The days of it ain’t broke so don’t fix it may be over in the business world. Today consumers are more frugal than in the past. The recession has forced many Americans to look closely at the items they are spending money on. This has lead to a reduction of consumerism. With consumers buying less, businesses trying to sell more, the two ideas stalemate with each other. Companies of all sizes will need to re-evaluate old business assumptions and adapt to new conditions (Zahorsky, 2012). Businesses must reduce costs by streamlining their supply chain, value engineering their products, while trying to keep quality up. This will be difficult for businesses moving forward but a challenge that all businesses must face.
Zahorsky, D. (2012). Business trends emerging that will rock the world. Retrieved from http://sbinformation.about.com/od/bestpractices/a/business-trends.htm
Your comments are very insightful. Businesses must retool.
Yet, a manager’s own experience can work against him or her because the market situations are new.
I believe that the internet is a trend we need to look out for. WIth financial problems all over the world, entrepreneurs find it easier these days to start internet businesses. It is cheap, and easy to manage, and people are not afraid of the internet anymore. In the past year at least 4 of my young friends have started their own internet business, from their own bikini range to a company that delivers fruit to the work place. If you have an idea, create a website post it on Facebook and it will sell. Just typing in internet Moguls already gave me many articles about young people starting their own internet business. The UK paper The Guardian posted an article in 2011 introducing 7 young Brits that had successfully started their own business. Young people that have an idea, now realize their idea’s on the internet. When my grandfather started his business, he saved money rented an office and started working from there. Now, if I wanted to start a business, I would buy a domain name and start from there. If I need to find something, I go online to find it. This ranges from food, to clothes to books. Why wouldn’t you start your business online first if that is where people are looking for things already.
Fascinating point of view. Now i’m curious to help feel the type of effect this could get around the world? From time to time people receive a minor disappointed with world wide growth. I shall be about before long to check out your reaction.
There is a famous saying “trend is your friend”. If you go with the trend, you will have prosperity. If you go against it, you will lose and fail.
In the medical field, going electronic has slowly emerged in the field of medicine. It has become more prevalent to communicate with patients through their own personal smart phones. Physicians are much more connected now. The physician who I was shadowing answered some patients questions through text message! The game has changed. Also, long gone are the days where you would have to locate information about a patient in huge case files or not be able to read what the physician wrote in the records due to poor hand writing skills. Hospitals and clinics are going electronic with the electronic health record to make things easier to communicate and access.
Hoffman, R. (2012, March 20). Electronic records in medicine have both pros and cons. Pittsburgh Post-Gazette. Retrieved from http://www.post-gazette.com/stories/opinion/letters/electronic-records-in-medicine-have-both-pros-and-cons-617093/
Wagner, H. (2010, February 10). [Web log message]. Retrieved from http://www.investopedia.com/financial-edge/0210/Investing-Quotes-You-Can-Bank-On.aspx
As a molecular genetics major, a future physician, and a lifelong student of biological sciences, the most interesting emerging trend to me is that of personalized medicine. Genes are segments of DNA, which are found in every cell of your body. A basic gene can have many different forms. For instance, consider the gene that determines hair color. Normal variations of that gene determine specific hair color, such as brown or blond. More importantly however, your genes can determine how you react to certain medications and treatments. For example, a person may have a genetic variation that makes a drug stay in their body longer than usual, causing serious side effects. Conversely, a person can have a variation that makes the medication less potent. We live in a world where medicine is manufactured in a one-size fits all manner. With the emergence of personalized medicine, a person may be able to test which genetic variation they have and accordingly choose the best course of treatment. Significant work still needs to be done in the field but the world of personalized medicine is here to stay.
Mayo Clinic Staff. Pharmacogenomics: When Medicine Gets Personal. Retrieved from http://www.mayoclinic.com/health/personalized-medicine/CA00078
In my opinion, the fastest emerging trend is the knowledge worker. Every company in America needs and hopes to hire knowledge workers. The term knowledge worker is defined as workers who make decisions rather than physical items and work with ideas rather than with objects (Knowledge Worker, 2011). In my company the knowledge workers are the project management team. They must take in information, analyze the data, and solve the situation for the customer. Our customer expects their project manager to be a skilled problem solver and handle any situation that may arise. Education is one of the best ways to create a foundation towards being a knowledge worker and then next best way is experience in the industry.
Knowledge workers. (2011). Retrieved from http://www.referenceforbusiness.com/management/Int-Loc/Knowledge-Workers.html