The digital world affects everything around us, and business is at the forefront of this. How businesses adapt to digital spaces is highly dependent not only on their strategies but also on how well their staff is able to embrace them.
Education has a key part to play in this process. Courses like the University of Europe Laureate Digital’s MBA program aim to put students at the very cutting edge of these spaces to prepare them for the future of business.
Consumers and digital dynamism
The line between business and consumer has gradually been blurred since the advent of the internet. Customers can now make their pleasure (or displeasure) known to a business instantaneously, and very publicly. These recommendations or complaints can make or break a company overnight.
Understanding the nature of these networks, both in the digital and physical realms, is crucial for a business to remain competitive and relevant in the future. Today, we can already see this transformation in progress. You can now buy, sell and view almost anything virtually, whether it’s a car or a property, and there are businesses that function almost entirely in the virtual space.
Then there are the ‘App Ecosystems’, which are becoming more closely related and intertwined. The world of business is evolving into a complex economic, political and social virtual network, and those who understand the way these networks function and interact will be crucial to businesses moving forward in the years to come.
Preparing for paradigm change
Filipe Castro Soeiro, Academic Director of the University of Europe Laureate Digital, sums up the future of business: “We are experiencing a paradigm change from an economy that is based on natural resources and physical inputs, to one that is much more focused on intellectual assets and innovation. This is changing the way organizations, people and society behave.”
This is also why the University of Europe Laureate Digital offers its uniquely structured MBA programs. “We understand that digital higher education is a valuable asset in both the creation and transfer of, let’s call it ‘scientific’, knowledge, into a more social form of knowledge that can then diffuse into organizations, people and society.”
This kind of learning will equip students for the digital businesses of the future, but also the digital societies as well. By learning how networks and digital communities interact and operate from the very beginning of their course, students effectively learn by doing. This makes the transition from the ‘training’ or learning space into the ‘real’ business and social space as seamless as possible.
No half measures
According to Forrester Research, most businesses acknowledge the importance of a digital presence or going fully digital, but many do not think they have the necessary skills to successfully achieve it.
By 2020 it is estimated that the internet will link over 200 billion devices. Organizational values are becoming more important, mainly as a result of interactions with consumers through social networks. They also drastically outperform market competition in today’s climate, let alone tomorrow’s.
The customer supply interface is becoming, and will continue to become, crucial to business. Uber is a fantastic example of this – it’s the world’s biggest taxi company, but has no fleet of vehicles. Instead, it is the app, the intellectual asset, that is fundamental to its success.
Additionally, virtual currencies are tipped to become increasingly important by 2025, signalling the shift to a digitally focused world. By 2020, it is also forecasted that around 90% of the world’s population over the age of six years old will have a mobile device.
These are just some of the potential changes around the corner, and for any business to be successful, it needs leaders that can understand, embrace and innovate around these developments. Digital learning platforms like the University of Europe Laureate Digital are already enabling students to do just that.