The implementation of new technology

The implementation of new technology

It is exciting how rapidly the global business environment is changing and developing. Looking for ways on how future alterations in the business environment will improve in the next five years, can be the best way. Predicting the business in the future can be the best way since many companies can make up new structures, policies, cultures, and also the products which will fit for the future. One of the main development factors which will bring change in the next five years in business is the implementation of new technology. The use of technology will impact different aspects of companies.

The implementation of new technology will change the way many entrepreneurs will be transporting their commodities. It will make transportation more accessible and most cost-efficient. The techniques that will mostly be used to transport the goods and services are drones and autonomous vehicles. These vehicles have advantages of improving safety and environmental conservation. Despite providing security, these vehicles also offer financial benefits to companies, which include lowering the cost of human resources and the amount of moving goods from one place to another. Lower travel times and less traffic is also an advantage of transport technology. Many business people will be using the internet to buy and sell their products. For example, nowadays, children have become tech-savvy before even joining schools. The reason behind this is because their parents have internet in their homes. It is rare to find a person without some technological gadget on their hands. These gadgets are the once which will be used for the next five years to run a business since technology will grow at a very high rate.

Another critical development of the global environment in business is competitive intelligence, which is a manual process. Competitive intelligence professionals and the market analyst spend a perfect time to capture, analyze, and also act on competitive intelligence data. In some years to come, the method used to do competitive research will soon be banned down. The reason behind that is because competitive intelligence is becoming more on-demand compared to the other ways of doing research. The competitive intelligence professionals will be having a new understanding of best practices, challenges, and strategies, and they will be advised to look at how the industry is growing one year to the other.

Nevertheless, I also see that emerging markets also extends to globalization more broadly within the next five years. The main factors which will bring about emerging markets over the few years to come are demographics and urbanization. When most people reach working age, one would expect the labor force in emerging markets to swell materially. Emerging markets will be the lenders to the global economy in a few years to come. We also see that many people have migrated to places where there are better markets. The global business professionals have already started to figure out the factors such as financial stability, the language spoken, the suspected government corruption levels before beginning to invest in the markets. Through this, the global environment of business will change in the next five years to come. There will also have an expansion of affluence in developing economies. Due to the increase in access to technology and education, it will provide great opportunities in developing countries, which will contribute to the expansion of the middle class. This expansion will bring the most significant effect on industries like tourists and traveling, chemistry, and also in biotech.

One of the critical challenges that Saudi Arabia will face due to the development of business in the next five years is its lack of focus on the potential political consequences of economic reforms. If the government of Saudi Arabia fails to sustain its current level of payouts to the population, it will bring the rise of public dissatisfaction. Education will also be the challenge that will face Saudi Arabia in the years to come since it does not offer enough graduates who can be able to work in the private sector. In a real sense, Saudi workers demand higher salaries. Education and training are some of the main challenges that Saudi policymakers will face in five years to come. Another problem is that Saudi Arabia’s technology does not have enough capacity to undertake such an endeavor, and this means that all the technology which will be needed in Saudi Arabia will have to be imported.

The firms need to adopt some strategies to succeed on how the business will change in the next five years. One of the plans is risk management. It helps firms to evaluate the risks and challenges which may occur and how to overcome them. Risk management provides enough solutions to every problem, and the people may be able to identify which questions can be overcome and the ones that cannot be overcome. Organizations should also know that communication is a vital aspect of a business. Through dialogue, business runs smoothly to both the seniors and the juniors. For example, a country like Saudi Arabia applies excellent communication in their companies. Saudi operates in a high-context communication style, which all countries need to adopt.

Due to the change which will have happened in the next five years in KSA, it will have its implications to the organizational structures, organizational culture, management systems, and also in leadership styles. The companies that grow with a weak internal structure, communication channel are strained to the point of becoming inefficient. But the companies that have strong corporate structure are designed to overgrow. These companies maintain good productivity during times of growth, and it also provides structural improvements when a company is growing. A country like Saudi Arabia should consider the type of leadership they are using. The best leadership style is democratic leadership. Its characteristics include the distribution of responsibilities, empowering group members, and aiding group decision making. Its implication to a company is creating employee job satisfaction and also encouraging innovation and creative solution which may be facing their business.

In conclusion, the ability to manage projects well is a crucial skill in any organization. The implication of implementing a sound management system in Saudi Arabia is very vital since it is the key to the efficiency and success of many businesses. When a firm improves its management skills, its market will have greater personal effectiveness and career development. Having sound management systems, a company can achieve its organizational goals and enables efficient and effective use of limited resources.