Emerging trends in global business to watch this 2019
The great news is that the U.S. economy has already recovered from the recession of 2008 and has since been growing steadily in the past decade. However, the economy is still relatively in a plateau, and many businesses are banking on international presence and connections for profit-driving, notes MBA student Jason Proch. Hereunder are some factors to pay attention to in 2019 to better strategize your business and move forward with the times.
One interesting trend is the rise of work-from-home and freelancing work. Many businesses are able to cut costs this year by going for freelancers instead of full-timers. Outsourcing is an important trend to keep in mind, especially for work that involves graphic design and content writing. Project-based work is now saving many companies huge overhead costs.
Another trend is the rapid growth of emerging markets. Many nations are displaying good economic expansion numbers, driven by a more-stable labor market. Many emerging markets or EM governments are on their way to fiscal consolidation as we head to the 2020s, even as corruption continues to be a big problem in some.
Also key in moving onward is realizing the bigger role data analytics now plays in the industry. Many business leaders are taking advantage of the benefits of the digital revolution, including the rise of social media and smartphones, to better understand and cater to target markets. Data analytics likewise leads to real-time distinguishing of new global trends, allowing companies to accordingly adapt and adjust to market needs, explains Jason Proch.
Jason Proch pays close attention to the fact that successful international businesses are forced to recognize the diversity of our increasingly globalized world marketplace. Spotting trends and knowing where to position yourself to be future-relevant go doubly hard while dealing with foreign countries. For more business reads, go to this page.
Tags: business, global business trends, international business
Image source: northeastern.edu
Image source: coindesk.com