This year, 2020, is well underway, and we are now starting to see the top business trends emerge. Many of the top business trends in 2020 were present in 2019, but now with the coming of a new year and new decade, our GBSB Global Business professors weigh in as to why this year is the year that these trends are making a difference in the way business is managed.
The top business trends to watch today are not an anomaly. In the light of business over the past decade, there is no surprise the emergence of 5G technology, artificial intelligence, and a focus on employee wellness or the “humanization of business” are reoccurring themes we are seeing. Let’s dig deeper to understand what direction business is going and how we can capitalize on these trends.
Miguel Angel Martin, GBSB Global Professor, outlined many takeaways. 2020 will be a year where we see personalization brought to new heights. From user experience to product placement, personalization is a powerful tool where a company knows what you want to buy before you've even given it thought. Personalization today is a way of guaranteeing that the unique needs and preferences of your customers are properly addressed. From tracking our search history to advertising a vacation you may have discussed near Alexa, our thoughts and interests are being tracked throughout the day from our mobile device to our in-home speaker system, the technology is in tune with our wants and provides a unique buying experience that has no parallel.
Cloud computing, the second among the business trends to watch, is not just for storage anymore, says Professor Martin. The technological wonder we all consider a storage vessel for data offers three service modules for business, infrastructure as a service (IaaS), platform as a service (PaaS) and software as a service (SaaS) allowing businesses more freedom when building out their systems and cost-saving measures that were not available before.
Jordi Villanova, GBSB Global Professor, notes that with the advancements in globalization, we are also going to see significant advancements in 5G technology and how it is being used. This directs us to a business theme to watch in 2020 that will be at the height of discussions and policy change. These discussions and ultimate regulations will dictate how advancements in technology will impact society. Countries across the globe are looking at the new world of technology and realizing security measures need to be put in place not only to protect private citizens but businesses as well. Now, more than ever is the time to invest the resources and write the policy that will shape the next decade.
David Potin, GBSB Global Professor, takes a look at the internal systems within the company and draws our attention to the humanization link businesses are creating between employee satisfaction and business results. Investments in soft skills, namely leadership and management skills, are being looked at as a means to bolster happiness in the workplace. In 2020, companies will expect more empathy and determination to solve conflicts efficiently, manage stress, develop emotional intelligence and promote a balance of work and life. This is the year that companies hone in on their internal policies and look at how the business environment can evolve on a human level to produce better results.
Maria Carmen Martin, GBSB Global Professor, highlights that companies are blending machine learning and artificial intelligence with different people, across industries and adapting to new processes. AI and its implementation will be a reoccurring theme throughout the decade ahead, and it will be interesting to see it evolve and become a norm in business and society as a whole.
Jose Antonio Serrano, GBSB Global Professor, indicates a drive for businesses to move to think more ecologically and making “going green” a top priority in 2020. With climate change and the hardships we face across the globe becoming a harsh reality, businesses are taking measures to try to curb the incessant advancements of global warming. Will it be enough? Only time will tell, but it is great to see a focus being placed on best practices in bringing more awareness to the environment and a new severity placed and realized regarding the implications we face if we continue business as usual.
Elizabeth Soliday-Naui, GBSB Global Professor, focuses on the hospitality and tourism sector and believes sustainable tourism will be a business trend to watch in 2020 and beyond. Traditional tourism is becoming obsolete. There is a new drive to become environmentally conscious and that can be seen through the initiatives of tourism companies refining their approach to how they interact with nature. Airbnb, for example, has created a program for marine restoration, welcoming divers from across the globe to help rebuild the coral reef. This is only one example among many to watch for as this trend grows.
Another point Professor Soliday-Naui highlights circles back to the humanization of business but goes one step beyond to address mental health. A hot topic today, mental health in business is being addressed through personal development seminars, mindfulness training, stress management in the workplace and the ability to have more flexible schedules and remote opportunities to balance the demands of life in 2020.
Well on our way into the new year, 2020 will prove to be a catalyst for the decade ahead. From what GBSB Global Professors are predicting, it is going to be an exciting and revolutionizing period in business that will shape the world on many levels in a profound way. Let’s watch as the trends in business unfold.