Introduction
The society in general and especially the business sector, has evolved tremendously within the last century. A number of factors have led to these changes. For example, numerous inventions have transformed society and the way people engage in business activities. To this end, the introduction of highly advanced engines, such as speed trains, airplanes, and ships, has made the international exchange of goods and services significantly easy.
However, the most significant force has been the developments in information communication technologies. Information communication technologies are advancing at a very fast rate in modern society. They are transforming every aspect of human life. The business sector has been extensively influenced by these technologies. As a result, it may be almost impossible to conduct business today without these inventions.
In this paper, I will review a number of questions in relation to the future of business, society, and my role in the change. The first question I will address is the issue of how the business will be like in 20 to 30 years from now. Secondly, I will review the types of jobs that will emerge as a result of the envisaged changes. In addition, I will analyze how the economy, the business sector, and the society at large will function at the time.
The Status of Business 20-30 Years from Now
A revolution is happening in the business sector today. As already indicated, most of these changes can be attributed to the rapid advancements in information communication technologies. Currently, information has become a key commodity that is sought after by an increasing number of businesses (Cetron & Davies 2003). As a result, the economic sector will be very different from 20 to 30 years from now.
According to Favaro, Karlsson, and Neilson (2014), the current primary competitive landscape is expected to change immensely by 2040. Apparently, two primary categories of competitors will dominate the business terrain. The two are referred to as the specialists and the integrators. The latter will be focusing on the provision of distinct and solution-based utility products to their customers.
On the other hand, specialists will act as complementary players in relation to the integrators. In light of this, they will be providing the products and services sold by the latter (Favaro et al. 2014). In addition, technology will be a key driver across the entire supply chain. As such, the specialist and the integrator must familiarise themselves with the development (Foure, Benassy, Fontagne 2013).
According to Singh (2013), the biggest business globally by 2040 will be the retailer. The stakeholder (retailer) will retain their leadership position, which they enjoy currently. It is expected that e-bay and similar companies will take this position.
The reason why businesses like e-bay will be leaders is due to their ability and prowess in embracing technology. Consequently, such retailers will create value and convenience for all consumer categories. The consumers will utilize a wide range of solutions presented by these businesses (Foure et al., 2013).
Types of Jobs that Will Exist in the Future
By the year 2040, technology will play a significant role in determining the kind of jobs people will engage in. According to Trapp (2014), high-level scientific researchers, professionals, and other skilled workers will operate in conjunction with robots. However, there will still be a need for service personnel and craftsmen. The individuals will take up tasks that robots will not be able to handle (Trapp 2014).
According to Singh (2013), jobs in the future will require high levels of competence. In addition, they will require mastery in information communication technology. Robots will handle a wide array of tasks, such as those associated with nannies, manufacturing, teaching, and personal assistance. According to Trapp (2014), knowledge workers will be the drivers of the economy. In essence, a high number of knowledge employees will operate as researchers and developers, especially in the information technology sector.
The key workers driving businesses of the future will be Chief Executive Officers (CEO). According to Trapp (2014), CEOs will be diverse, innovative, and strong communicators. In addition, they will be technologically savvy (Trapp, 2014). Furthermore, the majority of these CEOs will be women. Another quality of the workers during this age is that they will be entrepreneurs. They will be willing to take risks and become financially astute.
The functioning of the Future Economy and Society
According to Singh (2013), technological advancements will transform society and the various economies of the world in a significant way. For instance, mobile financial transactions in the form of crypto-currencies will dominate in the various economies, a trend that is apparent even today (Trapp 2014). In addition, as manufacturing technologies improve, productivity will increase. The development will lead to a reduction in prices in unit costs (Singh 2013).
At the same time, slow growth will be offset by workers who remain in their jobs for long periods of time. Consequently, globalization will exert pressure on the salaries of employees in the developed nations (Rees 2014). Both wages and salaries will be under the control of technology.
New business models and immense infrastructural developments will form the basis of major economies in the world. The models will include, among others, government-to-government, business-to-business, and consumer-to-consumer. Singh (2013) is of the view that a high-speed rail will connect Europe to China.
Such developments will enhance connectivity between continents. Knowledge exchange between research institutions and companies will facilitate interconnections among economies. Consequently, there will be a steady exchange of employees from different countries. As a result, the economies will be interdependent.
With regards to society, a connected living ecosystem will emerge. Such a system will be characterized by three elements. They include connected homes, cities, and workplaces (Foure et al. 2013). Through the application of information technology developments, people will be able to integrate all aspects of their lives in one location, mainly the home (Singh 2013). According to Singh (2013), more than 26 global localities will be transformed into Smart Cities. It is noted that more than 50% of these cities will be in North America and Europe.
According to Cetron and Davies (2003), most future families will be centered on a single adult. The individual will be responsible for the welfare of the children until they (the child) attain the age of fourteen. The child will then be free to choose between the biological parents. In addition, most of the families are expected to be living in cities, a trend which is very apparent in some countries today, such as Japan.
My Role in the Society and the Economy in 2040
My role in society will entail my total contribution and facilitation of business development and society in general. As an expert in business economics, my major task will involve offering leadership and governance services to business institutions.
The role will entail facilitating employees’ development through various programs depending on their functions. In addition, considering the level of integration in the futuristic society, it will be essential to develop frameworks to bridge the digital divide. Future predictions indicate a reduction in the gap. However, it is apparent that this will not be entirely eliminated.
Socially, interconnected ecosystems will facilitate a sedentary lifestyle since many people will be working from their workstations, mostly at home. Consequently, one of my roles as a corporate leader will be to ensure employees meet for other recreational and physical activities. Sedentary lifestyles will lead to increased health problems in spite of advancements in medicine. In general, my position will be that of leadership in business and social development.
Impact of Enhanced Interconnectivity in Future Business and Society: Consumerism
The interconnectivity in business and the general society will have far-reaching effects on social trends. For instance, economies will be more integrated, leading to the enhanced tolerance of cultural divergences (Foure et al. 2013). Societal values will change significantly. There will be an alteration of attitudes towards authority and gender roles.
In addition, there will be a reduction in fertility and increased participation in politics (Mittler, 2008). The Internet will continue easing the growth of commerce, leading to a rise in consumerism. The networked society will be the key driver to the growth of consumerism. Ultimately, the expansion of information industries will make society overly dependent on knowledge.
Conclusion
The future and survival of the fast-changing society are highly dependent on learning, understanding, and anticipating what will happen. Future business leaders are being developed today through the cultivation of a knowledge culture. As such, it is important for current developments to take into consideration future applications. As a result, humanity will be prepared for the future.
References
Cetron, M. & Davies, O. 2003, ‘Special report: 50 trends shaping the future’, World Future Society, vol. 1 no. 2, pp. 1-36.
Favaro, K., Karlsson, P. & Neilson, G. 2014, The strategy and leadership: the lives and times of the CEO. Web.
Foure, J., Benassy, A. & Fontagne, L. 2013, ‘Modelling the world economy at the 2050 horizon’, Economics of Transition, vol. 21 no. 4, pp. 617-654.
Mittler, P. 2008, ‘Planning for the 2040s: everybody’s business’, British Journal of Special Education, vol. 35 no. 1, pp. 3-10.
Rees, M. 2014, ‘The world in 2050’, New Statesman, vol. 143 no. 5239, pp. 24-29.
Singh, S. 2013, Mega trends: strategic planning and innovation based on Frost & Sullivan research. Web.
Trapp, R. 2014, CEO of the future ‘will be a strong communicator- and a woman. Web.