Top 2014 business trends according to 4 Wharton Thought Leaders

2014 is set to bring about a myriad of changes that will affect the way business leaders and entrepreneurs conduct business. We already know Mobile is set to explode, as businesses are scurrying to ensure that their sites are optimized, so that clients can view them on any type of handheld mobile device. Four Wharton faculty members have offered their viewpoints on what companies can expect this year. These changes will arrange from risk management to knowledge management. For example, Wharton’s Finance professor, Chris Ittner believes this year will see more firms adopting a holistic approach to risk management. He says “Ever since the financial crisis, there have been widespread calls for companies to implement enterprise systems that consider risk management in their decision-making”.

Adam Grant, Wharton management professor and author of Give and Take states “The nature and meaning of success is shifting in organizations. We used to evaluate success on the basis of individual achievement, but increasingly it is about how your achievements affect the success of others.”

Trend No 1: Greater Emphasis on Risk Management

Chris Ittner: “Expect to see more firms placing an emphasis on risk management in 2014, so expect best practices to evolve as more companies develop risk management systems”.

Trend No 2: Stronger Boards

Wharton management professor and faculty co-director of The Leadership Journey: Reinvigorate Your Leadership Michael Useem:”Governing boards are becoming stronger, more independent, better led — and more effective in partnering with management and in leading the company — and they are also seeing more active investors in the boardroom.”

Trend No 3: The End of “Knowledge Management

Martin Ihrig, learning director of Wharton’s Disrupting the Competition Through Knowledge-based Strategies wonders what happening to all that Big Data: “Many companies are collecting it — there is a growing awareness about the importance of knowledge assets versus physical assets. But the problem is that you can’t capture all of your knowledge. And even if you could, you would end up with cognitive overload”. 

Trend No 4: Changing the Meaning of Success

Adam Grant: “Companies are looking at the contributions you make to other people — what kind of impact will you have beyond your core job description? The employees who are getting hired and promoted are those who enhance the success of those they work with and for?”

Do you agree with the faculty? What would you add?

 Image credit via J2 Global. source: Wharton