Digital tools and technologies have clearly transformed our personal and professional lives, however, according to the Harvard Business Review, only 20 percent of 1650 firms analysed have taken measures for a digital reinvention. Below are some of the elements driving organisations to revamp themselves in a digital world.
Organisations should not only consider profiting from the global marketplace but should also identify strategies that can help them thrive within the competitive environment. The global marketplace presents compelling opportunities for buyers and suppliers to identify new products and services that can improve revenue, optimise costs and deliver higher levels of customer retention. The power of globalisation will become a driving force for organizations to change.
Customer Demographic Changes
Millennials are influencing the way companies operate businesses through the use of technology. In addition, culture, language, ethnicity, preferences and global buying behaviors have resulted in an international fusion of customer demographics and process patterns. Therefore, only companies that adapt to the changes are able to witness bigger and more lucrative opportunities in a global marketplace.
New technologies are trying to anticipate product demand through predictive data science of consumer buying behavior patterns. The Internet of Things (IoT), Artificial Intelligence (AI), Robotics, predictive intelligence and big data analytics are shaping future changes. New advancements in information security have allowed for global expansion through innovative technologies. The rise of innovations fueled by data science have led to the creation of futuristic possibilities.
Changes in an industry are likely to be influenced by external factors. They will most probably come from other industries searching for greater expansion. Technology is now intertwined in our personal and professional lives. For example, the cross-pollination between technology and education has led to the advancement of online education. New online online education sites such as Udemy and Coursera are challenging the traditional educational system.
Governmental Regulations (National and International)
Political factors will typically have a direct effect on businesses around the world. Organisations will have to constantly stay up-to-date about local politics, international politics and trade relations. With global business opportunities, companies face the challenge of understanding international policies influenced by regional, national and local politics.
Universities and colleges around the world that are aiming to become globally competitive and advance university excellence are encouraged make reference to the above mentioned factors when trying to make the necessary adjustments. This is because while the above mentioned factors are directed at industry, the academic world are also influenced by the changes brought about by technological advancements.
In addition, due to globalisation and various political factors, tertiary institutions worldwide are facing a shift in international student mobility. Not only are businesses encountering cross-industry pollination, the higher education market is also impacted the dynamism of the modern world economy. Therefore, the above mentioned factors may serve as a valuable point of reference for higher education leaders and academics.
The opinion expressed above is that of the editor and not necessarily that of QS Asia.
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