ASSIGNMENT
Background
The business environment is under constant change – new economic and industrial policies; advancement in technology; shift in focus in political concerns; globalization and matters of equalities, inclusion and diversity – amongst others, are markedly shaping the ways in which organisations have to transform themselves in order to maintain competitive advantage and remain sustainable.
Peter Schwartz is a renowned corporate futurist who pioneered the use of scenario planning at oil giant Shell in the 1980s. The article below presents a scenario of how our world has emerged to date and its possible future outlook.
The Assignment Article:
Scenario planning in Silicon Valley
Article link: https://www.managementtoday.co.uk/lessons-scenario-planning-one-its-pioneers/innovation/article/1494606
Assignment Tasks
Section A
(This section assesses your understanding of theoretical aspects of the subject):
Task – With reference to the Pillars of Emerging Themes, as discussed in your lecture sessions, present a critical evaluation of
the current impact of Emerging Industry & Market on your discipline and wider sector.
Section B
(This section assesses your ability to relate theory to demonstrable and applicable understanding of the subject): Read the article provided above and, from the viewpoint of your discipline and your wider sector, present a Report tailored to your
specialism of study and your wider sector.
1. Identify and critically discuss emerging themes relevant to your discipline and sector as inspired by the article. Your discussion must be presented with contemporary industry examples.
2. Critically analyse the implications of the identified themes on the future of business within your discipline and sector in the next five to ten years. Your analysis should consider challenges and opportunities.
3. Provide justifiable recommendations for courses of actions that organisations within your sector can take to ensure continued existence and competitiveness in business.
Introduction
Emerging themes in this contemporary business era are in the limelight. New trends trigger every industry, and the management of the companies intends to increase both internal and external capabilities to embrace these themes. It is the best way for any organisation to gain and sustain a competitive advantage. This study revolves around two main sections. Section one will discuss the pillar of emerging themes, the impact of emerging industry & market on discipline and effects of emerging industry & market in the broader sector. Conversely, section b will illustrate themes which are relevant to the discipline and sector along with future business considerations. In the end, the report will streamline a key recommendation for the company, and it can become a driver to get a competitive advantage over other rivals in the future.
Section A
Pillars of Emerging Themes
· Emerging Changes in Society
Emerging changes in society are in the limelight due to the impact on people. In modern society, people are changing due to remarkable technological revolutions. For Instance, people have become tech-savvy in the United States and many other developed countries. Due to emerging changes in society, customer buying habits have changed. The customer wants to appear on different digital touch points, and on the other hand, companies are quite aware of it. The future of industries is triggered separate digital initiative, and of course, it seems a demand from societies.
· Emerging Work Environments
The working environment has also been changed in this contemporary business era. Today’s workforce is full of Millennials and teamwork. It has been revealed that millennials have become tech-savvy. Organisations are looking to reduce the number of employees in the workplace to reduce the business cost and increase the efficiency of work to be relevant, productive and sustainable. Also, workers, especially Millennials, are quite aware of personal rights. Workforce planning includes different employee rights, which are drivers for changing the whole picture of the workforce. According to the revelations, by 2025, 75% of the global workforce will be comprised of Millennials. Trends of motivation, work secluding and the rewards have also been changed. The current workforce does not like a hectic work environment. Thus, flexibility is the best way to improve workforce productivity, assertiveness, and performance (Official Comedy, 2013).
· Emerging Technologies
Technology has changed retail, hospitality, manufacturing, event planning, and many other industries. One of the top technological trends in different sectors is artificial intelligence. Machine learning emerged in organisations. Collaborative knowledge increased the cognitive ability of organisations. Thus, artificial intelligence, robotics and 3D printing are emerging trends, which have already been adopted by companies. An adaptation of digitalisation proved that organisations intend to embrace technology as part of the core strategy (Gartner, 2017).
