Nobody knows what the future holds for us. We can only make predictions about it by analyzing the data that we have and looking at our environment and the current situation we are in. Many things affect the future and how we will practice business then, but by looking into some of the megatrends we can see what it may hold for us. It is up to us how we react to this and practice business based on it.
Environmental aspects are important to remember when talking about future business, but this essay will focus more on technological trends as well as power changes.

Transaction to experience.

In a world where we are more and more used to luxury, we tend not to think about the cost of services in a way that are we benefitting enough from them for the money we use on them. For example, Netflix is a streaming program that many of us pay for around the year, but is it getting used as much as you pay for it monthly? Or are you used to the comfort of having it and being able to use it when you need it? There are many of these platforms that you pay for just for having the luxury and experience of it. You pay for it even without thinking about it because they have made amazing work by making it seem so little money for the experience that you do not pay attention to it. Another example of this could be the Tier. People use their electric scooters in the summer to be able to go from place to place and the experience with that is made so fun and easy that often time we do not think about the cost of using them. It is all about the experience your company can give to the consumer to make them forget the cost of it. When it is a good enough experience for the human they are willing to pay for it and forget the cost of it.
Data to insights
Data is gathered so easily nowadays and it holds a big power in it if a company knows to use it right. Many companies have made a way of earning from this data as well as implied the insights from there to their businesses. To make their business better, faster, and more useful for the consumer. The data that we have can be used in various ways and machines can use this data to learn and to get smarter. 90 % of the data that has been produced was made in the last two years. Because in the last five years the number of users of the internet grew by 83 %. It will keep growing in the future when we can connect even more people to the internet. About now there are over 22 billion connected devices but by 2030 it will grow to 50 billion connected devices. With the huge amount of data, we can produce and the technology we have, combining them human life can become even easier than it is. Thrones bring us our orders just minutes after the purchase because they can predict what we are buying before we even know about it.

Change in the workplace

The future jobs can differ a lot from nowadays work that we have. Because AI is getting smarter than ever and we are not too far from supercomputers and with the rise of the metaverse, the futures job market and job surroundings can differ a lot from today. AI can provide information beyond humans and serve in various ways. The computer can learn way faster from data given to it than a human and recognize patterns in the data. Computers can take over jobs that mostly concentrate on analyzing data and making diagnoses. For example in the stock market computers have run the selling and buying process since 2017 from the data they have gotten about the market. In the future, we may see doctors getting replaced by computers. In the end doctor’s job description is to analyze the data he has gathered from nurses and turned it into a diagnosis. A computer is also capable of turning that data into a diagnosis, sometimes even better than a doctor, because it has far more knowledge to compare the data to and make the diagnosis.
Even though machines may be smarter and faster than humans, they are not able to replace certain human traits. They are not able to build a connection or a relationship with a human, they do not have gut feelings nor can they make subtle movements like a human. Because of this many jobs like nurses and waitresses are going to expect in the future as well as they do nowadays.

Demographic change

With demographic change meaning because of technology humans can live even older than ever before. When is time for big age groups to retire we might not have enough working people to support their retirement? Nowadays trend in the new generation has been having fewer babies to hold back on the huge population growth. For now, there are around 4 working people for one elderly person, but in the future, it will turn around and change that there are 4 elderly people for two working people. To have enough resources to support the elderly and have more people in the job field women are expected to join the working field and should be more courageous to join it. So there would be enough people working.
When older people are getting to retire new generation of leaders will take over. Millennials and generations after them are more educated than ever and therefore have different expectations regarding mobility, opportunity, relationships, and ownership. This new generation of leaders is expected to have a wider view and support with their decisions for a better future. They need to address the global need for women to join the workforce, lifelong learning, and adequate health care. With the new generation taking over there is going to be a huge popularity growth in Africa. It predicts that 25 % of the world’s population will be Africans. Where there is a need for education and support to guide this big population to the right path. They will have more impact on the future of economics and politics.

Summarize

We can only predict what can happen in the future. That is why is good to look at the megatrends that are happening already. How to get from transactions to experiences, where the customer is having so good of an experience they forget the aspect of money in it? Or how to use data even more and where data can be used in. As well as how the future job market will be different and what demographic change means for us.

References:

Nordic Business Forum

https://www.youtube.com/watch?v=Qfc7VG4ocr8

https://www.youtube.com/watch?v=TKJdl6Vt_gA