Module 1 The Future of Business and Organization ver. 1.0
0 likes103 views
The future of business development is reshaped by technological advancements, evolving consumer expectations, and a commitment to sustainability and ethical practices. Organizations must prioritize agility, develop strong customer relationships, and leverage global market opportunities to thrive in an increasingly competitive landscape. By embracing innovation and viewing themselves as interconnected systems, businesses can create value and adapt to the changing environment.
Module 1 The Future of Business and Organization ver. 1.0
- 1. The Future of Business, Organization, and Human Resources Team of Business Psychology Lecturers
- 3. Background • In an ever-evolving global landscape, the realm of business development is undergoing a profound transformation. • The convergence of technological advancements, shifting consumer preferences, and dynamic market conditions has created a paradigm shift that promises to reshape the way businesses approach growth and expansion. • The future of business development is not only about adapting to change but also about harnessing emerging trends and innovations to thrive in an increasingly competitive environment. • To better organize a business in the future, leaders should embrace nine imperatives that collectively explain “who we are” as an organization,“how we operate,” and “how we grow.”
- 4. 4 Perspectives Challenges in Business Future Business Globalization and Market Expansion Evolving Consumer Dynamics Sustainability and Ethical Business Practices Technological Disruption Embracing New Frontiers From Transactions to Relationships Paving the Path Forward Embracing the Digital Age FUTURE PRESENT PEOPLE SYSTEM Adapted from: https://www.linkedin.com/pulse/fut ure-business-development- navigating-trends-innovations/
- 5. Globalization and Market Expansion: Embracing New Frontiers • The future of business development extends beyond geographical boundaries. • Globalization, coupled with advancements in communication and logistics, enables businesses of all sizes to explore international markets and diversify revenue streams. • 1. E-Commerce and Market Access: E-commerce has broken down barriers to entry for international trade. With platforms facilitating cross-border transactions and logistics, businesses can tap into previously inaccessible markets with relative ease. • 2. Localization Strategies: Adapting to new markets involves more than just language translation. Successful expansion requires an understanding of cultural nuances, regulatory frameworks, and local preferences. Businesses must tailor their offerings to resonate with diverse audiences. • 3. Collaborative Partnerships: Strategic collaborations and partnerships, even with competitors, can unlock new avenues for growth. By pooling resources and expertise, businesses can enter new markets or create innovative solutions that benefit both parties.
- 6. Evolving Consumer Dynamics: From Transactions to Relationships • In the future, successful business development will revolve around nurturing long-lasting relationships with customers rather than focusing solely on one-time transactions. • This shift is catalyzed by changing consumer expectations and the growing significance of brand loyalty. • 1. Customer-Centric Approach: Businesses are recognizing the need to prioritize customer satisfaction and well-being. This involves understanding the customer journey comprehensively, identifying pain points, and proactively addressing them to create a seamless experience. • 2. Subscription Models and Membership Economy: The rise of subscription-based models signifies a departure from traditional purchasing behaviors. This shift allows businesses to build recurring revenue streams while offering customers ongoing value through continuous access to products or services. • 3. Purpose-Driven Commerce: Modern consumers align themselves with brands that resonate with their values. Businesses that authentically embrace social and environmental causes can forge deeper connections with customers, leading to increased loyalty and advocacy.
- 7. Sustainability and Ethical Business Practices: Paving the Path Forward • As societal awareness of environmental and social issues grows, the future of business development is intertwined with sustainability and ethical practices. • Consumers are increasingly demanding transparency, responsible sourcing, and environmentally friendly products and services. • 1. Green Innovation: Businesses that prioritize sustainability are not only contributing to a better planet but also gaining a competitive edge. Innovation in areas such as renewable energy, circular economy practices, and eco-friendly packaging can drive growth while reducing environmental impact. • 2. Corporate Social Responsibility (CSR): Beyond profit- making, businesses are expected to take an active role in addressing social challenges. CSR initiatives can enhance brand reputation, foster customer loyalty, and attract socially conscious investors. • 3. Ethical Tech Development: As technology becomes more ingrained in daily life, the responsible development and deployment of tech solutions are paramount. Businesses that prioritize ethical considerations, such as data privacy and AI ethics, will build stronger relationships with consumers.
- 8. Technological Disruption: Embracing the Digital Age • Technology lies at the heart of the future of business development. The digital age has brought forth a plethora of tools and platforms that empower companies to connect with customers, streamline operations, and drive innovation. • Artificial Intelligence (AI), Big Data, and the Internet of Things (IoT) are no longer buzzwords but critical components that can optimize decision- making and enhance business strategies. • 1. Data-Driven Insights: Business development professionals are now armed with massive amounts of data that provide deep insights into customer behavior, market trends, and operational efficiency. AI- powered analytics tools can sift through this data to unearth hidden patterns and valuable information, enabling businesses to make informed decisions and tailor their strategies accordingly. • 2. Personalization at Scale: As consumers continue to seek personalized experiences, businesses are leveraging AI and data analytics to deliver tailored products, services, and marketing messages. The future of business development involves understanding individual customer preferences on a granular level and using that knowledge to foster stronger relationships and drive sales. • 3. Virtual Reality (VR) and Augmented Reality (AR): These technologies are rapidly finding applications in business development, from virtual product demonstrations to immersive marketing experiences. VR and AR can create unique opportunities for engagement, allowing customers to interact with products and services in entirely new ways.