· Emerging Industries and Markets
Organisations have developed new ways to enhance the visibility of attraction and satisfaction. New products are designed for new customers in the market. For Instance, emerging industries can be shaped into different segments. Creative, eco, mobile services, mobility, and personalised medicine industries. Social media advertising, 3D manufacturing, Uber eats, and new energy sources are some examples of emerging industries and markets, and the response of people around the globe is incredible.
Impact of Emerging Industry & Market on discipline
(Discipline: Management)
The effect of the emerging industry and market on the management discipline is quite visible. In the management process, the primary role of the management of the company is planning, leading, organising and controlling. The role in this new emerging market or industry is the same. However, ways of doing things have changed. For Instance, the management process, especially in the marketing section is quite different as compared to traditional methods. The management of the company can plan, control, and manage the marketing process on various social media channels. In emerging markets, customers are aligned with advanced touch points. Thus, the internet of things concept is prominently associated with this discipline. Drivers of emerging industries and markets are technological advancement, competition, market saturation, and customer preference. However, critically, to adopt new trends in the emerging markets, the company management has to change the internal business environment. For Instance, marketing discipline, a branch of management process has to shape the behaviour to embrace things (Lee and Lee, 2015).
Impact of Emerging Industry & Market on Wider Sector
(Sector: Retail Management)
Impact of emerging industry and market in a wider sector is quite visible. No doubt, even in the broader area, the role of management in emerging markets and industries is to be streamlined. However, new industries and markets create a significant impact in the broader sector such as retail business. It has been observed that the retail sector embraced artificial intelligence and machine learning in this modern business era. The retail sector is digitalised, and emerging industries such as mobile services create the impact. For Instance, retail chains, especially online stores, have developed mobile apps to interact with customers effectively. Using the mobile mechanic is a new trend, which brings customers and company close to each other. Technological advancements and innovation are two primary drivers for these emerging markets. Thus, firms like Amazon and many other online rivals depicted innovative techniques to make the difference in the global markets. It can be said that the new industries and markets are integrated with advanced technology, and the impact can be seen by profitability, global expansion, and increasing customer traffic (Pwc.com, 2017).
Thus, the impact of emerging markets and industries on management discipline and wider sectors such as retail is quite visible. Trends in the management process are also changing, and the management content is also to be changed to integrate accordingly. On the other hand, retail companies may also have to see a larger picture to emerge string in the future retail market.
Section B
Emerging themes Relevant to Discipline and Sector
Emerging work environment, emerging technologies, and emerging industries and markets are relevant to the discipline and sector. According to different insights derived from the provided case, business processes and customer interaction are changing due to technological advancements. From the oil and gas industry in the retail sector, new trends have been adopted by top companies. For Instance, the emerging working environment is relevant to the management discipline. In this article, the author illustrated new ways to interact with customers and enhance the attraction. Now, the management has to change the internal culture first to change the behaviour of its employees. Due to new technological advancements in the workplace, the administration is bound to train employees to learn new skills and shape appropriate behaviour. When the customer enters a retail store, he can be retained through some new promotions, which are associated with mobile technology. If a worker has a command of the new technology in the retail store, he can convince customers to use the app. The author’s wife got a discount from the retail company because she agreed to install a new retail app. Thus, the management has to find new ways of training customers, and it can use employees as prominent drivers. Scenario planning also changed the whole picture of the current work environment in different firms. The management can make effective contingency plans by using this trend in the workplace. Workers, especially millennials, like this creative way of handling or managing things. Interestingly, in the retail management process, it is an essential technique to make employees or stakeholders make changes in the future.
On the contrary, emerging technologies such as artificial intelligence and machine learning are relevant to management discipline and the wider sector. In this case, it has been revealed how the retail sector is using artificial technology and customer data to meet its needs. Retail management, a wider industry or the management discipline is intended to demonstrate disruptive innovation. Firms have to become early adopters, and it is an excellent opportunity to beat substantial risk to secure the future (Vecchiato, 2017). A prominent company, Standard Market, used facial recognition to manage and control the customer traffic in a retail store. Even Brick & Mortar business model can embrace the emerging technology, and Standard Market proved it. Being a management stakeholder, I can always identify new ways to serve customers and change their shopping experience to be competitive and advanced in the retail market. Facial recognition is also an emerging technology, which is to be used by the management to improve the retail management process. Amazon at its Seattle campus and Alibaba at its HQ in Huangzhou adopted this technology, and of course, the management identified the need and planned it accordingly.
