Today, businesses are changing at a fundamental level. The platform businesses are challenging the traditional suppliers. Business professionals are creating data day by day at a rapid speed. According to several reports, around 1.7 megabytes of new information is creating every second for each and every human being. In the future of human race there will be only smart connected devices that will be developed for sharing, collecting, and analyzing the data. Social media, the internet, and mobile technologies have brought massive changes and are transforming the business models faster than ever before. Today, the future of business is becoming a reality for millions of companies and workers around the world.
Here at Majestic Chartered Accountants, we have provided you with five facts that you must know about the Future of Businesses. As a business owner, these facts will help you create strategies so that you can easily thrive in the new business context.
- Automation, Digitalization, and Robotization:
More and more companies are going to adopt new technologies based on artificial intelligence, high-speed mobile internet, cloud technology, and big data analytics to speed up the growth of companies. Considerable investment is going to be made by companies in the field of machine learning and augmented & virtual reality. Robotic technologies will pick up their pace in the near future. By the year 2022, a large section of businesses will adopt the idea of stationary robots as per their distinct cases and preferences. Financial services and investment companies will be the first to adopt Humanoid robots.
- A net positive outlook for jobs:
As new occupations are emerging day by day, job opportunities are set to increase on a global level. You will see a division of labour between machines, algorithms, and humans. But, there is going to be a net positive outlook for jobs, especially in the field of E-commerce, Data Analytics, and Software & Applications Development. Job roles that are specifically based on distinctively ‘human’ traits are expected to grow in the coming years. Such kinds of jobs include Sales & Marketing professionals, Customer Service workers, Training & Development, Innovation Managers, and Organizational Development Specialists.
- Significant division of labour between machines, humans, and algorithms:
Currently, around 71% of the total task hours across different industries are performed by humans, and the rest 29% is performed by machines and algorithms. This average is going to shift significantly in the coming years as more and more work tasks will be performed predominantly by machines and algorithms. Machines are going to perform data processing and information search & transmission tasks. Communicating, coordinating, advising, managing, and interacting are some of the work tasks that are overwhelmingly performed by humans. There will be no surprise if soon these tasks will begin to be taken on by machines.
New tasks will demand new skills:
In the upcoming years, the skills that are required to perform various jobs will see a significant shift. Workers will need to develop skills in the field of active learning and analytical thinking. The future of businesses demands technology-related skills. However, there will be an increase in the value of “Human” skills such as critical thinking, creativity, persuasion, and negotiation.
Humans will become lifelong learners:
The future is going to be all-managed by technology. In order to stay competitive, employees will need to be trained for hundreds of days. Not having trained and skilled employees will significantly obstruct the transformation management of an organization. Companies will more likely search for freelancers and temporary staff in order to address their skill gaps. We have to approach workforce planning, up skilling and reskilling so that the management of upcoming trends will become easier for us to handle.