- 9. How We do Innovate • It’s no secret: that innovation is difficult for well-established companies. By and large, they are better executors than innovators, and most succeed less through game-changing creativity than by optimizing their existing businesses. • Mc Kinsey found a set of eight essential attributes that are present, either in part or in full, at every big company that’s a high performer in product, process, or business-model innovation. https://www.mckinsey.com/capabilities/strategy-and- corporate-finance/our-insights/the-eight-essentials- of-innovation#/
- 11. Organizing for the (winner- takes-all) future (McKinsey, 2018) Nine keys to becoming a future-ready company
- 12. Who We Are: Strengthen Identity • Future-ready organizations accomplish this in three ways: they get clear on their purpose; they know how they create value and why they’re unique; and they create strong and distinct cultures that help attract and retain the best people. • Take a stance on purpose - In a McKinsey survey of employees at US companies, 82 percent said organizational purpose is important, but only half that number said their purpose drove impact. • Sharpen your value agenda - While all companies have a strategy for how they create value, few can show precisely how the organization will achieve it. • Use culture as your‘secret sauce’- Among the most successful companies, culture forms the backbone of organizational health and fuels sustained outperformance over time: companies with strong cultures achieve up to three times higher total returns to shareholders than companies without them.
- 13. How We Operate: Prioritize Speed • Visit a future-ready organization and you’ll observe that speed is both a preoccupation and a cultural bias. You’ll even hear it in the company lexicon, in expressions such as “increasing the clock speed,”“metabolic rate,” or “a bias for action. • Operating models need to be fast, nimble, and frictionless to create ways of working that foster agility and simplicity. They need to enable a network of empowered, dynamic teams to find pockets of value, including at the company’s “edges” where employees are closest to customers. • Radically flatten structure - Future-ready organizations, by contrast, structure themselves in ways that make them fitter, flatter, faster, and far better at unlocking considerable value. • Turbocharge decision making - Many decisions and processes require less than half the steps executives imagine are necessary. • Treat talent as scarcer than capital - Thirty-nine percent of survey respondents said they have turned down a job because of an organization’s perceived lack of inclusion.
- 14. How We Grow: Build for Scale • Organizations cannot simply hardwire decisions about their identity or operating models and declare victory. • As connectivity and automation increase, and as the expectations of younger generations change, businesses must be prepared for nimble and constant adaptation if they hope to grow with any consistency. • Doing so entails constant interaction with stakeholders, technology, and employees. • Adopt an ecosystem view - Future-ready organizations view partners as extensions of themselves. These relationships feature porous boundaries and high levels of trust and mutual dependence to share value and let each partner focus on what it does best. • Build data-rich tech platforms - Future-proof companies take data seriously. For them, data isn’t simply about reporting what is happening in the business or answering a business question. Data is the business. • Accelerate learning as an organization - High- performing companies promote a mindset of continuous learning that encourages and supports people to adapt and reinvent themselves to meet shifting needs.
- 15. Developing Organization in line with Business Challenges Future Business Globalization and Market Expansion Evolving Consumer Dynamics Sustainability and Ethical Business Practices Technological Disruption Embracing New Frontiers From Transactions to Relationships Paving the Path Forward Embracing the Digital Age FUTURE PRESENT PEOPLE SYSTEM Who We Are How We Operate How We Grow How We Do Innovate
- 16. Factors are Driving The End of Such An HR Organization Future HR Start creating value‘outside’ of the internal structure Traditional structures are becoming barriers to value creation. Employee life cycles will outlast company life cycles. Technology is killing traditional value chains. The goal of the HR Organization will now be to enable the creation of a value-creating ecosystem — a major change from ‘servicing’ the employee life cycle. Adapted from https://medium.com/future-of-hr/look-outside- for-the-future-shape-of-a-hr-organization-7b4267518397
- 17. HR organization design will have to cater to such an employee segmentation. In addition, some temporary internal networks, project teams or virtual organizations may create much more value than the rest of the organization. Such teams will need high quality HR input and strategy. HR Operations hub that does what entire HR functions used to before Manage the employee life cycle — however short or long it is. The focus of the HR R&D function is on tomorrow. It does so, partly with an intent to support the partnerships' function, but, mainly, to develop current leaders of the company. While the platforms and partnership's function is engaged with the development of a value-creating eco- system, we know that tomorrow will be different from today. Technologies such as machine learning, voice recognition, image analytics and of course artificial intelligence are all in the at the cusp of explosive development.
- 18. Future HR Future HR Start creating value‘outside’ of the internal structure Traditional structures are becoming barriers to value creation. Employee life cycles will outlast company life cycles. Technology is killing traditional value chains. Adapted from https://medium.com/future-of- hr/look-outside-for-the-future- shape-of-a-hr-organization- 7b4267518397 Create a Platforms and Partnerships function Create a Research and Development function. Initiate Employee Segmentation Establish an HR Operations hub
- 19. Summary • The future of business development is a convergence of technological innovation, evolving consumer dynamics, global market expansion, and a commitment to sustainability. • Adaptation to this dynamic landscape requires agility, a customer- centric mindset, and a willingness to embrace change. • By harnessing the power of technology, nurturing customer relationships, expanding horizons, and upholding ethical standards, businesses can position themselves at the forefront of the evolving business landscape and seize the opportunities it presents. • As companies face up to an uncertain, post-crisis landscape, we urge them to recall Albert Einstein’s encouragement that “amid every crisis, lies great opportunity.” As organizations move from a mindset of coping to one of competing, the best companies will seize the unique unfreezing opportunity before them to imagine—and create—new systems and modes of organization that are more flexible, integrated, resilient, and ultimately, more human. • These organizations will view themselves as interconnected systems that seek to constantly experiment, fail, learn, grow—and start the process anew when the world invariably changes again.
- 21. Learning and Giving for Better Indonesia Team of Business Psychology Lecturers