Question

Trends Analysis. Research domestic and global trends (e.g. demographic, technology, privacy, scientific, art) and describe each one. How do these trends affect your professional goals? Prepare a brief report including both trends and their impact. Refer to the attached rubric.

Answer 1

Introduction and summary:
The world we live in is a VUCA world which throws lot of unexpected challenges, issues and new discoveries. There are new solutions and new problems being discovered every day. Businesses and governments and working together to enrich the human life and provide a better value to the society. There has been many significant changes in the market over the past few years. In this report we look at few of the major trends that are observed in the domestic and global markets.

Detailed Description:
Few of the major domestic and global trends in the market are:
• Emergence of new technology
• Globalization
• Educational changes
• Changes in recruitment pattern
• Changes in food industry and pattern
• Outlook towards sustainable energy etc.

There has been a disruption in the manufacturing domain due to emergence of new technology. The emerging technologies are helping companies to reduce the cycle time, reduce the cost with inventory and identifying new methods using which the alternate materials can be used for day to day operations. One of the most upcoming technology used frequently by companies is 3D printing. 3D printing is method using which a predefined design can be easily manufactured using specialized printers using various techniques into the required mold and shape. The entire process is governed by computers and computer assisted designs (CAD). Few other emerging technologies which are being used excessively by domestic and international markets are AI and Blockchain. Blockchain can be explained as a distributed ledger which is able to store data across various nodes and changing the data at any given node needs secure keys. The data stored in Blockchain is considered to be very secure and almost all major organizations worldwide are exploring the use of Blockchain for carrying out transactions. Another major emergence in the market is the use of Artificial Intelligence tools and chatbots. These tools have the ability to learn and do the tasks similar to a human and this helps in reducing the overhead costs in any industry. It was observed that most of the tedious tasks in a routine environment which involved limited manual work has been replaced by AI enabled bots allowing humans to work to more important tasks.

Globalization is another trend in today`s business market. The supply chain and decision making is made keeping in mind the impact and role in a global scenario. Most multinational organizations have multiple modes of strategy based on products and services which they offer depending on the outlook they have towards the end customer satisfaction. Globalization has grown exponentially in the recent years and is molding the management approach, leadership and the thought leaders to consider the holistic view when taking decisions. In business sense, globalization is removing the geographical barriers to create value for customers without major differentiation. Global strategy make sense in industries where the trends change as per global demands. The customer base is similar across the globe and they consume a similar product. Most fashion and retail outlets and industries have a global strategy.

Changes in educational pattern is another major observation seen across the globe across geographies and demographics. There is more focus on learning and students are encouraged to identify more interest areas and work towards them. There are career opportunities available worldwide for every single profession and interest area and this has enabled the youths to work on the areas that they are interested in rather than working just for getting a fixed income. Another major change has been in the medium and modes of recruitment. The days where humans used to do the tedious task of working on pile of CV and identifying the ideal candidate has moved. Platforms are available across all modes to ensure the prospective employee can connect with employer. Various online portals and agencies have started encouraging an open system for transparent and visible selection methods.

In the recent years, there have been many changes in the outlook towards food and consumption patterns. Food wastage is a grievous problem which is being face by the modern society. In spite of increased education and awareness among people there is always a section of community who contribute high in wastage of resources. A typical food system consists of plantation owners, processors, distributors and end consumers. At every stage there is a certain among of wastage that is observed. To tackle this problem in any food system, the foremost activity which needs to be done is spread the awareness and repercussions of the small acts done by people intentionally or unintentionally. There was many organizations who have started collecting the excess food and distribute it among the needy. There are new technology solutions which help in preserving food for a longer duration. Distributors can act as collectors of such food and they can in turn provide supply to firms who specialize in creating compost from food leftovers and wastes. Effective policies and reward mechanism can be arranged by the governing bodies to individuals who ensure least waste of food. Today there are many restaurants and chefs who spread awareness and ways to reuse food and create delicious recipes. But ultimately, all of these actions begin with spreading awareness to the community. An aware and socially responsible community will always think multiple times before wasting food.

Another major area of focus for industries and community is the outlook towards sustainable energy. More and more countries are identifying methods to use alternate sources of energy. Many countries have banned use of one time plastics aiming to curb the effects on environment. There has also been significant investment from governments to use natural sources of energy to sustain the business and local needs.

Conclusion:
The world is changing dynamically everyday and there are large number of significant changes seen everyday in the business environment and the human community. Many of these changes are to respond some improvements or breakthroughs made in science while few of them are to mitigate the issues that are already existing. The world has become closer and is focusing on sharing methods and solutions to ensure everyone can use these for improvising the basic human life and the community.