Business administration goes hand-in-hand with the burgeoning entrepreneurial trends in today’s marketplace. As companies continue to make data- and results-driven changes, business administration graduates will help to define what future businesses will look like.
A program such as an online bachelor’s in business administration can equip students with the know-how to become entrepreneurs or enter the workforce and advance to leadership roles. These savvy professionals are graduating from programs that employ a dynamic curriculum that looks to future business trends. New courses that emphasize digital technology and the importance of data can give students a boost as they enter the workforce and step into new and innovative career paths within the field.
As consumers change, businesses are constantly adjusting to meet their needs. Customers continue to demand more control over their data, as well as more transparency, personalization, communication, and collaboration. As such, entrepreneurial leaders are using more technologies than ever to shape the marketplace of both today and tomorrow.
Trends Shaping the Future of Business
The business world has not always been quick to change. But as society evolves alongside technology and the needs and wants of consumer demographics, accelerated adaptations mark the future of businesses of all stripes.
In addition, the field of business continues to grow. The U.S. Bureau of Labor Statistics (BLS) anticipates a 10% growth rate across business and financial occupations between 2016 and 2026. Now is an exciting time to dive into business administration, as communication techniques, customer expectations, and internal operations adapt and improve.
A few of the most noteworthy future business trends that are setting a new bar for success include:
Automating Tasks to Free Up Creative Space
The ability to automate repetitive tasks saves businesses of any size a tremendous amount of time, labor, and money. This automation has helped forward-leaning businesses innovate their operations. According to a 2016 survey of companies by Ascend2, as reported by Salesforce, 71% of companies currently use marketing automation — making this a powerful trend that’s likely here to stay. And it isn’t only marketing teams that benefit. Any number of repetitive tasks, from data management to program optimization, can potentially benefit from optimization.
Businesses generally achieve this effectiveness through robotic process automation (RPA). RPA is a type of software that mimics human activity. This technology can carry out any number of activities to suit a business’s unique workflow. When used effectively, RPA improves business agility and frees up the time that human workers can use to apply their talent and creativity to higher-order concerns. In fact, McKinsey & Company estimates that artificial intelligence deep learning could add an annual value of up to $15.4 trillion in additional productivity across all businesses nationwide.
The ability to use and build upon this type of technology is a valuable skill for business majors of the future. These professionals will have the unique opportunity to incorporate automation with a human touch.
Using Data and Technology to Make Smarter Business Decisions
Innovative organizations are looking to the future of business by reimagining the consumer experience. Personalization and access are key in an ever-connected and impatient world, and those who do not adapt to this trend may find themselves left behind. In fact, one study by Broadridge Financial Solutions, Inc. reports that a third of surveyed consumers express dissatisfaction with communication — and a fourth have stopped doing business with a company as a result.
The success of a business largely relies on its ability to acquire and maintain clients, which requires building personal connections and quality relationships. This is why the most innovative marketing and advertising campaigns are increasingly personalized, contextualized, and adaptable. Through increasingly direct engagement with consumers, businesses are capturing customer preferences and data and seeking to meet their needs more proactively. Through advertisements based on consumer data, businesses can seamlessly deliver to specific consumers the products and services that suit their needs across multiple channels.
Startups and established companies alike are also adopting new data analytics tools to gather and interpret customer and market data on a massive scale. These technologies are giving business leaders a much clearer picture of potential opportunities and challenges, enabling them to make smarter decisions in areas ranging from product development to supplier relationships.
Improving Internal Communication
More than 80% of Americans utilize some sort of social media platform, according to Forbes. The prevalence of social media in modern culture has changed how we interact with one another, as well as how we work.
For example, in recent years, many businesses have created their own social media platforms exclusively for their employees. Platforms like Slack and Facebook Workplace harness what was once considered a distraction and utilize it for both internal communication and educational purposes. Some companies have even developed their own internal social media (ISM) apps, designed to increase employee buy-in and engagement with the workplace. These apps leverage everything from games to peer recognition to train, communicate with, and increase the happiness and productivity of employees.
Tomorrow’s Leaders Defining Future Business
The realm of business never stays the same. Professionals continue to create new software, programs, services, and experiences, introducing them to the market at a rapid pace. It is necessary for business leaders to stay aware of and implement these new trends while constantly looking to the future. By identifying the needs of consumers, internal staff, partners, and suppliers, savvy business administrators can innovate within their industries and introduce new ideas.
The best business majors for the future will involve the study of new technology, and the many ways in which finance, marketing, management, and human resources can adapt and stay dynamic in a fast-paced world. Envision your own career in the evolving world of business by exploring the many options afforded through Maryville University’s online business degrees. Through the versatile study of business administration with an emphasis on the future, you can gain the skills and knowledge you need to step into the business professions of tomorrow.
CIO, What is RPA? A Revolution in Business Process Automation
Forbes, “Social Media Proves to Improve Employee Engagement”
Forbes, “Transforming the Customer Experience: Personalization”
Maryville University, Career Paths with a Business Administration Degree
Maryville University, Online Business Degrees
McKinsey & Company, “Notes from the AI frontier: Applications and value of deep learning”
PR Newswire, One in Four Consumers Stopped Doing Business with Companies Due to Lack of Personalized Communications
Salesforce, 10 of the Most Important Marketing Automation Stats You’ll See This Year
U.S. Bureau of Labor Statistics, Advertising, Promotions, and Marketing Managers
U.S. Bureau of Labor Statistics, Business and Financial Occupations