PROJECT 3

MEMO- Trends in Company

Name

Name of Institution

MEMO

From: R&D

To: Head of Department

Date: 29/05/2020

RE: Current Company Trends

Introduction

The business world is continuously changing and thus influences many aspects of company management and operations. It is important therefore for the management to align the business goals and objectives with the vision and mission so that it remains competitive and relevant in the business world. Understanding important changes in the organization help project future performance and culture and thus good for planning. Trends help predict the business world parameters and align the current business operations with the trends observed so that the business maintains an innovative competition and marketability. In this research, I highly and discuss three observed trends in the company. These trends are cultural competence, increasing technological employment, and corporate social responsibility.

Cultural Competence Trends

The company is experiencing growth and development in its operations, locally, regionally, and internationally. This implies that the company’s workforce must be developed to meet the increasing demand for a competent, experienced, and culturally diverse workforce to fit the customers' diverse needs and experiences. The company’s racial representation is currently low. Gender and age transformation seem to have stagnated for a long time (CeArley et al., 2016). This means that the company is not embracing the transformation-taking place in the workforce, in the effort to check racism, gender disparity, and age representation. Women's involvement in management and STEM fields in the company need critical re-evaluation and measures taken to better the image of the company in developing a committed, competent, and innovative workforce (Bughin et al., 2010). Ding this aligns with the company’s goals which highlight a developing workforce that will deliver high-quality services to its customers regardless of status. Achieving this goal, the company must transform its workforce to reflect the diversity of the customers and build its workforce to increase creativity, innovativeness, and performance. The company will, therefore, be compliant with business laws and regulations governing cultural competence and representativeness of the workforce. A company that is compliant with the rules uplifts its public image and increases its loyalty and customer preferences (Singh, 2014).

Technology Trends

The business world is increasingly becoming technological sound, as the approaches and operations demand more and more efficient, cost-effective, quantity and quality products to meet diverse customer demands. As the world continues to battle the effects of global warming, policies to reduce the production of carbon into the air are being ratified. As a company, there is a dare need to adopt green or clean energy sources (Singh, 2014). This will drive the company’s development exponentially and will increase observed compliance with current business laws. An increase in information generation and flow is posing a big challenge for businesses without scalable Information technology infrastructures. Cloud computing is the recent option that the company needs to adapt to reduce operation costs, increase information generation, analysis, and sharing speed for the informed decision-making process. Again, it will make the company more agile, efficient, scalable, and collaborative. The adoption of technological advancement in the company has been poor. The Internet is offering a good platform for marketing and business transactions. Less than 10% of the company's sales have been achieved through online marketing and sales. There is a need to improve internet use to embrace e-Commerce as trends project that two-thirds of the world population are likely to use mobile internet devices thus shift most business activities to e-Commerce (Bughin et al., 2010). It is important to note that the company is still using traditional methods of handling goods and service delivery. In the world, most businesses are deploying drones and other artificial intelligent devices to assist in research and handling of bulky goods in their warehouses. To increase efficiency and cost-effectiveness, there is a need for shifting the company operation to artificial intelligence where possible (CeArley et al., 2016).

Corporate Social Responsibilities

Internationally, companies are adopting strategies that will make them relevant to the society by providing essential services to nearby communities. The company needs to begin serving the immediate community with essential services like greening environment, sponsoring community projects like healthcare camps, and participating in disaster mitigation activities. The company has been playing very small roles in ensuring its employees are well catered for while in the community. Increasing community involvement will increase its relevance and public image (CeArley et al., 2016).

References

Bughin, J., Chui, M., & Manyika, J. (2010). Clouds, big data, and smart assets: Ten tech-enabled business trends to watch. McKinsey quarterly, 56(1), 75-86.

CeArley, D., Burke, B., Searle, S., & Walker, M. J. (2016). Top 10 strategic technology trends for 2018. The Top, 10.

Singh, S. (2014). Top 20 Global Megatrends and their Impact on Business, Cultures and Society. Frost & Sullivan. Retrieved at March, 10, 2016.