The knowledge of businesses as we know it is metamorphosing. Though you seem not to see or feel it, a change is occurring every minute. Nobody thought, just a few months back, that the coronavirus pandemic would halt our day to day life. People will be compelled to stay at home, and economies will be hit.
Posing a serious threat to people’s health, COVID-19 significantly impacted businesses in an unprecedented way. It is challenging to model and assess the ripple effects of this pandemic, which has made remote working the new normal, bringing an immediate shift to a smart digital workplace.
Due to this sudden shift in circumstances, these days, the business questions and answers usually center on the longevity and future of enterprises with debates being increasingly centered around the survival of businesses and maintaining productivity.
Much before COVID-19, the Industry 4.0, characterized by cyber-physical systems, Internet of Things as well as cloud and cognitive computing, has been changing the way resources are being used by any business. Just have a look at these statistics to get a better idea:
- IoT market revenue worldwide in 2019 touched USD 212 billion
- A research report by Deloitte states that wearables are augmenting the abilities of employees. In fact, Audi workers have reported 20-30% less back strain by wearing special exoskeletons.
- As per business forecasts for 2022, the business value derived from Artificial Intelligence will reach almost USD 4 trillion.
- The percentage of US marketers increasingly using social platforms like Facebook is on the rise and the number is projected to rise to 87.1% in 2020.
- Surveys show that cyber-physical systems are set to bring about newer applications, services and opportunities, which will be automated with little or no human intervention.
Though Americans may not be panicking about the possibility of humans being replaced by machines yet, it is no news that technological advancements and their usage will necessitate novel abilities.
Humans who wish to have a place in tomorrow’s business world must have these. Such abilities are high-tech management skills, team organization ability, and so on. Such changes, therefore, will need reform in how business processes are operated and organized.
Thus, the questions now are: What is going to be the scenario in Industry 4.0 and 5.0? What are the reforms that can be seen?
Well, these questions will be answered so you can give your business the surety it needs for tomorrow. The following points should be of help:
Workers Must Acquire Newer And Relevant Skills
The future is laden with so many expectations. To move along with the tides, some sets of skills are necessary to acquire. It has been noted that the year 2020 has no space for less creative workers. Since technology is rapidly becoming a determinant for numerous industrial activities and processes, workers must strive hard at acquiring relevant, new skills. The future of the technological world requires skills like critical thinking, communication skills, creativity, and so on. It is noted that by the year 2025, millions of jobs will be lost to technology.
Having skills of collaboration, persuasion, a certain level of adaptability, analytical reasoning, and sales skills is passé. A more creative worker with a trained background in artificial intelligence, scientific computing and affiliate marketing skills is definitely in demand but it’s the skills of emotional intelligence and knowledge of blockchain and cloud computing that will separate the cream of workers from others in their ilk no matter which industry they are in. So hiring is definitely a function that will see a major overhaul in the times to come.
Labor Market Will No Longer Be The Same
To understand this, let us take an example of a slow website and how it inhibits the users from reaching their goals. Result? Frustration.
How employment plays out is shifting at a fast pace. There is no more extended room for slow, incompetent employees. Workers are expected to be snappy in their minds and on their feet.
Companies are resorting to Google Analytics, smart web designs, landing page builders, image optimization tools, and more to automate web development and optimization processes and give their users a satisfactory experience and increase conversions.
In the same way, they are not hesitating to switch the slow workers with the employees who are street smart, passionate, and well-researched in their fields to improve their bottom line.
Due to this development, numerous workers are aligning themselves with employers that require particular sets of skills they can offer.
The forces that operate on the market structure will not stop functioning. A finding by Deloitte notes that fragmentation and concentration of these structures will keep overlapping as the coming economy surfaces.
Work Structures Will Become More Flexible
Many business questions and answers concern themselves with how work can be done. As a result of improved media-laced technology, it is now easy to work from anywhere. What’s more—the 9 to 5 working structure in America is being critically rethought. A study has discovered that many would like to work from home sometimes. Many others, too, believe having flexible working hours will enhance productivity.
