The very integral part for understanding a business pattern is that it is not static. Market and technological forces continually pressurize business patterns to change. Business disruptions have become common or rampant more so in the last decade and are commonly understood to be a change in the use of technology by peer businesses which significantly changes the traditional way of doing business.
However, disruption is a more glorified term for change, though broadly similar, change is more an inchmeal process while disruption is more rapid and unpredictable. Generation Y and generation Z are the future for most business; those businesses which do not cater to their taste are looking ahead to a painful disintegration. The process of disruption follows a pattern that repeats pretty much in every industry where solutions to business problems and technology improve so rapidly that they at times kill the predecessors. Such elimination of incumbents can be witnessed in the following sectors of business:
Origination of smart digital watches
having attributes of a smart phone and a digital accessory, preferred by new
generation has downsized wrist watches which have been ruling the market around
for more than a century. In such a scenario, high end brands with status symbol
may survive this particular upgrade but other brands adapting traditional patterns
of wristwatch making may see this as a huge challenge. Thus such business
houses would need to introspect and realign themselves accordingly.
Gold has been considered as a social status and as a reliable medium of savings and fashion since times immemorial. With the radical change of time, the Z generation does not rely much on gold jewelry in terms of saving and investing and would rather prefer cheaper options available for fashion and trend. Thus such business houses are expected to face a tough time in future.
Education is a mode of learning for the reason of applying it both socially and economically. The traditional employment has been done on the basis of the degree or qualification one holds and the experience he/she has in the field. With the advent of online teaching courses, the traditional education system will face a mammoth challenge, as more stress will be given by the recruiter on the knowledge of the person, thus traditional brick and mortar university degree certificates are possibly losing ground. Self-learning is the buzz word, with a little help from online courses a person can possibly find a suitable job. Institutes which teach social skills might actually gain as physical interaction depletes. Hence, the traditional brick and mortar higher education institutes would possibly need to adjust their sails to get over the tide.
Though disruptions prove fatal for select businesses, they certainly are like a good fortune for others. With changing tastes and preferences of the new generation, some business sectors are reinventing themselves to entice Generation Y and Z customers. This optimism reflects in the following sectors of business:
Entertainment is nearly as old as the history of men. Movies, plays, games, TV, sports and many more forms of digital entertainment including digital gaming have become a greater deal of reliance globally where a lone person can be amused. Interactive digital entertainment will become more prominent and popular in the future and would let a user have a life like experience from his/her room. Entities involved in this business are expected to do better.
With the gradual erosion of trust, values and faith; security is fast becoming essential in nearly all aspects of one’s life. Physical and cyber security are here to stay for a long foreseeable future. Private entities and government organizations which are in the business of providing physical security too are expected to see an upward trend as safety becomes more vulnerable. Thus entities providing such services would possibly do well and individuals trained and educated in such fields are expected to be in demand.
Doorstep delivery is the present name of the game and this trend is most certain expected to hang in the future as consumers are more inclined to being individualistic. Fear and angst from unascertained pandemics, accidents, attacks and diseases would only catapult the cause. Hence the concept of companies storing their own products would disintegrate over time whereas companies providing warehousing and logisitics services would prosper and become darlings of the industry. Moreover, such entities will rely on technology to make the best and efficient use of available resources.
Hence, the very essence of any business pattern relies on its characteristic and parameter. Some businesses might resonate a need for change while some might not. Therefore, strategic planning for documenting and establishing a direction for any business is the need of the hour to sustain, endure and earn profits succeedingly.
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