By Sreedhar Venkatram, CEO, South Asia, Cric HQ
The trends in every industry alter over time. The business sector experiences a variety of evolving changes in how it operates. These alterations are referred to as business trends. Since the globe is undergoing one of the most prominent historical shifts of the century, these business trends have radically altered how enterprises are being built.
In the recent past, businesses have faced an enormous challenge that has forced them to change, with new companies emerging as these changes are adopted. There is also a visible shift in the consumers' services. It is interesting to watch and gain inspiration from how two of the world's most populous nations, India and China, manage the situation.
In the context of India, a relatively young but largest democracy in the world, its ability to adapt to change has been its greatest strength. Political upheavals have occurred as democratically elected ruling parties yielded to time pressures to keep the economy afloat and introduce new technology. Still, one constant has been the countries' willingness to accept.
In a Post-Pandemic world
According to a McKinsey & Company report, the Covid-19 outbreak completely changed the world, and its impact will impact how businesses are conducted. Even before the pandemic, digital transformation and the mobile economy were thriving, but the pandemic has only accelerated these processes, and the definition of workspace has changed forever.
Moving forward, entrepreneurs will have to be acquainted with terms like Sustainability, Renewable Energy, Alternative Funding, Remote Work, Data Analytics, Artificial Intelligence and Web3 encompassing Cryptocurrency, Metaverse, NFT Platforms and Blockchain if they want to build a future-proof business. With the pace at which the new trends are taking over, the time for self-assessment is now, or it will be a never for business owners who are averse to technology.
All of this will be propelled in India by the nation's efforts to enhance the availability of high-speed internet. The country's successful internet penetration into every nook and cranny is one reason it saw one of the quickest adoption rates of cashless payments and carried out one of the most effective immunization drives to a population of 1.33 billion. Lightning-fast internet will revolutionize several industries as 5G services are currently being introduced.
Global Collaborations the way ahead
In business, international cooperation has always been crucial. People have used resources from various world regions to conduct business since traders brought spices from the East to Europe. Another widely accessible global resource in the digital age is data.
With the help of digital communication, we may work together internationally while utilizing the top professionals in a specific subject without physically bringing them to our offices. Real-time collaboration is made possible through screen sharing, voice over the internet, and document sharing in the cloud. International cooperation is also made possible, even when time zones might be a barrier.
In an age where innovation is essential to keeping ahead of the competition, international collaboration can give businesses a competitive edge. A recent report by the World Economic Forum reviewed how the multicultural nature of cross-border teams breeds innovation that can lead to fast global economic recovery.
The days of the future ahead
Due to COVID-19's exposure to the serious hazards that independent and uncoordinated acts of countries pose to the global economy and the welfare of people, unrestrained and free-market globalization may eventually end. The pandemic demonstrated how problems that start in one nation might spread quickly and significantly influence the entire global economy.
A new type of globalization that acknowledges interdependence and the greater benefit of humanity based on the collaborative efforts of nations, corporations, and individuals will begin to develop. As a result, organizations will alter their governance and business management models to emphasize CSR and human welfare more strongly.
Businesses and people will accept on-demand workforce models and platforms. This would enhance access to varied skills, financial management, and workforce planning.
If the current remote working arrangements are maintained for longer time, working patterns may change permanently. New standards will be set for these working circumstances, redefining the boundaries between work and personal life. Additionally, when 5G internet access spreads, it will boost online internet systems' use, lowering the risk of excessive centralisation.
The workplace won't just be where individuals show up for work each day and leave at the end of the day to go home. New business models and value chains will dramatically increase demand for new talents. The upheaval of numerous businesses that many experts have long predicted has been expedited by COVID-19. Almost all sectors need to modify their business models quickly to remain viable.
The cost of commercial real estate will decrease in line with the shifting nature of business activities to match the decline in demand. The necessity for corporate complexes will decline as remote work becomes more prevalent, but alternative uses, such as space sharing, event rentals, or collaborative spaces, will become possible.
A successful implementation will be driven by new human mindsets, as technology-enabled change is essential for moving enterprises forward. The guiding principles, convictions, and presumptions that shape culture need to be reexamined in light of a fresh set of perspectives that promote employee and corporate success.