What Researchers Say About Future Business Trends in the US

By Mariliana Fotopoulou Sunday, July 19, 2020

The face of business in the US has changed dramatically over the past decade and has pivoted from more traditional systems to diverse, multifaceted systems. Technology has created multiple avenues for new revenues and skills, and the ability to create new online systems is more available than ever before.

Most individuals and businesses have their own spaces, and the presence of social media has opened up many doors for innovation. But, as social as the world has become, there is a drive for social innovations to solve problems that are present offline.

Technology Will Drive Business Forward

The term “Fourth Industrial Revolution” was first coined in 2015 by Klaus Schwab to describe a new era for communication and connection advances. In 2011, “Industry 4.0” was introduced to the lexicon from Germany’s “Industrie 4.0” industrial plan. This term is also referred to as “Industrial Internet” and “Advanced Manufacturing” in the US.

Technological processes, especially more traditional supply chain manufacturing methods, will end up using smart technology or smart manufacturing. This move could signal a progression toward more digital or smart developments in how manufacturers do business, as well as how online businesses will be run.

The rise of artificial intelligence (AI) and machine learning is expanding and opening up more opportunities for small and large-scale businesses to improve their systems and methods for doing business. One such example is Spyglaz, a machine learning platform for customer retention.

Internet of Things (IoT) is another connector on the online platforms for private users as well as companies. According to current research by Kinza Shafique et al., IoT can be applied to “automation, smart supply chain and transportation, remote monitoring and logistics.” It is estimated that by 2021, 28 billion smart devices will be connected worldwide.

With the rise of online connectivity, businesses can minimize their workloads and create better systems for almost any task at hand.

Business Education and Social Innovation

There is also an expanding human-centered approach in business and innovation, according to a recent article from the Humanistic Management Journal. Essentially, the way people think about and do business is changing.

The Gabelli School of Business in Tarrytown, New York, hosted a group of thought leaders to explore the role of social innovation moving forward. Five ideas were proposed during this gathering, one being the future of business education. This “track” focuses on a business’s ability to engage with social innovation and how business schools are preparing future entrepreneurs for the future.

Jerry White, a professor at the University of Virginia, states that instead of viewing business education and social innovation as separate programs, they should be combined. He writes, “It’s high time we boldly integrate innovation, social or otherwise, across the board, together, to match the needed cultural and structural shifts to serve aspiring business students and leaders going forward.”

In other words, business education should be promoting “changemaking” instead of staying with traditional practices.

Summary

With the nature of business changing, companies should look to technology and social innovation as a means to map out the future. By automating certain operations and connecting with social impacts, businesses may find themselves more successful than previously thought.

About the Author


Mariliana Fotopoulou

Mariliana has an MSC in consumer analytics and business strategy. She has a special interest in fast-moving industries and big data.

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