From advanced analytics to the share economy, technology is driving business innovation at breathtaking speed. So what are the key trends shaping how we do business now?
Associate Professor Dr Jonathan Boymal, Director of Postgraduate Programs in the College of Business, shares his top five:
1. The share economy
A shift from ownership to connection and collaboration has dramatically changed the business landscape. From services Airbnb and Uber to crowdfunding platforms Kickstarter and Indiegogo, value is increasingly being created by reimagining traditional one-directional relationships. Start-ups across a range of industries are creating new connections between buyer and seller, and consumer and content.
Two decades of largely positive experience with online shopping, the explosion of digital collaboration and communication systems and tools that has made remote work more viable, and a change in the composition of the labour market has led to the emergence of the freelancing generation.
Freelancers enjoy a steady growth of new market opportunities to monetise their expertise and professional skills, often on a global stage. This has implications for businesses’ bottom line and where they will source talent from in the future. There are also implications for how we professionally network in the future, and how the strength of relationships between our connections are mapped and tracked.
3. Advanced analytics
Businesses are increasingly relying on analytical information, particularly real-time data, to make informed and agile decisions. Analytics can help organisations predict opportunities, counter threats and recover from setbacks.
Analytical tools ultimately help brands deliver a relevant service that can be enhanced at every opportunity. Businesses must determine how best to weave these systems into their operations and how best to handle big data that comes hand-in-hand with advanced analytics.
4. Customer experience
The buzzwords in marketing are “customer experience”. Businesses providing an excellent customer experience have an advantage when it comes to retaining customers and driving repeat business.
Importantly, a great customer experience results in the most valuable type of marketing – word of mouth. When satisfied customers share their stories and recommend a brand, especially on social media, brands reap the benefits.
5. Immersive Reality
While virtual reality has been around for over forty years, dramatic changes in cost and power mean that immersive reality will increasing move from game design into industries as diverse as property, education, health and travel. Consider the ways in which immersive reality could disrupt your industry!
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