The business environment is constantly changing and this will result in new developments. In the next five years, technological advancements and the Internet of Things business will have many devices interconnected and this will improve service delivery and quality (Chin, Callaghan, & Allouch, 2019). The changes in demographics will also affect the global business environment because the population will have significantly increased in the next five years. Besides, a new generation of the population with diverse needs and preferences will be available. However, due to advanced industrialization countries will face big challenges. other key developments include Artificial Intelligence and automation.
Firms in KSA will face the greatest challenges due to advanced industrialization, advanced technology and IoT, and demographic changes. For instance, advanced technology and IoT will put the firms’ data and information susceptible to hackers. Also, the demographic factors will present challenges to these firms because they will deal with unique shopping preferences. Artificial Intelligence and automation is likely to displace works and result in unemployment in KSA.
To adopt and prosper in the future business environment, firms need some strategies such as making use of technology and state of art devices that are not easy to hack, customer relationships, coping with technological change, and brand creation (Grant, 2016). Yes, there are some companies today with appropriate approaches to management and strategies. One of these companies is Apple, which has been able to create a movement that has enabled the company to succeed in the changing business environment. It has a follower strategy since they have created a notion that their products re life-changing and visionary. Hence it will provide leading examples for other companies.
Technology advancement and IoT will have implications on the organizational culture and management systems of companies in KSA. For example, in the next 5 years, millennials will form the majority of the firms’ workforce and hence technology will force the management to set rules to minimize using of devices such as phones to increase work efficiency (Widen, 2017).
References
Grant, R. M. (2016). Contemporary strategy analysis: Text and cases edition. John Wiley & Sons.
Chin, J., Callaghan, V., & Allouch, S. B. (2019). The Internet-of-Things: Reflections on the past, present, and future from a user-centered and smart environment perspective. Journal of Ambient Intelligence and Smart Environments, 11(1), 45-69.
Widen, S. (2017, October 5). How Technology Impacts Work Culture. Retrieved November 26, 2019, from https://www.forbes.com/sites/forbesagencycouncil/2017/10/05/how-technology-impacts-work-culture/#606c7601721a
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