The coming year will witness not only a change in trends, it will also see a marked improvement in many of the existing trends. The pace of business globalization will accelerate as we go forward. Although, globalization of business in terms of product, market, technology as well as competition had been on the rise in recent years, the tempo will definitely increase.
Along with globalization, businesses will focus more on outsourcing a considerable part of their elements rather than internally handling them on their own. This will indicate that business will be conducted through a network of service providers. Many existing departments/positions will be eliminated, for example, in the manufacturing sector, equipment maintenance is outsourced; in sales organizations the sales force is outsourced and similarly the backend of HR and finance are outsourced.
In this fast moving economy, the way business is conducted will go through a paradigm shift. E- commerce will further redefine the existing business models, for example, online purchase of books through flipkart.com is threatening to eliminate bookstores. A substantial chunk of the population is slowly adapting to this new online shopping world.