Emerging Industries and markets, mentioned above, are also relevant to discipline and wider sectors. The CEO, part of the management in the organisation is hungry to find ways to integrate with new industries and markets. For Instance, mobile service industries such as Uber eat, and mobile mechanics can be partnered with the retail sector. Planning the partnership with retail food chains is a part of the management process, which can help to increase customers, revenues, and profitability. In the modern business era, companies are looking to find strategic partners to share resources and market share. Emerging industries and markets are significant areas of concern for management. Being a student of management, I would like to learn about a merger or acquisition and any partnership. In the strategic planning process, a phase of the administration, the firm may identify strategic partners. If Amazon management plans to partner up with Uber Eats, the sales can be increased. Increasing sales, profitability, and revenues are a top management concern in the competitive landscape. However, when it comes to the wider sector, improvement of retail with these emerging industries can make a difference.
Implications of the Identified Themes on the Future of Business (5to10 years)
Implications of the identified themes on the future of business can be described with some challenges and opportunities. The emerging work environment can shape the company in the future. A glimpse of the changing work environment is quite visible in different industries or workplaces, especially in the retail sector. However, the current or emerging work environment increased the predictive validity. In the next 5 to 10 years, businesses, especially the retail industry, will be changed due to several data-driven approaches. Based on the data, the management of the company will manage employees and shape workplaces. It can also be observed in today’s workplace, but it will be done differently in the future. For Instance, the future of the work environment will be more collaborative than before. Remote working will change the nature of the work. Flexibility will be the primary driver of future business. The remote workplace will justify the flexibility and work-life balance approach, and these are two emerging trends, as far as the current or changing work environment is concerned. The implication of this theme on the management discipline and retail sector a is noticeable in the next five to ten years, as several steps are taken shape collaborative workforce and enable employees to work with systems. In the future, employees and systems will be functioning together, and it will be the most significant achievement.
When it comes to the emerging technologies in different business sectors, artificial intelligence and machine learning are key trends. However, in five to ten years, businesses will have more advanced forms of these technologies, which can further transform the whole business process. According to predictions, by 2025, the retail store will use biometrics to exhibit remarkable personalisation. Facial recognition and fingerprints are glimpses of emerging technologies. But, in the future, the management can predict an increase in the individual shopping experience by optimising the biometric identification. Also, technologies like interactive signage will enhance attractive visualisation in the market. 3D printing, robotic delivery, and augmented reality mirrors are some advanced forms of current technologies, which can change the whole picture of the business in the next five to ten years. Relevant to the management discipline, the management process will also be altered because management stakeholders have to identify the need for disruptive technologies and get the advantage in future (SoftBank Robotics US, 2018).
Emerging industries and markets will also play a role in transforming the business. After the digitalisation, the needs of customers are changing. Thus, with the perspective of management and marketing, the company can be improved or transformed by creating different business divisions. In the modern era of emerging industries and markets, firms will be focusing on more divisions to compete in these sectors.
· Opportunities & Challenges
Now, regarding opportunities and challenges, the most significant opportunity for these businesses is to reshape the structure and culture in the internal business environment. Using current technologies like data and other data-driven approaches, it is an excellent opportunity to improve predictive validity and cognitive capability. The management must be able to observe the larger picture. The biggest challenge will be the ageing population and the lack of technological skills. Of course, the current millennial workers will be experienced and aged individuals in the next five to ten years. Thus, the training and development process of old and new employees will increase the cost of business. Emerging technologies come up with some new loopholes. Thus, making the company safe and secure can be a significant challenge or concern for the management and retail sector.
