Mega-Trends Impact: A Study of Global Business Challenges and Lloyds

This essay provides a detailed analysis of global business challenges, focusing on the impact of mega-trends on commercial enterprises. It highlights technological shifts, healthcare changes, consumer behavior, climate change, and supply chain disruptions as key mega-trends shaping the mo...Read More

Global Business
Challenges

Table of Contents
INTRODUCTION ...........................................................................................................................................3
The global mega-trends in regards to the businesses..............................................................................3
The impact of the technological advancements over the businesses......................................................4
The reflection of a company in regards to the impact of the mega-trend. .............................................5
Reflection ................................................................................................................................................6
CONCLUSION ..............................................................................................................................................8
REFERENCES................................................................................................................................................9

INTRODUCTION
The implications of global business challenges are imperative to understand for the
effectual and significant functioning of the commercial businesses. The rumination of the mega-
trends is thereby important for the comprehension of the operations of a viable business. The
shifts in the dimensions of varied aspects associated with the commercial space can be termed as
the generation of the concoction of mega-trends (Batas, 2022). The authoritative effect of these
trends can either be beneficial or prove to be harmful for the operative business ventures. The
presence of the scope of multiple opportunities are there along with the challenges associated
with these global tendencies. This essay will thereby try to illuminate the global mega-trends in
regards to their respective impact and the respective contemplation faced by the chosen
enterprise.
MAIN BODY
The global mega-trends in regards to the businesses.
The idea of the subject matter is considered to be the determination of the course of
effects because of the dynamical changes and shifts in regards to the varied dimension of the
external business environment. The forces operating in the macro economical sphere can have an
epochal influence upon the functioning of the commercial enterprises, these prevailing
tendencies in the economy is considered to be the expressions of the Global business mega-
trends. The Technological shifts and Innovations in the market can be reasoned out to be one of
the most important mega-trend that can have critical effect upon the operations of a business.
The introduction of Artificial Intelligence (AI) and the increasing scope of Robotics tends to
change and transform the way of operations in today's world. The enhancement in the
automation thereby requires major modifications in the requirement of the skills sets of the
employees working for an enterprise (Blechschmidt, 2022).
Healthcare is the very next pivotal sphere of the discussion which contributes towards
the spectrum of the varied changes that are taking place these days. The effect of the pandemic
created definitive impact upon the functioning of the entire economy. The modifications that
were significant for the survival were somehow not present in the health care system of the
nation at the hour of the need. This contributed towards the adoption of innovative and

strategical plan of actions in regards to the healthcare department of UK. The shifts in the
Consumer behaviour is another construct of the pertaining trends which needs to be
expatiate furthermore. The changes and the shifts in the preference and the tastes of the
customers, contributes towards the maximum number of significant modifications that has to be
taken into consideration by the business ventures in order to sustain in the market for a
considerable period of time. The innovations, such as the, E-commerce, E-grocery or the idea of
online mode of employment was not have been possible, if the ventures would have stick around
the old regimes of businesses (Ciftci, Michel and Siegfried, 2022).
Also, the inquisition of Climate change has led to the increase in the scope of investments
in the energy infrastructure. This sphere is considered as an existential crisis but the number of
opportunities that are present in the external environment can help the budding entrepreneurs to
take the maximum advantage out of the compass. The business venture should have the
capability and expertise to analyse the range of possibilities and try to work in accordance to the
mega-trend of climatic changes.
The last domain of the discussion in regards to the prevailing mega-trends are the Shifts
in the Supply chain. The repercussions of the cold war prevailing in regards to the relations with
China has imposed significant influence over the supply chain management of UK. The trade
between the nations has been hampered because of the situation of the cold war which has
deteriorated the sustenance of jobs and livelihoods across the UK. These global business mega-
trends must thereby be well explicated by the business ventures in order to stand strong in this
dynamical environment.
The impact of the technological advancements over the businesses.
The implications of the shifts in the technological dimensions in the modern day business
world is the chosen mega-trend that will be expounded in this segment of the study. The wave of
the progressions in the technical field have generated ample of opportunities to grab for the
business ventures. The entrepreneurs can make use of these advancements and establish a
significant presence in the market. The need of investments for the furtherance of the scope of
this division is thereby required for the effective planing of the implications of the technological
aspects (Cullen, 2022). The successions in the big data, robot technologies, nanotechnology, AI,

