The future of business environments is expected to be different from now due to the many changes that are happening. The interconnection of processes such as exchange of finance, technology, goods, and services is continually increasing. The increase in the interconnection of the mentioned processes will increase opportunities for business by improving their revenues due to the expansion of the customer base. Companies should be ready to withstand the change that comes by creating new strategies and striving to implement them as required. The latest trends will affect all businesses. The main factor causing the change is innovation happening in all parts of the world (Grant, 2016).
The most common change will be that in innovation. Most industries will have embraced the new technology. Using advanced technologies will have led to an increase in the quality of goods produced as well as the services offered in all areas. Also, the market for the products and services will have increased due to the awareness created through social media platforms. Businesses using the media for advertisements will have the most customers since most of them prefer doing their things online. The demand for data analytics will have significantly increased. Therefore all businesses need to have been well prepared by looking for the best data analytics. Also, their marketing game should have improved considerably. A company can have the best advertising online by having the most competent users of the platforms. Also, companies will need to enhance their branding so that it can attract most of the users online (Neupert, 2016).
Due to an increase in the market for goods and services, more companies will be formed. Formation of more companies means that KSA will have challenges such as competition from other companies in the industry. Lack of competitive advantage may make KSA lose its market for goods. Increase in the number of more profitable businesses will attract more investors there; thus, KSA will have fewer investors, especially from foreign countries. All organizations will need to invest in advanced technologies. Companies like Apple will be an example in the future.
References
Business trends | Deloitte. (n.d.). Retrieved from https://www2.deloitte.com/global/en/pages/strategy/topics/business-trends.html
Grant, R. M., & Neupert, K. (2016). Cases in contemporary strategy analysis. , : Wiley-Blackwell.
No comments:
Post a Comment