How The Digital Economy Is Changing The Future Of Business

The past decade has completely changed what we thought we knew about business.

During that time we have seen the creation of the iPhone, the outbreak of social media platforms, the invention of the Cloud and the emergence of the Internet of Things.

But how exactly have these innovations changed our business operations and what does the future hold? In my latest Pulse article, I'll explore how the changes I've seen in the digital economy might impact on the future of business and the job market.

Elimination of Jobs

“2 billion global jobs are set to disappear by 2030 because of the advancements in digital technology”.

This illuminating fact has been revealed by Thomas Frey, Senior Futurist at the DaVinci Institute in Colorado, a research based think tank. Frey’s words have served as quite the wakeup call to a multitude of worldwide industries.

Potentially hundreds of millions of jobs will become obsolete in various industries due to innovations in technology in coming decades. The imminent creation of autonomous automobiles, otherwise known as driverless cars means that there will be no future requirement for bus, taxi or delivery drivers. Similarly, the use of 3D printers suggests that consumers will be able to print their own clothes and shoes. This suggests that the roles of fashion designers, clothing manufacturers and retail assistants could all be reimagined, if not eliminated.

As bots and drones become more complex and capable of taking over traditional jobs, we will see a reduction in professions like fishing, mining and even the military. It is estimated that private and commercial robot use will increase by 2000% between now and 2030 and will become a $190 billion market.

Of course, the idea of a job loss epidemic will seem extremely shocking and concerning to some. However, let’s not forget that as long as there is technology and a digital culture in operation, then new jobs will also be created. These jobs will need to be filled by professionals that possess a strong portfolio of technical skills. It is essential, therefore, that employees work hard to keep their skill-sets updated and that companies know exactly where to find the strongest calibre of candidates for their digital roles.

Internal Culture

The digital age is also responsible for some major internal overhauls in business operations. Companies such as Apple or Google are famously known for their excellent treatment of staff. Many leading digital companies have strong brand values and a clear focus on impacting the world positively. Through morale-boosting techniques and clever internal marketing, employees of these organisations feel happy to be part of a future-changing business. This boosts productivity rates and ultimately increases company profits. In fact, recent research has discovered that purpose-driven and value-oriented organisations outperform their competition by 15 to 1.

Consumers Want Socially Responsible Brands

The digital economy has very much changed the way in which brands are created and promoted. Whilst brands were once formed by companies, the digital world now requires consumers to help co-create the brand. Social media platforms are where customers voice and share their opinions. Companies use this to their advantage to really listen to what the public wants from a product before providing the solution. Sharing tools and guest review sites are also key in the promotion of a brand.

Research from Cone and Ebiquity in March 2015 revealed that 84% of worldwide internet users like to purchase products and services that are socially or environmentally responsible. This proves that companies that improve their corporate social responsibility profiles will do well in their future business operations.

Virtual Workforces

It goes without saying that the way in which employees are choosing to communicate with each other has radically changed in the digital era. Employees can always be contactable with the existence of a BYOD culture of messaging, networking and conferencing on mobile devices. There is much less of a need for a workforce to be in a static environment. Instead, possibilities exist for flexible working from home, with face-to-face interactions possible via VoIP systems. This approach is much more cost-effective than other previous technology has allowed. The traditional office structure can be phased out and replaced with virtual workforces who are spread all over the globe, with time zones the only obstacle to communication.

It is vital that recruiters stay apprised of digital trends in this economy so that we remain experts in the matching of valuable candidates’ skills with industry vacancies.

If you’d like to work with the assistance of a knowledgeable niche technology recruitment business who can source the best Digital candidates around the world, then get in touch with us today.