Responding to Changing Business Trends
Today, ambitious and far-reaching strategies that enable businesses to take advantage of the changing aspects of modern industry are vital to success. The dynamism of markets has many socio-economical origins, from increasing globalization, higher customer expectations, technological innovations, and altering market regulations. There are always major global trends impacting commerce and it’s crucial for business strategists to acknowledge this flux and respond to it accordingly. Here is my take on three relatively recent business trends.
The Informed Customer
Customers have never been so well-informed as to their requirements and what’s being offered to them thanks to technological advances and information availability. Today, industry stakeholders communicate directly on blogs and other social media platforms, engaging in exchanges and constructive debate. Ultimately, everyone benefits from this as heightened information sharing and understanding on both side facilitates the development of more meaningful and usable products and services that fulfil very real requirements. The informed customer leads to the enlightened provider, and this is the basis of a client-centric business model.
The Far-reaching Enterprise
Exercising accountability on multiple levels has become integral to good business practice; what is commonly called corporate social responsibility. Commercial entities are striving to create a more equitable world, and using their influence and success to contribute to wider social improvements. This goes beyond any desire to improve professional reputations, this is about reinvesting in communities and reinforcing relationships of trust throughout supply chains. The knock-on effects of this are powerful game-changers both for society and for business at large.
The Emerging Economy
In recent decades, there has been a sizeable shift from traditional markets and established economies to that of emerging economies. Developing countries with large, young populations are quickly embracing industry and capitalism and fast catching up in terms of technology and infrastructure. Infiltrating these economies is vital for commercial survival as they provide the type of growth potential that is no longer possible in developed economies. Also, establishing brand recognition amongst a young population facilitates long-term market presence.
What each of these trends has in common is the interest in, and the necessity of, sustainability in virtually every market and sector therein. The notions of continuously adding value, engaging in collaboration, and investing in communities are central to the future of how operations are planned and managed, how risk is measured, and how loyalty and trust are built and maintained in the long term.