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Business Trends

Entry 638, on 2007-11-09 at 20:01:52 (Rating 2, Politics)

In a recent podcast interview I heard some interesting opinions by the author of a book on the subject of where business trends are leading. The trends themselves aren't surprising: technology changes the way many businesses operate, the rate of change is accelerating, everything has to happen faster, and many people demand more flexibility in their work place.

Many big corporations have set up a very profitable way of operating which is challenged by these trends. They will resist them as long as possible but in the end they will lose. The classic example is the music industry. Currently they select a few artists (often of doubtful talent), excessively promote them to create a market, and grossly overcharge for their music in obsolete formats (such as CD). Modern digital distribution methods challenge this, and the music companies are resisting it, but they will lose.

The music industry is also an example of where impatience is a factor. When someone hears a new song (in Starbucks for example) they want to add it to their collection then. If they wait until next time they visit a music shop they could easily have moved on to something else. Apple have allowed instant downloads with their new iPod touch and I'm sure this will grow in the future.

Technologies change quickly and traditional distribution systems can't cope so again digital technologies can help. The music industry is yet again a good example but the popularity of Internet auction sites for selling and buying is also an indicator of where things are likely to go in the future. I can't remember the last time I ever bought a significant item at a traditional store.

Finally there is the place of the employee in an organisation. In the past it was often thought that the employee should be grateful just to have a job. Now many people change jobs regularly and loyalty isn't a major factor to most people. The employers only have themselves to blame for this because many demonstrated lack of loyalty to their workers before the inverse became common in most workplaces.

There seems to be a modern trend to flexible working hours and conditions too. Quality of life is becoming a more important factor than it has been in the past and business will also need to adapt to this.

So the future looks interesting. One major point made in the podcast was that predicting future trends is almost impossible, so planning is often a waste of time. Many organisations use a "shotgun" approach where they try many new ideas and hope that some will work. So things a certainly changing and its impossible to say where they will go, but its going to be an interesting ride!

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