Global Business Trends in 2023: What Every MBA Student Should KnowAugust 28, 2023 2023-08-28 5:48
Global Business Trends in 2023: What Every MBA Student Should Know
Global Business Trends in 2023: What Every MBA Student Should Know
Have you ever thought about how businesses undergo such an incredible amount of changes every year?
In recent years, the business landscape has experienced fast transitions that are quite witnessed by everybody and have changed how MBA aspirants explore their career opportunities.
With most organizations shifting to new business models after learning spontaneity from a pandemic, the demand in the market is increasing. These unprecedented crises, like the Ukraine war and the global pandemic, pose a direct challenge to companies, which inevitably dictate what MBA students must prioritize. Hence, it is best for them to stay informed about the latest trends, models, and demands of global businesses in 2023.
Agile and Flexible Business Models
In small to medium businesses, agility and flexibility are tough to ensure across all business functions. It is essential to delve into the new market opportunities and remain competitive in them.
The pandemic has pushed businesses to the edge, allowing them to explore a flexible working environment – a hybrid model.
Agile and adaptable business process approaches promote a strong network and help build continuing relationships to change market trends and demands.
A Rise in Jobs for MBA Graduates
MBA graduates are finding career covering their interests that can create an impact in the world.
Stefano Caselli, SDA Bocooni Dean, says that he does not see any limits and borders in the current market and is liable to continuously add new content, ideas, and angles for the students.
The career prospects for MBA graduates are promising as the global economy continues to grow and new companies emerge. This is a resounding yes to the students who want to switch their careers to a financial role after completing their MBA.
It can be safely assumed that MBA salaries and hiring are expected to rise in 2023 despite the recession based on the statistics of the Graduate Management Admission Council (GMAC) Corporate Recruiters Survey 2023.
Employers continue to value MBA talent, showing concerns about their preparedness and thrive in the future intellectual global workspace.
In the panel “An Insider’s View of MBA Trends,” deans and associates were featured from different MBA Schools. The fourth panellist, Anna Thomasson, dean of Copenhagen Business School, says their students are continuously taking interest in sustainability, climate science, and factors focusing on Environmental, Social, and Governance (ESG) reporting.
Here are some of the global business trends in 2023 that every MBA graduate should know about before taking a step further in exploring career opportunities.
Digital Transformation Acceleration Trends
In 2023, we will continue to witness a rapid acceleration in the digital transformation across industries and their development through transformative technologies. As digital capabilities are improving and connectivity is becoming ubiquitous, digital transformations are dramatically changing the business landscape. The future of digital transformations in India alone amounts to a CAGR of 74% after the soft landing of Chandrayaan-3. Companies are investing heavily in AI, ML, IoT, Cloud Computing, and blockchain technologies to transform into a global technology hub and explore vast talent to world-class innovative digital stack.
Implementing SDG stimulus and ESG integration deliberately focuses on the collective action taken at the World Sustainable Development Summit (WSDS) 2023 to mainstream sustainable development and climate resilience for joint aid. Investors, consumers, and regulators are emphasizing sustainable practices to ensure stability and growth in corporate and business matters. MBA students must comprehend the policies and be aware of the complex sustainability principles affecting decision-making and business models. They must learn to evaluate not only the financial performance of the company but also their sustainable portfolio, impacting social and environmental fronts.
Global Supply Chain Resilience Trends
KPMG Global, in their supply chain trends shaking up 2023 report, highlights that 71% of global companies experience a raw material cost threat and need to mitigate the risk by removing critical time spent in managing the low-demand items. Supply chain trends have been a pivotal period amidst the pandemic, but are slowly recovering from it. Despite the pandemic, more agile challenges like inflation and uncertain customer demands are being constantly faced by the industries trying to evolve. Being in itself a critical juncture, the global supply chain has a future filled with uncertainties. Enterprises are finding it challenging to source and adopt the right technology solutions in return, disrupting the first-mile logistics. Despite the slow pace, the demand for a transformative approach in the market is likely to recognize the interconnectedness of global supply chain investments. MBA students must explore strategies to bridge the gap and learn how industries can adapt to unexpected shocks of the ever-growing market.
Personalization and Innovative Customer Experience in the Market
Cookieless personalization and increasing usage of first-party data is the foremost global business trend in 2023 and beyond.
According to a Personalization Software Market Research Report by Operating System (Android and iOS), Application User, Industry, Region – Cumulative Impact of COVID-19, Russia-Ukraine Conflict, and High Inflation – Global Forecast 2023-2030, the global personalization software market is expected to grow up to $2.2 billion by the end of 2026.
Brands have started to be interested in only a 1-1 approach with customers, making their chances higher to build customer connections. One of the most popular trends in personalization is image recognition capabilities, making it easier for companies to recognize visual patterns with product images. Companies are making it easier for consumers to create their own looks based on their own tastes and preferences. With the increase in innovation, digital privacy trends are also on the rise, focusing on cybersecurity. Understanding such nuances is essential for MBA students to later get a hold on market dynamics for international business success.
The Talent Challenge for MBA Students
After firefighting with the uncertainties of the pandemic, students finally have the chance to start out and accelerate in the digital world. As MBA students prepare themselves for potential economic uncertainty and volatility, it is vital for them to showcase their skills and talent.
The competition for talent is intensifying in the market as companies are constantly looking for skilled workers who can offer actionable insights into their operations. The flexibility of hybrid work and company culture provides an ongoing opportunity for them to grow and learn.
Employers continue to value talent through in-person programs over those having an online degree. By expanding the talent pipeline, MBA graduates can ensure economic uncertainties are not disrupting business operations.
Opportunities in Inclusivity and Diversity for MBA Students
Diversity among MBA students is crucial as it brings together students from different backgrounds, cultures, experiences, and perspectives. It helps build a better insight into values and ways of thinking forward.
In any company operating globally, the working environment is shaped by its people. Diversity and sustainability, being the central focus for MBA recruiters in 2023, demonstrate the importance of leadership teams and higher levels of innovation.
Communication, data analysis and strategy making are currently among the topmost skills required from MBA students to showcase among large-sized companies in the global market. A growing interest of recruiters is in market-focused positions spanning multiple industries and functions worldwide.
The Bottom Line
An unexpected resilience in the MBA job market can be seen, although the MBA is as hot as ever. Top- notch business schools like Rushford understand that their job is not done even after students are handed their diplomas. The latest statistics show that business schools are prioritizing MBA graduates in placing them in the best positions available in the economy. The driven-up demand is echoed at many other schools, and they are taking a strategic approach to hiring. MBA students must grasp the nuances of global business trends to ensure they fit in as informed leaders offering technologies and techniques to mitigate world problems.