6a. Identifying Opportunities

Economic Trend #1: Energy demand and harmful emissions are rising

Most people would think that with the increased awareness we would be moving in the right direction and not the wrong one. However, 2019 was believed to be our largest year of energy consumption and CO2 emissions. I believe there are two major ways this trend can pose as an opportunity. One way is advertising that your company is energy efficient and another way is finding a way to use alternative energy. I found this information from a report from the International Energy Association. This opportunity could have anyone as a customer since almost every company uses energy. I saw this opportunity because I am very confident in the fact that scientists can find alternative energy methods if enough attention and funding go into it. However, it is challenging to exploit this opportunity because it requires the advanced knowledge of technology and how to figure out an alternative energy method.

http://www.strategicthinking.eu/5-economic-trends-that-will-influence-your-business-in-2019/

Economic Trend #2: Global Trade Crisis

The past year the country has been involved in multiple trade wars, including one with China which is a major trade partner. There is an opportunity for American firms to supply more business to major importers. I learned about this opportunity through the news. There are a lot of industries that can be affected but I think the construction and food industry can capitalize the most. The hardest part of exploiting this opportunity is keeping the prices low since companies are used to buying products abroad because the price is better. I saw this opportunity because I worked in the food importing business during my summer internship and I have also worked for a construction company. Both businesses are affected by this trade crisis. 

http://www.strategicthinking.eu/5-economic-trends-that-will-influence-your-business-in-2019/

Regulatory Trend #1: Increased regulation of healthcare

The increase of technology in medicine is changing the healthcare field. Insurance companies are setting many rules that require doctors to see as many patients as possible in a short amount of time. There is an opportunity for insurance companies to provide care for a lot of people, however it is at the expense of the doctor's well-being and quality of care given. I found out about this regulatory trend from Deloitte's website. This is a good opportunity if patients are looking to save money, however there are lots of complaints that doctors are unable to spend sufficient time with each patient. I saw this opportunity because multiple people in my family work in healthcare and are unhappy with these new regulations. This would be a good opportunity to exploit because people are very angry with this situation.

https://www2.deloitte.com/us/en/pages/regulatory/articles/center-for-regulatory-strategy-outlooks.html

Regulatory Trend #2: Privacy and Data Protection

Focus on privacy is a major issue as our technology is becoming more advanced. Consumers are worried that all their personal information will be stolen because hackers are becoming more creative and more common. I found out this was an opportunity through my everyday life where it seems I have to give my social security number for something everyday. This can be an opportunity for technology companies and consulting companies who tell different companies how to protect their clients' personal data. This will be an easy opportunity to exploit if you are well-versed with technology, however, if you are not it will obviously be very challenging.

https://www.dentons.com/en/insights/newsletters/2019/february/14/global-regulatory-trends-to-watch/dentons-pick-of-canadian-regulatory-trends-to-watch-in-2019