches, and vulnerabilities are on the rise. Companies must prioritize security. With regulations like GDPR and CCPA, companies must comply with data privacy laws and be transparent with users. Businesses should invest in security tools like encryption, firewalls, and access controls to protect data and systems. Employee Training Third Party Risk Incident Response Cybersecurity training for employees is crucial to teach best practices and avoid human error - the leading cause of breaches. Vetting vendors and partners is important to ensure they meet security standards and don't expose data. Having an incident response plan allows companies to quickly contain, investigate, and recover f rom any potential breaches. Financial Technology Fintech is disrupting traditional financial services through innovative technologies like blockchain, digital payments, online lending platforms, robo-advisors and more. Key players include financial technology startups as well as big tech firms like Google, Amazon and Apple. Fintech is making financial services more efficient, accessible and personalized.