Modern Business Trends

modern business trends
Komol Solomon

An organization requires skilled individuals and a conducive work environment to grow. While there is a need for a change in the method of operation, one cannot compromise on the factors responsible for growth. It is important to evaluate and assess the risks involved before starting a business and at the time of changing the business model. Modern business trends can be analyzed by understanding a business model. A business model operates through planning, strategization and implementation.

Organizations that have been operating with the traditional hierarchical and rigid structures are evolving, as business entrepreneurs recognize the need for flexible structures that allow the business to respond and adapt to change. Change in the business model is driven by advances in technology. The dependency on technology has drastically increased over the last couple of years. While that helped industries transform, it also has its downsides and limitations. Digitization of the world has opened up new markets for various players. OTT platforms and E-commerce have gained a lot of prominence ever since the pandemic.

While discussing changes in the world of business, statistics suggest that the e-commerce platform has witnessed an explosion since 2019. The nationwide lockdown resulting from the pandemic, has hugely contributed towards the revenue of the e-commerce industry. The online sale and purchase of goods has steadily increased as customers find it convenient to purchase commodities from the comfort of their homes. Running an e-commerce store is beneficial for several reasons, two of them include the use of a single platform for sale of products across the globe and using marketing tools to create and execute campaigns on social media platforms and use of a single dashboard to manage orders, payments, and shipping.

The era post pandemic has also witnessed active digital transformation. Benefits of digital transformation include streamlining operations, data management such as consolidation of casework, easier access to information, automation of tasks, resource management, user friendliness of technology and improved customer experience. Some of the other benefits offered are ease of document automation, contract management, electronic billing, and customer communication. Other digital tools advantageous to the operation of courts include e-filing, ehearing, and e-trials.

While the technological advancement and changes are welcome by developing nations like India, the traditional ways of working haven’t lost relevance completely. They might offer quick solutions, but they have also led to invasion of privacy. Technology does pave the path ahead for growth and development. It is impossible to ignore the fact that technology has made our lives much simpler. A workable prototype would be selective usage of technology in combination with need based human intervention. This is an affordable and effective approach that can be adopted by organizations to thrive in the world of modern business. The ways in which businesses generate finance is also changing. Digital fundraising, new platforms and mechanisms have sprung up to connect businesses with strategic investors, seed funding for startups, tokenization, fundraising, and crowdfunding are on the rise. There have been significant changes in work structures across the world during the lockdown.

Working remotely has become a convenient option for several employees. In a traditional work setting, corporates mandatorily required employees to report at the office and be at their

workstations during office hours. The introduction of a hybrid work structure has led to the collapse of this mandatory requirement and several organizations have continued this work pattern even after the pandemic. The hybrid work structure helps the employees save on travel time and is

also pivotal to the growth and development of the businesses as it enhances productivity, efficiency, and quality of work. While the hybrid work structure is certainly appealing, it has limitations such as communication is challenging, client meetings cannot be arranged in person, individuals may not be available at all times and a serious work environment cannot be created at home.

Along with the hybrid work structure, many organizations have revolutionized their recruitment strategies where the concept of full-time employment is turning into a myth. Apart from a

hardworking task force, organizations are looking at a talented, skilled, and smart working labor pool. They are willing to recruit employees who cannot invest their entire day but are keen to offer their skill sets on a contract basis and work on assignments within fixed timeframes. There is a rising need for such part time workers and freelancers are starting to dominate the market.

The era post pandemic is seeing a rise in the women workforce. The labor pool has widened to make place for women in the world of business. They have reached great heights in establishing and running many top multinational and Indian organizations. Despite the practical struggles in various professions, women have shown exceptional leadership skills.

While we are discussing modern business trends, it is important to mention that artificial intelligence will be the tool used by most business in the immediate future. Non-Fungible tokens & metaverse are rising, blockchain and metaverse will significantly affect businesses and shape the next gen. The pace of change has increased significantly, a successful business model would ideally be a merger of traditional business methodology coupled with implementation of modern technology. Prior to adapting to the modern business trend it is imperative that the businesses understand management functions and its impact on the business and plan strategically by creatively integrating the process in the right way.

The Article has been authored by:

Ms. Komal Solomon, Senior Partner, Solomon & Co,

About the Author:

Komal Solomon is a partner at Solomon & Co. and has been in practice for over 20 years. Komal graduated from Jai Hind College and thereafter read law at the Government Law College in Mumbai. She specializes in matters relating to corporate and regulatory compliance, regulatory communications, immigration laws, entertainment and media law, India entry strategies and intellectual property law. She has assisted several multinationals in establishing their subsidiaries, branch offices and liaison offices in India. She advises leading production houses, television channels, singers/ writers/artists on various media and entertainment law assignments. She counsels multinational clients on establishing their businesses in India through liaison offices, branch offices, subsidiaries, and joint ventures. She offers assistance to clients on matters of filing, prosecution, registration, and such other matters pertaining to trademark, copyright, and related intellectual property rights.