Nowadays, we have entered the era of the fourth industrial revolution. This means that the role of digital automation for businesses will become increasingly important, and companies must be able to adapt to it. Therefore, many digital businesses are competing in the market lately, and new trends from fierce competition continue to emerge. What is a digital business, and how is BINUS International preparing the students to face these challenges?

What is Digital Business?

Basically, digital business refers to companies that utilize technology potential to develop their businesses. For example, these companies will use analytical technology to improve their current business models, study customer needs, and market their businesses digitally to reach more potential buyers or users.

Currently, there are various successful national and global digital companies. Some are Spotify, Netflix, Apple, Amazon, and Google. These five technology companies have changed how people live their daily lives so that they can instantly fulfill all their needs with the help of technology. In addition, Gojek, Tokopedia, Bukalapak, Sayurbox, and Traveloka produce a similar effect to the previous five well-known global companies.

5 Latest Trends Digital Business

The development of digital business has given rise to several trends that align with current technological advancements. What are some examples?

●     Data Personalization

A report from Salesforce shows that 73% of customers want businesses to understand their needs personally. Therefore, it is unsurprising that companies are creating solutions more suitable for each customer’s personal conditions and needs based on data.

For example, Spotify often presents music recommendations suitable for users based on their liked music information. They also create Spotify Wrapped based on data on the duration and frequency of music playback.

●     Predictive Analysis with AI

Other data from a Harvard Business Review survey revealed that 48% of respondents had used predictive analytics technology with AI. This aims to predict potential business risks, such as running low on stock in the warehouse due to certain big holidays. Thus, stakeholders can make decisions to address them more quickly to ensure they can continue to serve customers optimally.

●     Implementation of Metaverse

Metaverse means a realistic three-dimensional virtual world that can be accessed with VR (virtual reality) equipment. In other words, customers can interact with the digital world as they would in real life, so some companies have already marketed their businesses there. For example, McDonald’s has enabled customers to order their food menus while accessing the metaverse, and their orders will be delivered directly to their homes.

●     The Use of Automation

Industry 4.0 is closely associated with automation for repetitive administrative tasks, allowing workers to focus more on creating creative ideas to advance the business. For example, Amazon has a system called “Hands off the Wheel” to record product inventory in the warehouse to avoid excess or shortage and automatically determine the appropriate prices.

●     The Importance of Sustainability and Business Ethics

Even though sophisticated, digital business technology can be misused if left unchecked. This is reflected in the survey conducted by Salesforce, which found that 72% of customers are concerned about companies’ unethical use of AI.

Moreover, data from McKinsey also shows that over 60% of customers want environmentally friendly products and businesses. Thus, companies need to consider business ethics and sustainability when implementing technology.

BINUS International’s Efforts for Digital Business Needs

As one of the leading universities in Indonesia, BINUS International understands the importance of equipping students with the necessary knowledge about business in the digital era and business ethics.

One of the efforts made by BINUS International to address these needs is a curriculum that reflects the latest developments in Industry 4.0 and emphasizes the importance of ethics in business. Students will also have the opportunity to learn from experienced faculty members in their field personally and access various state-of-the-art facilities to support their learning in a practical manner.

For example, BINUS International students can develop their business ideas at BINUS Incubator and expand their international network through seminar programs or double degree programs from foreign universities that partner with BINUS International.”

The rapid development of the fourth industrial revolution means that digital business will continue to become more sophisticated and dynamic. This growth is already reflected in the increasing number of digital companies implementing various automated solutions in Indonesia and other countries.

However, business ethics and sustainability must balance the sophistication of technology to make life easier for society, and BINUS International has taken several steps to meet those needs.

Do you want to learn more about digital business developments from BINUS International? Stay tuned for the exciting discussion coming up here!