Trends That Are Changing the Face of Business
The modern face of business is quite different from it was just two decades ago. That’s mostly because of technological advances that have digitized the majority of all communications, largely eliminated the need for paper documents, reduced reliance on petroleum, and enabled virtual currencies that threaten to replace national fiat money. How can leaders use these changes to make their companies operate more efficiently?
More importantly, how can they create new businesses that spur along the advancements? The shift in the way owners do their jobs has become radically transformed in the 2020s. At the forefront of the metamorphosis is the transportation industry, followed by publishing, the automotive sector, the financial world, and the entire cryptocurrency realm. Here are pertinent details about each one.
Telematics for Transport Fleets
The telematics trend within the global transport sector has altered the way companies operate. Fleet managers who leverage the power of combining IT systems with advanced telecommunications components are able to achieve high levels of efficiency. In fact, the very definition of telematics refers to the marriage between what used to be called information processing and all types of sophisticated telecommunications. In the digital age, when seemingly every business process operates via the internet, the rise in network complexity has allowed for a vast, streamlined movement of data between people, offices, and organizations at the speed of light. For vehicle fleets, that means drivers and managers can communicate with ease 24/7 and transmit large amounts of relevant data to each other at the same time.
Few industry watchers would have guessed a decade ago that electronic books would have dug so many inroads into the traditional publishing business as they have. But the entire world of bookselling has been transformed by a combination of e-books, e-readers, smartphones enabled to read e-books, and quick downloads of digital materials of all kinds. You can write about anything from the importance of volunteering to teaching children how to be confident, and everything in between. The paperless office is no longer an oddity but a common environment in financial, law, engineering, and other businesses.
Though EVs got off to a very slow start several decades ago, the technology has undergone rapid development since the early 2010s. No longer a high-priced rarity, electric cars are showing up in traditional dealerships everywhere. Consumers have a choice between plug-in hybrids, called PHEVs, and all-electric cars, or EVs. Now that commercial enterprises and municipalities have begun converting to e-powered small trucks, vans, and passenger cars, the production of EVs has shifted into overdrive and promises to change the face of modern transportation within the next 20 years.
The surprising rise of cryptocurrency since 2010 is due in part to the fact that Gen Z is hooked on crypto and NFT’s, thus this has been one of the most transformative developments in the global financial and economic sector. Because the largest alternative coins, like bitcoin and Ethereum, are decentralized and not controlled by any national government, the new form of money has caught on with individuals and institutions that value the chance to break away from the nation-state system of fiat currencies like the yen, dollar, peso, and others. The future of crypto, however, is still not clear. Governments in Europe, Asia, and North America are working hard to rein in the influence of alt-coins by taxing them, regulating their use, and sometimes outlawing their use altogether.