Monumental events throughout history have shaped the global business environment and enabled it to progress further. The emergence of the financial technology or fintech domain was a result of the international economic crisis of 2008/09. The dotcom crash in the early 2000s propelled the creation of tech giants like Google.
At present, global business is continually being shaped by emerging trends across different areas and the latest scientific and technological advancements. All these factors lead to transformative changes that are visible across many business domains.
Here we’ve listed some recent transformative factors affecting business environment globally and changing the meaning of business environment in some of the key domains.
Streaming services are dominating the entertainment industry
Entertainment consumption has certainly changed across the world over the last few years. Streaming Services like Hulu, Netflix and Amazon Prime now command a much higher percentage of the media content consumed by the average viewers. It is apparent from a Digital Media Trends Survey conducted by Deloitte that 69% of the average middle-class population across the world said that they have at least one streaming video subscription.
The rising popularity of streaming channels is perhaps best illustrated by the success of one of the most popular streaming services in the world—Netflix. As per Statistica.com, the streaming platform has more than 131.7 million subscribers across the planet.
Various factors have contributed to Netflix’s success—the OTT platform lobbies hard to acquire the publishing rights to a large number of classic movies and TV shows. Another major factor is affordability. Currently, it is cheaper to watch a film on the online platform than go out to the theatres. Market innovations like releasing multiple episodes of a TV show at once ensured that people could binge-watch to their hearts’ content rather than waiting an entire week to know what happens next.
What’s more, is that all the OTT platforms, including Netflix, are continuously adapting their dynamics to suit audience needs. Integration of AI to provide thoughtful recommendations based on customer preferences has been a huge factor behind the dominance of these platforms over the conventional cable network.
Fintech is providing banking convenience
As in with many other industries, customer convenience has become one of the most critical priorities in business process outsourcing in the banking sector. From corporate banking to personal banking, banking convenience is driving most of the business environment features in this domain. Artificial intelligence, machine learning and other technological advancements are helping banks across the world cater to every wish and necessity of their customers.
The proof of fintech in providing customer satisfaction can be seen through many successful banking examples such as Citi Bank. One of the first banks to offer an online banking experience, Citi Bank, has since expanded its technological innovations in several sectors.
Primary among Citi’s innovations include an AI-enabled app that can provide customers with financial advice based on their banking and purchase history. Other projects include a dedicated beta testing community to evaluate new innovations, digitized reward schemes for priority customers and the first online credit card application and approval system.
Community shops and businesses are re-emerging
Recent events have demonstrated that community-owned shops can provide essential services and products, and act as crucial centres for families to come together and support each other. Community-owned retail stores and convenience stores are mushrooming in small cities across the world, showcasing changing characteristics of business environment despite the expansion of e-commerce networks and large retail chains.
One primary reason behind the re-emergence of community shops and stores in recent times is their adaptability to digital transformation. Unfazed by rapid technological advancements, community-owned stores are turning their Achilles heel into their biggest strengths.
Take the instance of the community village shop in the small county of Grindleford, UK. Not only does the shop sell daily essentials, but it also donates the unsold perishable items to a church’s food bank. The founders have even commissioned a mobile app wherein local residents can order and pay for their purchases and collect them later. This reduces the duration of their grocery shopping.
By weaving their services around the fundamental needs of the local community, the shop can sustain a steady business and has become the rallying point for the locals. Competitive pricing and offering locals the opportunity to invest in the store are other factors that have been successful in this case.
The first step towards change is – communication. As business rules and priorities change, so do the ways of communicating with stakeholders at different levels in an organization. It is vital to keep up with the latest business trends and their impact on business communication, especially if you aspire for a successful corporate career.
The University Canada West or UCW offers a Bachelor of Arts in Business Communication program that can help you communicate business environment analysis well. This interdisciplinary program can also improve your expertise in applying communication methods to business problems and contexts, preparing you for a global career.
Click here to learn in depth about the BA in Business Communication program at UCW.Published on July 21, 2020.