• 01 Jul, 2024
• Irfan K.

Evolving Business Dynamics – A Challenge

Since the outbreak & post pandemic the work place environment has significantly changed. Earlier organizations were very cautious and reluctant to accept new changes, but now the business dynamics have evolved and business owners are more acceptable to change. However any change is always time consuming, involves resistance and formidable cost. The mitigating factor here is to identify the correct mix of pros & cons. 

Every such pilot decision which will surely have meticulous effect & will influence the profitability and sustainability of any organization in the long run.

Whether you are a first-time entrepreneur or repositioning your business post-disruption it is essential to analyze the market insights and create a logical action plan to effectively control your business.  Everything seem achievable, but realistically navigating through entrepreneurship is a challenging ball game.  Enthusiasm is good but one should always be prepared for volatility. 

Direction should be very clear and aligned with the objectives to make well-informed decisions. All need to be thought out in a structured plan with enough flexibility to adapt according to market changes and demands as and when required. It is extremely essential to choose your leadership plan with much deliberation focusing on purpose and people.

Even after managing your own organization effectively on micro level, external macro level influence which are beyond the direct control of any organization can certainly make redundant and derail all organizational set objectives and goals, 

For the last few years the theory and practice of protectionism in business, safeguards, antidumping, trade & currency wars and supply chain disruptions have taken all businesses for a challenging toss. It is really skeptical whether shielding individual country’s domestic industries from foreign competition will be an opportunity, a risk, or a threat.    

Economists and trade gurus hold a difference of opinion on economic policies creating obnoxious doubt whether the policies applied for last few decades were effective or just have become redundant and need to be improvised based on the new world dynamic. 

Synergies, joint venture, collaborations, cross holdings between industries are new world mantra,  as everyone cannot do everything but collectively they can achieve more by leveraging risk and get benefit of economies of scale and add value to their respective business. 

It’s a real irony in today’s world where Artificial Intelligence (AI) has taken over everything and information is available in abundance. Unanswered question, is this unaudited available data and information fabricated or manipulative?

Is the data serving the interest of some countries and corporates?  This is a very serious question. 

AI has led to a surge in job demand, particularly in AI-related roles. This highlights the need for reskilling and embracing new career prospects. AI has the potential to add significant value to business by automating time-consuming tasks, thereby enhancing efficiency and productivity.  

Other major issue which needs attention, discussion and regulatory framework and role of governments in education, training, and ensuring transparency in AI integration &  elucidate the reallocation process and the possibility of work force transitioning into new roles. 

The advent of AI presents an exciting era of opportunities and challenge to all Businesses. Embracing AI with a focus on complementing human capabilities can lead to a future where we work alongside machines, amplifying the business value without much disruptions. 

It’s important to note that while this approach holds immense promise, its applicability may vary & will be challenging across different business models, countries & global labor market. 

Further forced regulations like ESG (Environment Social Governance) reporting which may be good if done with good intentions, but if only done for paper work the same is a wasted effort. 

However some organization have imbibed these policies in their culture and are religiously following the economic social responsibility model even if the same was not mandatory.

It’s a great initiative to set up rules and regulation across the globe for environment protection & social responsibility of business world, but the approach should be neutral and unbiased.

Recent ESG released metrics which are expecting companies to address their dedicated ESG reports, distinct from their regular financial reports. Overall, these guidelines aim to promote transparency and accountability in ESG reporting, empowers investors and other stakeholders to make more informed decisions about a company’s sustainability and ethical practices.

Encouraging sustainable development and protecting the environment have always been key pillars to support any organizations long-term growth. Faced with clear evidence of industrial contribution to environment change, business have positively started to review areas of concern and objectively address and implement environmental awareness measures to incorporate sustainable thinking and initiatives across its portfolios. 

The aim and objective of this exercise is to incorporate sustainable practices into other aspects of our business to ensure our commitment to our community and stakeholders by promoting green project initiatives and energy saving practices.

But this initiative also has a critical view point of some experts, every single thing that happens in today’s business world is linked to climate change. People are been brainwashed, universities filling heads of the students with global warming garbage, we are in cultural war, climate change is new religion. 

None of these people can clearly define exactly what climate change is, only they talk about industrial and household carbon emissions. Is anyone seriously suggesting where are we are heading to, these issue may turn some of the developing and under developing economies upside down, force up energy prices, hurt new business, jeopardize employment, it’s an issue which has to be moderated and identified without any bias. 

Developed economies have already done damage to the environment for centuries but now they are guiding, lecturing and moderating others nations not to do the same. They have outsourced all their dirty jobs to third world countries and now teaching them about climate change and environment protection.

As of now none of the available resources are really focusing on the core problems which the world is facing and these are getting worsen day by day, raising serious disruptive questions;

Are the economic problems, civil problems, war zones, pandemic in real or are they created on a purpose to take stock shots and mint money by few controlling countries & their corporates? 

Governments are coming into power on unproductive agendas and a political approach for their vested interest where basic concerns of ordinary people are ignored and camouflaged by wave of nationalistic, religious, gender, LBGTQ, racial & en-equality sentiments. 

It’s a chaotic environment where the whole world is influenced by declining morals, declining growth, bankruptcies, asset bubble, banking irregularities, money laundering, social unrest, economic mafias, populism, nationalism, trade and currency wars.

Non-prudent and unproductive business models are pushing us further towards unemployment and further there is a surge in screen time on handhelds as masses are wasting their precious time on social media. We as a society are shifting away from the realities and basic values into unrealistic digital world.

There is an oversupply of everything whether it is manpower, information, data, technology, consumerism, or energy. There is a huge imbalance between demand and supply dynamics and countries are competing by devaluing their currencies to boost exports hence further widening this gap of inequality and social unrest.

As of now all the signs are moving towards economic disruptions and no business will be an alien to it.

These are really difficult times and businesses will have to think differently taking many factors both internal and external, if they wish to survive in this ever evolving ecosystem. 

To conclude these are evolving and challenging times for all, including the business world.

As to methods there may be millions but principles are few, business which are strong on principles can successfully select their own methods, but business who try methods by ignoring principles are sure to have trouble.

The whole point of life is to change, to grow, so don’t resist it, embrace it.