Companies need to use global trends to transform the face of their organizations so that they can survive. Here are five themes that are rapidly changing the face of the business world.
1. Emerging Markets
As the South continues to become more competitive and dominant in the global markets, it is becoming harder for companies to identify their competition. All trends in emerging markets should be used to develop more effective expansion strategies. Companies should also focus on untapped areas where there is potential to gain a competitive edge to sustain long-term growth. As long as an organization’s supply chains and expansion strategies remain flexible, it will be able to capitalize on emerging markets and plan accordingly for the future.
2. Consumer Engagement
While the use of social media and mobile technology makes it easier for businesses to connect with consumers, it also creates increased competition and complexity. Consumers have more options and direct access to information that they can use to determine the authenticity of different products and services. Businesses need to find a way to overcome these challenges and develop more targeted and competitively priced products and services. Businesses can effectively anticipate the current and future needs and desires of consumers with highly specialized consumer engagement strategies.
3. Flexible and Innovative Business Models
As the trends in the global economy continue to shift towards the creation of technologically enhanced global operations, businesses need to start laying the groundwork for their organizations to stay ahead of the game. Companies need to create sustainable resources, such as cash flow, innovation, and development now so they don’t become outdated or obsolete in the future. There is also a need for organizations to assess their current infrastructures and start developing strategies that can enable them to remain innovative and flexible in this highly competitive world.
4. Defining the Face of Social Contract
As more governments start to cut back on corporate social contracts in an effort to deal with mounting debt, businesses need to find ways to replace these lost government services and benefits, without losing their profits. Businesses can overcome these challenges by assessing their corporate portfolios and government support networks to create sustainable programs that increase their efficiency and profitability in the future.
5. Recruitment of Talent
A rapidly changing global environment, along with a shift in education has created a large pool of younger and more skilled talent in emerging and developing markets. This pool of talent is in high demand, and they have more options to choose from. With the market being so competitive, businesses need to transform their company culture so that it aligns with the beliefs and goals of its current and future employees.