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The changing business environment - The Big Picture

 

The business landscape has been on a continuous cycle of change commencing from the first Industrial Revolution where the economy changed from a agrarian and handicraft based economy to that of a industry and machine manufacturing economy powered by coal. 

According to sciencedirect.com the focus is now shifting the 4th Industrial Revolution powered by internet and renewable energy to a 5th Industrial Revolution elaborated by them as one which encompasses the notion of harmonious human–machine collaborations, with a specific focus on the well-being of the multiple stakeholders (i.e., society, companies, employees, customers).

Though these transition through history has been gradual, the recent COVID pandemic took the entire world hostage, pushed businesses towards the 5th revolution in an unanticipated and accelerated pace. 

The McKinsey article written on 23rd January 2023 on the topic "What is the future of work?" identifies three trends accelerated that were by the pandemic which will they believe will continue to impact work.

  1. Remote work
  2. E-Commerce
  3. Digital Technologies
Do you agree? What has been your experience? Let me know in the comments.

What demands do you think these trends will place on the Human Resources function of organizations? Join me on my next blog post where we can dig deeper to investigate how these changes at the business level will triggered changes within the human resources function.

 - Rangana Prasad Naotunna

Comments

  1. The Human Resource InsiderMarch 15, 2023 at 7:53 AM

    I agree with you, Rangana. Remote work, E-commerce and Digital technologies are here to stay. Companies will be benefitted the sooner they find ways to adapt to these trends in the workplace. Additionally, artificial intelligence is taking the world by storm. Organisations should utilise this technology to revolutionise their processes.

    ReplyDelete
    Replies
    1. Rangana Prasad NaotunnaMarch 25, 2023 at 10:39 PM

      Thanks Thanuki. I agree that AI is another technology that can be utilized to improve HR processes. However, the transition may take time given the current economic status and the ability to invest in a such at this point in time in Sri Lanka.

      Delete
  2. Hansika EdirimannaApril 5, 2023 at 8:05 AM

    Overall, the article highlights the ongoing evolution of the business landscape and the impact of the COVID-19 pandemic on accelerating certain trends. The reference to the 5th Industrial Revolution and the focus on human-machine collaboration and stakeholder well-being is interesting, although it could benefit from further elaboration.

    ReplyDelete
  3. Nilushika Dilhani JayasingheApril 10, 2023 at 5:01 PM

    Very interesting topic Rangana . Change in a business environment In business, as in life, few things remain the same. As a result, companies need to be willing to move with the times. They need to modify their operations in response to technological advances, stakeholder expectations, increased competition, and other pressures.Examine your key performance indicators. ...
    Introduce a new initiative. ...
    Ask your employees, suppliers and partners for their input. ...
    Conduct market research.Many studies have highlighted change as a critical measure for business growth. Without disruptive changes, businesses can't reach or grow to their full potential. Embracing necessary changes and ones that solve the current problems of your company can spur on growth .

    ReplyDelete
    Replies
    1. Rangana Prasad NaotunnaApril 22, 2023 at 10:20 AM

      Thanks Nilushika for bringing in additional points to my topic. It is true that change is the only thing that remain unchanged. So in order to move ahead to the next level and stay relevant in the business, organizations must change. One of the best places to get a directive to that change is the stakeholder needs analysis.

      Delete
  4. Mohamed Nasly Mohamed HadhilApril 16, 2023 at 3:00 AM

    Hi Rangana, in my view, today's dynamic business landscape, with advancements in technology, globalization, and shifting consumer preferences, businesses must adapt to stay competitive" (Smith, 2023). From digital transformation to sustainability initiatives, innovation and agility are key. Anticipating emerging trends, embracing new business models, and fostering a culture of continuous learning are crucial. Entrepreneurs must be proactive, resilient, and open to change to succeed in the changing business environment (Smith, 2023).

    ReplyDelete
  5. Praveen SathyaseelanApril 16, 2023 at 3:10 AM

    Hi Rangana, excellent choice of topic for your blog! From my perspective, I strongly believe that the future of business will be both exciting and challenging, and it will require HR to be flexible enough to manage the emerging challenges. As noted by Smith (2021), businesses that can adapt to change and remain ahead of their competitors are the ones that will thrive in the long run.

    ReplyDelete

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