Business News and Trends: The Future of Work and Innovation

Business News and Trends: The Future of Work and Innovation
Business News and Trends: The Future of Work and Innovation

These days (2020 and beyond) we will see even more innovations that will drive the future of business and work. For businesses, innovation offers many opportunities. But we don’t know yet which will be the most beneficial.

Here are the business news and trends you need to know.

The Jobs of Tomorrow: Using People and Technology to improve the Skills.

LinkedIn recently released its Jobs of Tomorrow report for 2020, predicting emerging jobs for the next year. Three areas they talk about.

Demand for artificial intelligence (AI) roles – such as cybersecurity specialists and data scientists.

Emphasis on remote work, offering flexibility for recruiters and employees.

The need for valuable soft skills, such as communication, creativity, and collaboration.

At the same time, many manufacturers have reported skill gap challenges.

Two trends can help bridge this gap in 2020:

a) Retraining Employees

One way that businesses might bridge the skills gap in 2020 is through retraining candidates. For instance, one software company recruits medical technology professionals and trains them for information technology roles.

Companies may also perform more corporate training to retrain current staff. Harvard Business Review reported that In July 2019, Amazon announced plans to invest $700 million to upskill 100,000 employees.

b) Automation Technology

Another trend for businesses is to employ automation technology to perform skilled roles. For instance, order fulfillment automation is an emerging trend that can fill orders faster with less overhead and resources — plus it limits the need for skilled staff members.

While AI and automation won’t replace the need for humans, in 2020 we expect to see more robust and strategic technology used to improve the workforce of the future.

AI Improvement and Demand-Driven Models

Supply chain innovations abounded in 2019, and it’s predicted that in 2020 more businesses will continue to find improvements.

According to IDC Manufacturing Insights, by the end of 2021, half of all manufacturing supply chains will have invested in supply chain resiliency and AI resulting in productivity improvements of 15%.

Many organizations have reaped the rewards of transforming the manufacturing planning process from traditional to demand-driven. In 2020, we expect to see demand-driven operating models becoming the norm.

Traceability, a critical part of the supply chain process, will take precedence in 2020. According to the World Health Organization, 600 million people suffer food poisoning every year and 420,000 dies as a result. In 2020, SYSPRO CIO Kevin Dherman predicts that advanced food tracking and packaging will play a pivotal role in risk detection vs. disaster recovery.

Other notable innovations in supply chain automation have also gained traction in 2019. For instance, Material Handling & Logistics reported that researchers at the University of Washington have used machine learning to develop a system that assesses ergonomic risk for warehouse workers.

In 2020, the use of AI in supply chain and manufacturing processes will only continue to grow.

Global Economic Uncertainty and Consumer Expectations

Globally, the economy is predicted to face some challenges in 2020. Coronavirus, economical crisis, slowed down global growth, international competition.

At the same time, consumers are also demanding more from businesses — more transparency, more sustainability, and more personalization.

These global trends present challenges for businesses, but also the opportunity to grow.

As competition increases, improving the customer experience and the supply chain process will become increasingly important. Technology should be utilized in the digital transformation journey to help navigate economic uncertainty by making more accurate demand forecasts and promoting agility.

Technology can also help achieve a better brand reputation, such as through improving production process sustainability and reducing businesses’ carbon footprints by using a demand-driven operating model.

While uncertainty may be coming in 2020, digital solutions are what will help guide businesses through the doubt with big data, predictive analytics, and more efficient workflows.

You need to use innovation and new technologies to build a successful business in a very competitive and difficult global area.

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