Founded in September 1983, The Open University Business School officially celebrates 40 years this year.
As part of our 40th anniversary reflections, we asked our Business School students and alumni 'what do you think will be the key issues for businesses in 40 years (2063)?'
Key themes in their answers included advances in artificial intelligence (AI) technology, a focus on sustainability and environmental issues and evolving Equality, Diversity and Inclusion (EDI) practices. Find out more below.
What challenges or opportunities do you think will shape the business world over the next 40 years? How might businesses need to adapt by 2063? Tag us in your thoughts on Twitter / X or LinkedIn and use #OUBS_40
Christian Kastner, Sales Director at VAUTID, believes there will be some key changes:
Richard Gadd, Founder and Executive Director at Developing Business Excellence Ltd, predicts there will be a decline in people’s loyalty and goodwill, as well as customer service. Richard added:
I strongly suspect that the recruiting and retention of talent will become a major challenge, and that technological advancements particularly in AI will enable far more personalised shopping experiences.
I’d imagine that the cultural and ethnic composition of the workforce will change beyond recognition, and that global population shift will continue. As a result, I’d anticipate successful businesses having to demonstrate much greater multi-cultural, tolerant, and inclusive working practices.”
Alan S Morrison, Owner at ASM Media & PR, expresses that some issues will always be with us – managing people, finance, organisational structures and cultures and marketing and public relations. Alan shared:
They aren’t issues you ever ‘solve’ – they’re ongoing factors which change and which you have to manage."
To these, Alan also adds:
Alan shares that it's easy to see the future as being massively different (c.f. 1960s Tomorrow’s World episodes), but that many of the key questions will remain the same, only involve around new things.
James Boyce, British Airways pilot and MBA student, focuses on two key issues: mass customisation, and employee retention.
Mass customisation can already be seen with the adoption of AI models that recommend videos on platforms such as YouTube and TikTok. As these technologies improve, so will businesses’ ability to produce customised products at low prices. However, mass customisation doesn’t come without challenges. Whilst giving customers what they want may increase customer satisfaction, it may also increase customer expectations. As these technologies become more widespread, barriers to entry will undoubtedly be reduced, opening space for new competitors to enter the market.
Workers may be less willing to remain in roles which do not fulfil their personal and professional goals and that do not offer them the meaningful projects, flexibility and purpose they desire. Workforces may become increasingly globalised: never before has it been possible to have multiple employees working for international businesses from the comfort of their own home. However, with such low switching costs it's possible that changing companies could mean merely logging onto a different website or using Zoom instead of Microsoft Teams, increasing employee turnover and knowledge sharing with competitors."
Read James' submission in full on our blog.
Tillmann Henssler, Manager Diversity, Equity and Inclusion at Pfizer, suggests key issues will include:
Rachel Blackburn, Director at US2U Consulting, shares her insights on the factors that will define the future of businesses:
The business landscape of 2063 will be shaped by sustainability, AI, lifestyle, and technology. As business leaders, it is crucial to recognize these key issues and proactively prepare for the challenges and opportunities they present. Adapting to the evolving world is not just a choice; it's a necessity for survival and success in the businesses of the future."
Read Rachel's submission in full on our blog.