Business world round up: 5 business trends you should know about
Tuesday, October 27 2015 12:00am
From new sources of energy to robots taking over, here are five things trending in the business world that you need to know about as a growing business professional
1. Online and mobile sales are surging
More consumers than ever are blending their in-store shopping with online or mobile searches and price comparisons. According to Forbes, companies that are able to balance their in-store experience with their online shopping platforms understand that online purchasing offers them better profit margins with less overhead cost. Companies are relying on the younger generation to help them transition into using new technologies and expanding their online and social media presence, meaning there will be growing opportunities in online marketing.
2. The rise of people analytics
Although the role of human resources has been increasingly prominent over the last few years, there is a new wave of HR-led approaches to managing people at work. According to the People Analytics Conference, people analytics is a data-driven approach that relies on sophisticated analysis to help with recruitment, performance evaluations, leadership, hiring, promotions, and compensation. Companies are realizing that the investment they put in their people will help them produce more in the long run.
3. Robots are taking over
Researchers at Oxford University suggest that nearly half of all jobs are at risk of replacement by robots or computer software in the coming decades. While this puts routine-based jobs at risk, it also creates growth in other types of work, such as management information systems (MIS). MIS is a growing field that uses computerized databases to easily produce reports and track information.
4. Sports sponsorship is getting smarter
Sports teams have what corporations want: An engaged audience that celebrates their organization with pride. It is no wonder, then, that companies are trying to tap into the sports market to sponsor teams and stadiums. Coincidentally, teams are generating increasing amounts of revenue by leveraging their brand to bring in sponsorships in new and creative ways. For example, fans of teams tend to be quite active in following their sponsors on social media and, as a result, are more likely to make a purchase from that brand. Integration of technology between teams and their sponsors are allowing for more sophisticated and smart marketing ventures.
5. Increased market volatility
Daily volatility has been at higher levels since the 2008 financial crisis. According to Ohio University finance professor Dr. Andrew Fodor, this is likely caused by a combination of heightened uncertainty in the market and traders who are making buy and sell decisions based on factors other than the news, such as market timing. This is significant because it may be a sign that the economy is not as strong as advertised and also because it makes stock markets less attractive to many potential investors. For students interested in finance, it means you need to stay up-to-date about markets, trades, and trends.