4 pages/≈1100 words
How Business Trends Affect An Organization's Capability For Achieving A Competitive Advantage In The 21st Century Business Enviroment (Research Paper Sample)
How Business Trends Affect An Organization's Capability For Achieving A Competitive Advantage In The 21st Century Business Enviromentsource..
Business Trends in 21st Century And how they Affect Business
The bottom line is that in a dynamic environment, such as the new competitive landscape, firms must develop a process of continual transformation. This often requires a significant change in many managerial mindsets." (Hitt, Ricart & Nixon, 2008, p. 9). With the current competition in the world economy today different business organizations have tried to come up with different trends and strategies tat will give them a competitive edge as far as business is concerned. The business trends today have been greatly influenced by the environment present.
The more business trends adopted, the more likely your business will compete well in the business world. For the companies today to succeed in the business world, competition must be upheld to ensure that the rivals are outperformed in all ways. This fact calls for dynamic strategies and business flexibilities adopted in the world today. There are some ways business trends affect an organization's capability for achieving a competitive advantage in the 21st-century business environment.
Firstly, one of the main business trends of the 21st century is the technology revolution. There as been an explosive growth in the demand and use of technology in this century than it has always been in the latter years. This has ensured that there is competition among the business organizations in the world today. Many company strategists have advocated for the use of technology and information sciences to make sure that E-Business sector has well grown. For instance, online companies such as eBay, Amazon, and OLX have thrived well in the 21st century as Information Technology (IT) as also takes its toll (Hargrove & Smith, 2013).
Technology has positively impacted the business world through ensuring that there is positive and healthy competition among the companies. One of the ways in which technology has enhanced competitiveness is through the production of quality products. For instance, mobile business Apple Inc has heard a competitive advantage over its rivals such as Samsung through the manufacture of quality phones that fulfill the demand of the population today (Cunningham & Fröschl, 2013).
The adoption of technology has only done well to the business sector through ensuring that there is competitiveness. Secondly, technology has also made sure that customer satisfaction is put into place stringent production of many products hence feeding the ready market and growing world population. In countries such as Japan where motor vehicle industry is supreme, robot technology is adopted than human workforce and hence makes Japan the best motor in the motor vehicle industry. Hence technological use as at trend as enhanced competitive among business organizations in the world today.
Secondly, the perfect talent storm as been another business trend that has enhanced competitiveness in the business sector. With aging population decreasing fast, there has been an increase in the recruitment of the younger workforce that has in...
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