An Interconnected Future

The world is becoming more connected – and it’s all thanks to the internet. In our increasingly digital lives, it’s easy to forget that the internet continues to have a significant impact on the way businesses operate. We’ve broken down some of the major trends for you.

Efficiency through technology

Computers have had a staggering effect on business efficiency levels. What used to take staff a significant amount of time to do can be completed faster, and even safer with robotic technology. This is allowing businesses to cut costs and produce a higher quality product through streamlined processes.

One of the most important aspects of this trend is the rise of the Internet of Things (IoT). This involves the prevalence of smart devices, connected to the internet, with the ability to perform a number of useful tasks. Despite the popularity of devices for individual use, the realm of the IoT is largely centred on business. Hajkowicz et al. have suggested that these devices, which extend far beyond a simple phone or tablet, can ‘enable industries to track inventory, manage various machines, increase efficiency, increase cost effectiveness and potentially save lives’. With the Internet of Things still an emerging area, it promises exciting developments for businesses in the future.

Interconnectivity returns

We’ve all noticed how the internet has extended our personal connections with ease. Individuals can interact with businesses, and vice versa using sites such as Facebook and LinkedIn. However, beyond this straightforward connection lies a plethora of options for businesses. With a previously unprecedented connection to a large audience, many have turned to the internet and social media, in particular, to increase brand awareness, recruit staff members and gather information about their customers. Analysis of individual internet usage also has the potential to provide businesses with an even deeper understanding of consumer habits.

The rise of the freelancer

Just as businesses are seizing the power and flexibility offered by the internet, so too are their employees. The option of immediate interconnectivity anywhere in the world has facilitated an increase in freelancers who will only continue to make their mark in Australian business. Offering both businesses and individuals flexibility in their working arrangements, this has the opportunity to change the structure of employment in a big way.

If the idea of an interconnected, technology-based business model has sparked your interest, consider an online Master of Business Administration as SCU Online. Speak to our advisors today on 1300 589 882 to find out how you can play a part in shaping the future. We’re available 8am and 6pm, Monday to Thursday, and from 8am to 5pm on Fridays.