Changes have come with the pandemic. More global unrest and strife than before, which the public expects to have a very large impact on the health of those living in this time of change. Humans have historically had a difficult time controlling the flow of goods, people and information. These changes have now shifted the focus of global interactions towards universal security and togetherness.
As an ecosystem becomes more complete, people from all over the industry can come together to support it successively. This is particularly true with Amazon, Google, and other businesses that are at their mature stages. However, there are more early-stage ecosystems still being built out for example Lyft and Twitter. Predictions come true, so that’s not always a good thing. Competitors are similar companies regardless of what industry they’re in. Earlier this year, there was an e-commerce company that came after us and it could have been anyone else. But then, they learn that the future of business is more than just a single model. It’s increasingly becoming an ecosystem. The question is how long it will take to fully master this complicated financial market.
The emerging features of digital technology have made it very difficult for a state to stay out of the business game. They are faced with significant temptation to turn the state into a business player in order to maintain relevance. Ecosystems and their ability to be customer-centric, provide quality services, and understand customer needs are a serious competitor for all players.
The role of states has been increasing in recent years and there is no stopping it. There is a great demand from society and there is also a desire on the part of the state itself to do this too. It will happen.Governments are understanding the importance of creating solutions that are client-centric. The negative consequences of this, however, is a strong sense of populism which could be in the form of short-termism. Short term solutions can be great but they don’t account for long-term sustainable success and sustainability should always be a focus in business. States are aware that they need to change in order to stay competitive. Digital transformation is coming and the public is demanding for public services in one click. But what will be one’s final destination if there’s no break?
There are two ways that it could happen: 1 – regulating the amount of goods being produced domestically, or 2 – increasing local consumption by selling or buying goods outside of your country. While there is a worldwide trend of self-imposed exclusion in order to reduce consumption, this will also grow regardless of the pandemic.
Paradoxically, globalization will increase, as many businesses and cultural products become globalized. This means that fewer locations are required to meet demand and can be localized with less effort. Large markets such as the USA and China won’t have the in-depth knowledge needed to localize a product or service off site. The future of work is unclear and will depend on how complex the management and technology systems grow. It might be that these two tend to work in equilibrium or this new way of working will be a trend.
AI is becoming truly prominent in various industries, such as education and healthcare. It represents the future of our economy and the winners of the race will be those who can adapt quickly to innovations such as AI, by boosting their own educational systems, for instance. Bearers of new technology will always be the noosphere, as Professor V.I. Vernadsky said, and human capital is a key factor in our competitiveness.
Business is growing, and the spaces have no problem with that. However, our understanding of ‘simple’ often gets complicated when unanticipated outcomes arise which can diminish the effectiveness of established regulation. It is important to poll the population as well as other parties who are affected by these incidents in order to come up with a solution. There will always be new incidents, but the state and society need to take care of these incidents in order for there not to be any fear of what may happen.
The models and management processes that we currently use at the level of society are not able to adapt to the speed at which we are currently operating, global changes are taking place. None of the states have passed the test of either pandemic or technology. Conclusions will be drawn. Most states don’t handle cause and effect well, which is what society needs most out of them. There are some very common areas of tension in terms of visitation.
These range from establishments not wanting people to visit during peak times to dealing with religious groups who would rather have complete exclusion on their property. In the future corporations and other businesses might be doing all the hiring in society, which would result in a lack of opportunity. Restoration of humanity is needed to restore balance into society as a whole. Due to the lack of answers for a lot of questions, managers are faced with unexpected situations on many occasions. Managers face limited options as well and are expected to maintain the current balance.
Speed is an important factor these days, making it difficult for managers to see forward. The pandemic has created a sense of speed necessary in today’s society. This will result in some local contradictions, explosions, but it will require more and more global rethinking of how both the system of state administration and the system of social organization should be built.
Today’s globalized world is relatively new, and it features a different type of flow. Previously, there was this idea that information went from top to bottom. Now, however, there are different layers at play – like PR representing public relations. Now we’re talking about SMM, social media marketing, when social networks have been able to cover most of the space. This includes younger audiences and they won’t view non-interactive media at all. There are horizontal flows of information and ascending. This requires a radical restructuring of the entire system of everyone’s daily life.
The idea that our world is no longer able to be stopped is becoming more and more prevalent. One way or another, this cannot be stopped and it will happen for better or for worse. The only way we can survive this is by being part of it, but also trying to lead the charge with your own answers. Today, the basic differences in how data is owned and circulated can be found in different countries. China has a model where they mostly restrict access to data while Europe has a more open approach with granting of licensing rights. The United States is somewhere in the middle, providing various levels of user access. And in the search for a rational approach to acceptable to every nation, cataclysms will certainly arise. These will not be global upheavals, but having gone through these past crises, you can learn from these mistakes moving forward and make sure that your business is better positioned for future events.