internet of things and the DNA sequences are capable enough to provide breakthroughs for the
business enterprises.
The implications of the technical progressions will tend to make the firms automatize.
The labour intensity in these firms will be reduced which can hinder the livelihoods of the labour
force who are not that proficient to take part in the technical related functionalities. The
Automated organizations can even prove to be expensive for the newly established firms.
Although, the positive inference is greater as compared to the cons associated with the adoption
of the advancements, thus, it can be said that this mega-trend will prove to be beneficial for the
commercial ventures.
The alleviation in the transactions in regards to the trade, helps in the promotion of
Facilitation of the markets that enables the firms in an effectual and easy execution of the
proceedings between one another. The evolvement in the technology associated with the
payments through mobiles and other relative forms has also proven to be beneficial for the
traders. The value chains of the companies are becoming stronger as they are in a position to
influence the customers in a viable manner (Dolu and İkizler, 2022). The increasing possibilities
of the excessive utilisation of the mobile internet, 3D printings and the energy storage has
influenced the consumers to make generous amount of purchases in the market. The dynamical
changes that are taking place in the marketplace because of the promotion of new products and
services through the optimum utilisation of DNA sequencing and nanotechnology has also
contributed towards the growth quotient in terms of the technological facets.
The impact of the explicated global mega-trend has proven to be of great advantage in
regards to the alleviation of the market in an essential and a feasible manner. For the
globalisation, the contemplation of telecommunication, facilitation of transportation and the
production mechanisms helps in the completion of the operations in a significant manner. The
global market gets the advantage to connect with the associates and intend upon the dealings
according to the determined targets.
The reflection of a company in regards to the impact of the mega-trend.
The company chosen for the analysis is Lloyds Banking Group, which is the largest UK
retail and commercial financial service provider. The significant influence of the technological
shifts in the modern day business world upon the functioning of the company will be explicated

in this segment of the report. The data economy is critical to understand for the both the
customers as well as the financial corporations in order to comprehend towards the pertaining
situations. The provision of data based solutions has helped in making the functionality of the
business co-operations progressive in nature (Jacobsen, Tanner and Andersen, 2022). The
development of new approaches for the banking institution is thereby necessary for the assurance
of smooth and up to date operations of the company. For the transparency purposes, Lloyds
Banking Group adopted the Open Banking Implementation Entity (OBIE), which enabled the
customers to have an influential control in regards to the security of the database framework.
This proved to be an aid in the upgradation of the level of capacity in regards to the provision of
maximum number of benefits to the customers.
The fundamentals that are taken into consideration by Lloyds are in terms of the
Awareness of the customers, Maturation of the corporations and the supervision from the
Regulatory bodies. The citizens are becoming digitalised and advanced in terms of the
exploration of the data security mechanisms, the company must be considerate about such
cognition and be stringent in this terms. The corporate world demands for contemplation that add
towards the value in the modelling of the businesses. This particular sphere should be taken care
by the operations management of Lloyds in order to sustain in the marketplace for a significant
period of time (Liao, Sjåfjell and Argyrou, 2022). The regulatory bodies on the other hand must
supervise towards the influential impact of the mega-trends, so that the functionality of the
banking transactions and dealings adhere by the norms and do not get themselves indulged in
any form of an illegal construct.
The acceptance of the technical advancements demanded a certain level of expertise from
the personnel of the branches. This turned out to be a challenge for the workforce as they were
bound to have the knowledge of something they were not proficient enough in. The training and
development programs had to be taken into account by the company in order to make sure of the
sustainability of the banking institution in the external market. Also, moving towards the
magnitudes of cloud computing helped in the advancement of the data literacy for the
employees. The evolvement of Lloyds Banking Group, in regards to the mega-trends, thereby
helped in the retaining of the competency in the business and securing the market through the
effective proceedings of the necessary actions.