Millennials have proven to prefer balanced work-life above positions with large salaries. Thus, more business owners should endeavor to give their workers opportunities for working remotely. Flexible structures for working should also be provided even if this is occasional.
Flexibility to work from home at your convenient hours during COVID-19 proved fruitful. Business managers are dedicated to address the challenges in implementing remote working to make it successful in the long term.
The World Of “Biosensors”
Many have been enlightened to the workings of biosensors. Wristbands have been manufactured to help keep track of body activity, sleeping patterns, and functioning of the heart. An example of this is the “FitBit”. Such wristbands will help keep workers in top shape so they can be effective in the business like the machines are. This way, their human skills do not go to waste due to unmonitored fatigue and health conditions.
Also, there is Apple’s utilization of fingerprints against fraud attempts. Apple’s technology against fraud will guard against the rising vulnerability of businesses to data theft. Data theft, you will agree, is an adverse result of the rise in technology. It can be quite dangerous to business outfits.
It is expected that biosensors will be used on a larger scale as time marches on. You should expect to see the use of contacts to check the sugar content in the blood—Google is working on this. Also, sensors imputed in the teeth are being developed to monitor food eaten.
Moreover, Helius is developing a device which will be triggered by the gastric juice to study the digestive area. All these will ensure that “the human part” of the business is not taken for granted as regards the employees’ health and output. A healthy worker is the one who would be able to work well alongside the machines that are maintained on a regular basis.
Interruptions and distractions come automatically with increased avenues for specialization. The possibility exists that an essential fragment of what your enterprise does can be noted, enhanced, and stolen by another. To combat this, numerous businesses possess tactics against such digital disorders. Though this is necessary, effectiveness comes from having to tackle this disruption on all fronts.
The situation is not hopeless. Disruptions can be utilized in a constructive way. All you need to do is study enterprises with scales different from yours. You should note prospective parts in their structures your company can profit on, and then act fast. These potential settings won’t lie around forever.
Social Learning Will Become The Norm
Due to the role of social media in business and more people working from home, employers have thought up means to connect with them and enhance their abilities. A trendy way with training bodies is called: Social Learning.
It’s a means of acquiring knowledge via interactions amongst peers. A simplified example associated with this is the conversations that ensue when employees meet by coincidence at their work locations. Ideas and thoughts shared help add individual knowledge to each other without even realizing it, as they go back to their desks.
Bloomberg notes in a study that learning can occur in and with different scenarios and sets of people socially.
The review notes that many businesses make use of such learning in different ways already. Others, it indicates, have arrangements to begin soon. This finding can be explained: such learning aids self-comportment and individuality to tackle work problems. They are also lively, engaging, and better than many courses taken online. Socializing helps workers have a sense of belonging that spurs them forward.
You should know that prosperous online programs for learning include a platform to connect participants. This digital space allows them to discuss their experiences and make inquiries outside the outline of the course.
Blogging is also a great means of collaborative learning. They can address any number of topics and allow creativity in communication. There are a large number of WordPress themes for business, which are responsive and mobile-friendly, which makes the content more engaging and accessible to the individuals.
With more businesses instituting such secure and supportive learning, there is progress. To aid this, training and mentoring can be utilized. This will boost the organization’s productivity and professionalism segment after segment.
What lies ahead…
The advent of technology and automation in industries, and the role of social media in business, is rapidly rising. Soon, it will be the only language the earth’s economy understands. You should know that even minute operations of the AI are still very essential for numerous industries. An example is how Spotify utilizes each user’s listening choices to personalize their usage of the app.
To remain relevant, your enterprise must run with time’s tides. Sitting up too late to impending trends can be fatal. Never stop looking at what’s likely coming. The success of your company in 2020 and further depends primarily on it.
About the Author!
Samuel Alfie is a blogger at ProProfs Discuss, the #1 Q&A website with millions of wisdom seekers collaborating to ask questions and get the best answers. He loves reading and writing about a variety of topics including technology, business e-commerce, science, philosophy, pop culture, digital media, and more. With a knack for writing, enthusiasm for research and an editorial mindset, he loves creating content that resonates with the audience.