In 1966, Time magazine prophesied that “machines will be producing so much that everyone in the U.S. will, in effect, be independently wealthy.” Unfortunately for most of us, that prediction did not come to fruition and technology has not become the universal retirement plan. But more than ever before, the business world is focused on using technology to work smarter.
Fox faculty share predictions about trends we are likely to see in 2020, so we can prepare to embrace the changes ahead.
Big data will demystify consumer behavior
“Big data and AI will continue to help us understand consumer psychology. However, if used as stand-alone tools, they can be misleading. The future of marketing is AI talking to consumers directly,” says Monica Wadhwa, associate professor in the Department of Marketing and Supply Chain Management. Her research focuses on understanding the motivational and affective determinants of consumer decision making.
Tech-fin will change how consumers interact with their finances
“As the rise of quantum computing results in more effective AI and machine learning, we will likely see more tech-fin (instead of fin-tech) being used across the financial sector. Where fin-tech is used in the finance industry to do things like improve customer experiences, tech-fin solutions change how users interact with the industry overall. This will result in things like an increased push toward digital asset management,” says Bora Ozkan, assistant professor of finance and the academic director of the Fox Online MBA and Online BBA programs. Ozkan’s research interests are corporate finance, emerging markets real estate and business education.
Data will change the relationship between employers and employees
“We will likely see continued growth in business law and the compliance sector related to cyber-security, predictive analytics, and sexual harassment and workplace culture,” says Leora Eisenstadt, assistant professor in the Department of Legal Studies. “As firms increasingly turn to data analytics to assist in all aspects of hiring and talent management; as employee and customer data becomes both essential and vulnerable; and as the #MeToo movement continues to drive new legal claims, compliance initiatives will continue to grow in both size and importance.” Eisenstadt’s areas of scholarship and interest include employment law, business law, law and linguistics, work-family conflict, sex discrimination, race and the law, and public policy.
Increased integration will strengthen Risk, Insurance, and Healthcare Management
“My prediction is that 2020 will bring further integration of Enterprise Risk Management and Alternative Risk Financing to address strategic and operational risk issues,” says M. Michael Zuckerman, associate professor in the Department of Risk, Insurance and Healthcare Management. “We [employees, customers, shareholders, regulators, etc.] will observe increased Organizational Board of Directors’ scrutiny over Risk Management. We will do this in order to gain assurance that the entity is resilient and able to manage threats that could disrupt its operations.”
Zuckerman also serves as the academic director for the department’s Enterprise Risk Management initiative.
Accountants will leverage big data to make better decisions
“The continued acceleration of technology and digital innovation will change the accounting industry. Businesses will continue to leverage big data and analytics to provide more accurate information to make better decisions,” says Elizabeth A. Gordon, professor and chair of the Department of Accounting at the Fox School. “Automation and AI will become more pervasive and simplify and increase the efficiency of operations. Cloud computing will continue to grow.”
Gordon specializes in the areas of financial reporting and international accounting investigating topics such as international financial reporting standards, corporate communications, executive compensation, related party transactions, accounting restatements, market development and corporate disclosure.
The Fox faculty informs the future of the business world. To learn more about that work and the future of the Fox School, visit the 2025 Strategic Planning website.