Business management is no longer a field that is restricted to the incircle of organizational performance alone. It has many more connotations. First things first, business management now forms linkages with academics, industry and information at the same time. It forms a strong linkage with academics as new talent is sourced from the best management colleges of the country. For instance, the best management college in Delhi NCR supplies a workforce in the form of young talent who are nurtured in the domain of business management over a period of time. The second important link of business management with industry occurs as various different processes need to be handled by business professionals. Such professionals are also responsible for conducting external business relations and handling new clients. The third important linkage of business management with information refers to the changing dynamics of businesses that constantly rely on new information for decision-making.
In this context, it becomes important to look at some of the major changes that would influence the canvas of business management in the next few years.
Business intelligence and reengineering
Business intelligence is likely to change the canvas of business management by the year 2025. Business intelligence is related to giving new direction and dimension to a business by virtue of analytical aspects. Business intelligence is a process that focuses on data-driven decision-making, process planning, and strategic management. All these aspects together hold a great potential to change business prospects and fuel organizational growth and progress.
Similarly, business reengineering is a process that stresses the root diagnosis of business problems. Basically, it means that if a business process is riddled with dysfunctionalities, it should be deconstructed and the entire process should be started from scratch. We can say that business reengineering is a very radical process that involves high costs for a business but promises guaranteed returns.
Time management and project management
Time management and project management are likely to influence the canvas of business management in a holistic way. We may expect the projects in the coming time to stick to a definite timeline. Consequently, the monitoring of such projects would happen with the help of different dashboards so that the progress of the projects could be tracked at any point in time.
Time management is likely to influence the planning prospects of employees. It would not be a surprise if businesses in the future provide dedicated courses related to both time management and project management. The impetus of organizations in giving a new lease of life to stalled projects can be understood from the fact that such organizations have become extremely cautious about time management and project management.
Influence of data as a service
Data as a service is a relatively new thing in the domain of business management. In the past, the business aspects were primarily driven by the needs of infrastructure as a service, platform as a service, and software as a service. Over a period of time, we realized that data also forms one of the core components of our computing services. In the age of industry 4.0, data-based products and services were on a gradual rise. It was in this context that data as a service started to be seen as a way forward to make businesses data-driven. We conclude that data would become one of the most active services that would be provided by different companies in the times to come. Consequently, business management would become increasingly data-based, data oriented, and data-driven by 2025.
Involvement of diverse stakeholders
There is a high probability that the canvas of business management would be influenced by the involvement of new stakeholders. Business management would involve stakeholders from the technological domain as well as the industrial domain. Various types of stakeholders would bring in experience and expertise to handle a project more holistically. The involvement of diverse stakeholders in a business project would also make the project commercially viable and market-friendly. Different types of subject matter experts would cater to the requirements of different verticals of a particular project.
Concluding remarks We conclude that the above mentioned factors would have a long term impact on various prospects of business management. The need of the hour is to reengineer the business landscape in accordance with the changing needs of the industry. It is only by rethinking about our business capabilities and management that we can cater to the needs of a market that aims to become digital and global at the same time.