External factors and trends play an essential role in shaping the priorities of an organisation. In order to remain competitive and successful, organisations must be aware of an adapt to these factors and trends. Some of the most notable external factors and trends that currently impact companies include the following:

• Technological advancements: The rapid pace of technological change is having a profound impact on companies. From automation and artificial intelligence to cloud computing and the Internet of Things., businesses must stay abreast of these developments and adopt technology that can help them achieve their goals.
• Globalisation: The globalization of markets and the growth of multinational corporations is creating a more interconnected and interdependent business environment. Organisations must be able to navigate the complexities of international markets and be aware of cultural, economic, and political influences (Bombiak and Marciniuk-Kluska, 2019).
• Sustainability: The growing concern for environmental sustainability and social responsibility is driving companies to adopt more sustainable business practices. Businesses must be able to demonstrate their commitment to sustainability and take steps to reduce their impact on the environment.
• Changing workforce dynamics: The aging of the workforce and the intensifying diversity of the workforce is creating new challenges for organisations. Companies must be able to attract, retain, and develop diverse workforce that can help them achieve their goals.
• Customer demands: The growing demand for personalized and customized products and services is driving organisations to focus on delivering a high level of customer service. Businesses must be able to understand and respond to the needs and preferences of customers in order to remain competitive.

Given these external factors and trends, companies must prioritise a number of key areas in order to remain competitive and successful. Precisely, businesses must invest in technology that can help them achieve their goals, improve their operations, and remain competitive (Parida et al., 2019). Also, companies must develop a strategy for navigating the complexities of international markets and be able to compete in a global business environment. Businesses must also take steps to reduce their impact on the environment and demonstrate their commitment to sustainability. Moreover, firms must attract, retain, and develop a diverse workforce that can help them achieve their objectives, Finally, they must focus on delivering a high level of customer service and be able to respond to the needs and preferences of customers. Therefore, businesses must be aware of and adapt to these factors and trends to stay competitive and successful.

References

Bombiak, E. and Marciniuk-Kluska, A., 2019. Socially Responsible Human Resource Management as a Concept of Fostering Sustainable Organization-Building: Experiences of Young Polish Companies. Sustainability, 11(4), p.1044. Available at: http://dx.doi.org/10.3390/su11041044.

Parida, V., Sjödin, D. and Reim, W., 2019. Reviewing Literature on Digitalization, Business Model Innovation, and Sustainable Industry: Past Achievements and Future Promises. Sustainability, 11(2), p.391. Available at: http://dx.doi.org/10.3390/su11020391.