Reflection
The elucidation of the insights in relation to the subject matter, through this reflection,
can be explicated by me in this section of the essay. The analysis of the external business
environment proved to be an aid for me to understand the positive as well as the negative effect
of the attributes of global mega-trends. The advancements in the different division of the
economy ahas proven to be somewhat beneficial in terms of the mechanisms and the economical
spheres. The lags that were present in the structuralism of the mega-trends are capable enough to
get rectified and compensated because of the array advantage it portrays (Marien and Paeleman,
2022). The chosen mega-tend, technological advancements, signifies the modulations it brought
along with the assistances in the different sectors of the economy.
I was astonished to know about the modern day contemplations that is prevalent in the
external environment, without whose inventions, the business sector would have been in
jeopardy. The automation system, AI development and the in-depth understanding of the
technical applications has proven to be beneficial for the commercial as well as the social sector
of the economy. Lloyds Banking Group has managed to integrate the comprehensive changes in
the technological systems which has proven to be helpful in regards to the coping mechanisms.
The difficulties faced in terms of the upgradation in the skill-set of the personnel can also be
taken care by, if proper and accurate training and development sessions are provided to them
(Memar, Andersson and Gillmore, 2022).
The future of these mega-trends can result in the arrival of Fourth Industrial Revolution,
because of the continuous advancement in the distinguished spheres of the sectors that are
functional in the economy. I have analysed that in order to cop up with the level of changes that
are taking place in the economy, the business enterprises must anticipate towards the actual need
of the hour. The domains that should be focused upon by the commercial businesses are the
mobility and the future of urbanisation, the immense scope of globalisation, the shifts in the
generations of the workforce, the widening gaps in the skill set of the old employees, the scarcity
of the resources and the furtherance in the automations and technical dimensions (Robertson and
et. al., 2022).
Also, it is even important to indicate towards the impact of these trends over the
functioning of the future managers. I have analysed that the leaders of the departments have the

ultimate responsibility towards the targets that are ascertained by the top management. So, they
should get themselves in action in accordance to the needs and the requirements of the modern
day advancements. The project managers must understand the forces that can form epochal
impact upon the strategic planning of the company. The fluidity and the competency level of the
markets should be comprehended in advance by the leaders for the formulation of an effectual
plan of action that would help them to tackle the implications of the mega-trends (Svistunov and
Lobachev, 2022). The digital future of the organizations are in the hands of the managers and
thereby the trailblazers must acquire the level of proficiency in the respective field of advances
research.
CONCLUSION
An inference can thus be made that the analysis of the global mega-trends is epochal for
the explanation of the economical, behavioural, technological or any other form of shift that can
have a significant effect upon the functioning of the businesses. The scrutiny of these trends is
thereby critical for the companies to seek in order to contemplate towards the sustainable
development quotient and remain quite relevant in the race for the attainment of the ascertained
level of profit maxim. This study thus proved to be an aid in the elucidation of the conception in
regards to the identification of the potential threats and the scope of opportunities that can be
faced and grabbed in the business cycle. This will help in the formulation of a futuristic plan of
action that will be expounded to save from the negative assertions of these trends.

REFERENCES
Books and Journals
Batas, S., 2022. Megatrends in International Business: Examining the Influence of Trends on
Doing Business Internationally. Springer Nature.
Blechschmidt, J., 2022. About Trends in General. In Trend Management (pp. 1-20). Springer,
Berlin, Heidelberg.
Ciftci, K.Y., Michel, A. and Siegfried, P., 2022. Introduction to the Potential Impact of E-
Mobility on the Automotive Value Chain. In The Potential Impact of E-Mobility on the
Automotive Value Chain (pp. 1-3). Springer, Cham.
Cullen, J.G., 2022. The Management Classroom of the Future: Megatrends and Global
Challenges. In The Future of Management Education (pp. 172-183). Routledge.
Dolu, A. and İkizler, H., 2022. Higher Education and Labor Market Transformation in the Era of
Industry 4.0 in a Developing Country: The Case for Turkey. In The Impact of Artificial
Intelligence on Governance, Economics and Finance, Volume 2 (pp. 173-188).
Springer, Singapore.
Jacobsen, A., Tanner, A.N. and Andersen, P.D., 2022. Foresight for science and technology
parks in the context of smart specialisation. Technology Analysis & Strategic
Management, pp.1-13.
Liao, C., Sjåfjell, B. and Argyrou, A., 2022. Innovating Business for a Sustainable Post-
Pandemic Future. Chapter, 1.
Marien, N. and Paeleman, I., 2022. The Role of Equity Resources in Early Internationalizing
Firms: A Literature Review. Megatrends in International Business, pp.63-82.
Memar, N., Andersson, U. and Gillmore, E., 2022. What Happens when Subsidiaries Go through
a Change? Impact of Gaining an R&D Mandate on Subsidiary Managers’ Activities and
Subsidiary Innovation. In Megatrends in International Business (pp. 159-181). Palgrave
Macmillan, Cham.
Robertson, R., and et. al., 2022. Multi-faceted and holistic risk management for business-critical
food-safety events causing major disruption to both small and large businesses–An
illustrative model. Food Control, 134, p.108714.
Svistunov, V.M. and Lobachev, V.V., 2022. Promising Trends of Business Processes
Automation in Domestic Companies. In Proceedings of the International Scientific
Conference “Smart Nations: Global Trends In The Digital Economy” (pp. 87-94).
Springer, Cham.