Last Updated on Feb 28, 2020 by James W
There have been drastic and dramatic changes in the corporate service in the post few years. The industry is also expected to be radically transformed in the next ten years. Rapid technology development and constantly changing demands of the customers are changing the skill sets required for the job in the future. The nature of the job is altered even to its very basic. The only thing that is going to stay invariable is innovative thinking. It is going to be the key to success in the field of the business service industry. The world is lead by technology. This will change the basic nature of the professional expertise needed to excel in the market.
- Age of disruption
The interaction between people and businesses is changing. There is a great novelty in the distribution channel and business models. This has to lead many industries and business models to disruption. This is a wide-spanning transformation happening across multiple industries. The changes are both horizontal and vertical. These are simultaneously affecting inter-related sciences of business, industry, economy, society, and individuals. The digital revolution and introduction of cloud, artificial intelligence, big data, etc are the foundation of these shifts. This has reduced the gap and fused developed and developing economies and businesses at all levels.
- Responding to future business models
The prediction about the organization and configuration of the firms of the future is extremely difficult. They can be structural or non-structural, flexible or plat-formed. The only way to respond to this massive shift is to be vigilant and increase adaptability. Here are a few tips to accommodate your business in the changing world.
- Choose direct
Strategize your choices around the core services you offer and the geographical market you intend to cover. It is advisable to stick to the existing market and services. You can step back and refine and re-define some of your services initially. This helps in a smoother transition. You will be able to accommodate the new business model better and with greater efficiency.
- Continuous adaptation and improvement is the key
Keep the organizational structure flexible and emphasize cultural and cognitive changes within the firm. You may have to be a little more risk-taking and implement changes on a trial and error basis.
- Value-based payments
Business models are going to be lean and agile. In contrast to the traditional fee system which emphasis time-based payments, The payments should be made on a fixed outcome-based matrix.
- Focus on the core
Focusing on your core competencies will provide you a better way to value your client. Sections you are proficient at should be kept in-house, while the other departments can be outsourced to the experts.
- Talent strategy
With fading geographical border the source and utilization of the talent are going to change radically. This will make the talent strategy the key to future business models. Leaders are to determine the firm culture. The traditional staff should be trained to adapt and non-traditional staff should be brought in.
- Ultimate direction
With all the gradual progressive steps you take, it is important to keep in mind the ultimate goal. The technical optimization of the traditional business process may sustain initially. But the optimization is anyway going to lead to a complete dismantling and reformation.