Justifiable Recommendations for Courses of Actions
Work-life Balance
Being a strategic consultant to companies within the retail sector, I would like to recommend some key strategies to be competitive and relevant in the market. Relevant to illustrated themes, I have to come up with three different recommendations. For Instance, regarding the emerging work environment, I suggest a work-life balance. Retail organisations or businesses have to reshape the organisational culture and working environment to meet the needs of the modern workplace. It is a fact that workers in the workplace expect different things from the management. The management will bring work-life balance in the workplace to reduce the visibility of the employee turnover (Kohll, 2018). The modern workplace will be integrated with customers differently. Employees will be interacting directly with customers in the market to meet their needs and derive feedback. Of course, the role of technology is visible, but some other strategic considerations will be needed. The future workforce will have to understand the difference between millennial and generation x customers. If internal force is satisfied and loyal to the company, it can understand customer behaviour, especially in the retail sector (Gurău, 2012)
Disruptive Change
Emerging technologies and impact on business and discipline and the wider area are explained. Now, it is essential for organisations in the retail industry to evolve with time to be competitive and lucrative. For Instance, due to emerging technologies and idealisation of future disruptive innovation, the change is highly recommended. Instead of depicting drastic changes, the management of the company must take tiny steps. Disruptive technology, managerial cognition, and market choices are three different factors, which are interrelated with each other. In this change process, it is necessary for the management to conduct a technological forecast. Imitating the technology which is adopted by other industries or countries can be a blunder by the company. The technological forecast is highly recommended to retail sectors to find a pertinent rationale behind the change (Reinhardt and Gurtner, 2015). Interestingly, managerial cognition is a key driver, as the management can identify the need for technology and its impact on customers. Now, the whole change process needed a systemic way to obtain the expected results. As mentioned, the primary function of the management process is planning, leading, organising and controlling. Thus, creating the urgency and communicating the vision to all key stakeholders when adopting emerging technologies is the right approach. It is also recommended because it can reduce the resistance and any vulnerability in the business environment. Disruptive change is mandatory, but these preferences are vital strategies to meet goals and objectives (Pinker, 2017).
Merger & Acquisition
Merger & Acquisition are recommended for retail organisations as far as the future is concerned. New products and services are shaped to meet the unique needs and demands of new customers. Another challenge that the business can face in the global business environment is low switching cost. Emerging industries can reduce the switching cost of companies, as the customer conversion rate can be higher than before. Therefore, companies must find partners which are emerging in the new markets to shape the resources and survive the business. Retail management, which is associated with the management discipline, can take benefits regarding work environment and emerging technologies. Possibly, new industries and markets demonstrate advanced technologies in the future. Thus, companies must create some space in the business process to build partnerships. A merger or acquisition is a crucial option because it can create a new opportunity to predict the future, merge in future markets, and become competitive (Dringoli, 2016).
· Continuing Existence and Competitiveness in Business
By implementing these recommendations, the business sector, associated with discipline, can sustain the business constructively. For Instance, Wal-Mart, a prominent retail chain in the global retail chain market has partnered up with digital retailers to be relevant and stable in the market. Business cannot afford isolation in the market a, and therefore, emerging in new industries, changing technologies, and embracing new work trends can help to remain sustainable and competitive. Continuing existence and staying competitive in the market is good, but the survival of the business in a future market or business environment is a key strategic area of concern for the management. Being a part of the management discipline, I must be aware of all these insights.
Conclusion
In the end, it is to conclude that management discipline and the wider sector, discussed broadly, is associated with identified themes. Business stability is also a competitive factor in the competitive market, but in the changing business world, change, especially disruptive change seems essential. This study emphasised the emerging work environment, emerging technologies, and emerging industries and markets along with the elaboration of management discipline and retail sector. Based on elaborated sagacity, and practical recommendations are provided to firms in the retail industry to secure the future.
References
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