Business leaders have always wrestled with managing change. But in the 21st century, those changes tend to come a lot more frequently in the form of digital transformation and workforce evolution. Two primary reasons are the sheer speed at which innovative technology is introduced and changes in the size, makeup and unique demands of the workforce. The leaders of tomorrow need skills to deal with both, particularly at a global level.
Technology, in particular, offers both benefits and challenges to businesses. Benefits of incorporating technology include better, and often faster, communication, higher productivity and a reduction in operating costs. Challenges can include vulnerability to privacy and data breaches, challenges with managing rapidly evolving technology like artificial intelligence and a blurring between business and personal life – one of the issues that also factors into the expectations of young workers, who want that line more clearly drawn.
Learning the latest strategies for handling these challenges is part of what students learn in a master’s in business administration (MBA) program. Graduates are prepared to handle the complications of leadership in the modern workplace, no matter what industry they enter.
Here’s a closer look at the impact of both digital transformation and workforce evolution on business strategy.
How Technology Has Impacted Business
It seems more appropriate to ask, “What hasn’t technology impacted?” Healthcare operations now use electronic healthcare systems. Supply chains make use of the Internet of Things. Competitors in every industry attempt to use data to make better decisions. Even sports teams have gotten in on the data trend.
Technology and the data it can collect are present in just about every business. Going forward, knowing how to use the enormous amounts of data available will become a primary issue for business leaders. Many companies, for example, now have vast data lakes of unstructured data that they are unsure how to leverage for business success.
There are other areas where technology now plays a crucial role and will continue to do so in the future. They include the following.
Communication and Collaboration
Technology enables workers to meet and collaborate meaningfully without needing to share the same physical space, breaking down geographical barriers. It fosters real-time interaction through tools like video conferencing, instant messaging, and collaborative platforms, making teamwork seamless across time zones.
Access to Information
According to Statista, nearly 149 zettabytes of data are accessible in 2024. With search engines and artificial intelligence, we can tap into this vast repository within seconds, streamlining research, strategy, and decision-making. This unprecedented access allows businesses to make data-driven choices, adapt to trends, and maintain a competitive edge in a rapidly evolving marketplace.
Operations
Technology has given operations managers powerful tools to boost productivity, optimize processes, and identify outsourcing opportunities for cost efficiency. Managers can streamline workflows and focus resources on strategic growth initiatives by harnessing data analytics, automation, and digital platforms.
With each new technological advancement, business leaders are finding new strategies for using technology in these areas to become more efficient and effective.
Leadership and the Changing Workforce
Much like technology, changes in the workforce have made a substantial impact on businesses. Several critical contributing factors will affect how large and small organizations run their businesses in the coming years.
Re-evaluation of Workforce Structure
According to Forbes, companies that can reconfigure their workforce in terms of the skillsets and talents that each employee brings rather than by specific roles will be more likely “to harness and deploy skills fluidly, meeting dynamic business needs while supporting employee growth.”
Global Hiring and Embracing Remote Work
Embracing remote work will enable businesses to tap into a global workforce, giving them access to diverse skills and perspectives worldwide. This shift enhances innovation and efficiency, allowing companies to build teams that operate seamlessly across time zones and cultural boundaries.
Influence of Gen Z
The influence of Gen Z on the workforce is transformative, as this digitally native generation brings unparalleled digital literacy, creativity, and innovation to their roles. With a strong insistence on equity, prioritization of mental health, and a desire for purposeful work, they are reshaping workplace culture and expectations.
Explore Concordia-Chicago’s MBA Program and Lead With Confidence
Learning how to address the complex issues of digital transformation and workforce evolution is part of what students learn in an MBA program. While the impacts of technology and changes in the workforce are substantial, Concordia-Chicago’s online MBA graduates enter the business world with the skills and agility to take them on, giving them a significant competitive advantage.
To learn more about CUC’s General MBA program, visit the General MBA page today!
