The Future of Business: Navigating Change with a Business Undergraduate Degree

Business in Ireland and around the world is evolving at a breakneck pace. Ireland is the home to many emerging technologies and if you couple these with shifting societal expectations, and the global trends that are reshaping industries, this may be an excellent moment to rethink a lot of business practices. More than ever, future business leaders are going to need to be equipped with relevant skills and knowledge. Galway Business School is a small business school which makes us particularly agile when it comes to moving with the times and innovating in our own right.

Key trends such as artificial intelligence (AI), sustainability, digital transformation, and the future of work are defining the direction of global markets. Our undergraduate business programmes in Ireland are designed to prepare students for these challenges, fostering future-ready professionals.

The Impact of AI on Business

Artificial intelligence (AI) is reshaping the business landscape in profound ways. It is transforming key sectors such as finance, where predictive models improve risk assessment and fraud detection, and healthcare, where AI-driven diagnostics and personalised treatments enhance patient care outcomes. Studies from leading organisations, such as McKinsey's reports on AI adoption, highlight significant efficiency gains in these industries (source: https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights).

​In marketing, AI enhances customer insights by analyzing vast data sets to deliver personalized recommendations, revolutionizing customer engagement strategies. For instance, companies utilizing predictive analytics have experienced a 15% increase in their marketing campaign conversion rates.(source: https://aimarketingengineers.com/ai-and-machine-learning-boosting-conversion-rates/)

To navigate these changes, a deep understanding of data analysis and AI applications is crucial. At Galway Business School, our undergraduate business degree courses integrate practical modules like 'Data Analysis and Decision Making', ensuring students develop the analytical skills necessary to excel in this AI-driven world. Learn more about our Bachelor of Business Degree programme here.

We also encourage entrepreneurship and innovation through our specialised course offerings. For example, the 'Entrepreneurship and New Venture Creation' module introduces students to the fundamentals of launching and managing start-ups, fostering creativity and a forward-thinking approach in business environments. Discover more about our entrepreneurship-related modules here.

Sustainability: A New Paradigm for Business

Sustainability has become a cornerstone of modern business strategy. Companies are increasingly adopting Environmental, Social, and Governance (ESG) principles to meet stakeholder expectations and regulatory demands.

​To illustrate the global commitment to sustainability, the Paris Agreement and the United Nations Sustainable Development Goals (SDGs) have set ambitious targets for environmental responsibility.
Reports from the World Economic Forum highlight the need for businesses to adapt their operations to remain competitive in this shift. For instance, the report "Accelerating Business Action on Climate Change Adaptation" emphasizes how companies can collaborate with governments, international organizations, and communities to build resilience against climate hazards.(Source: https://www.weforum.org/publications/accelerating-business-action-on-climate-change-adaptation/).

​Case studies from companies like Patagonia and Unilever showcase successful Environmental, Social, and Governance (ESG) initiatives, demonstrating the long-term financial and brand benefits of prioritizing sustainability. For instance, Patagonia's commitment to environmental responsibility has not only strengthened its brand reputation but also driven business success. Similarly, Unilever's Sustainable Living Plan integrates ESG factors into its business practices, leading to enhanced brand reputation and stakeholder trust. (Source: https://indianenvironmentalism.com/esg-series-part-4-case-studies-esg-integration/)

Our undergraduate courses integrate sustainability into the curriculum through modules such as 'Sustainable Business Practices' and 'Corporate Responsibility and Governance'. Learn more about our Bachelor of Business Honours in International Business here. These courses provide students with an in-depth understanding of how to balance profit with positive social and environmental impact, preparing them to lead in this critical area of business.

The Digital Transformation of Business

Digital transformation involves integrating digital technologies into every aspect of business operations, driving innovation and efficiency. This trend has been evolving for decades, with milestones such as the advent of the internet, the growth of cloud computing, and the rise of artificial intelligence accelerating progress in recent years. Studies from organisations like PwC and Deloitte report that over 70% of companies are undergoing digital transformation initiatives to stay competitive.

https://www.pwc.de/en/strategy-organisation-processes-systems/operations/digital-factory-transformation-survey-2022.html

Different industries have experienced digital transformation at varying paces. For example, retail and finance have quickly adopted e-commerce and fintech solutions, respectively, while sectors such as education and healthcare have seen a surge in digital adoption due to recent global events.

Essential Digital Skills: ​Proficiency in digital marketing, data analytics, and coding has become essential for modern business professionals. However, a significant digital skills gap persists, with many companies struggling to find employees equipped with the necessary digital expertise. For example, a report by the National Skills Coalition revealed that while 92% of jobs require digital skills, one-third of workers possess limited or no digital proficiency. (Source: https://nationalskillscoalition.org/news/press-releases/new-report-92-of-jobs-require-digital-skills-one-third-of-workers-have-low-or-no-digital-skills-due-to-historic-underinvestment-structural-inequities/)

​The Role of E-Commerce: E-commerce has significantly transformed business operations in Ireland, enabling companies to engage with customers and scale efficiently. In 2021, 40% of Irish enterprises reported conducting e-commerce sales, with large enterprises (250+ employees) leading at 63%. (Source: ​https://www.cso.ie/en/releasesandpublications/ep/p-isse/informationsocietystatisticsenterprises2021/e-commerce/)
This shift underscores the critical role of online platforms in modernizing business strategies and driving economic growth within the Irish market.

At Galway Business School, our undergraduate business degree programmes provide hands-on learning experiences, teaching students how to leverage digital tools and platforms to create value. Find details about the Digital Business module as part of our business programmes here. Modules such as Digital Business and Strategic Management ensure that students gain practical and strategic insights into navigating and leading digital transformation initiatives.

The Future of Work and the Business Graduate

The workplace of the future is being shaped by trends such as remote work, the gig economy, and increased automation.

• Trends in the Workplace: Hybrid work models, flexible schedules, and freelance opportunities are transforming traditional employment structures.
• Critical Skills for the Future: Adaptability, problem-solving, critical thinking, and digital literacy are essential for future business leaders.

Our curriculum at Galway Business School emphasises these skills with a comprehensive approach that includes modules such as Leadership in Organisations, Strategic Management, and Digital Business. You can view our complete course offerings here. These courses are designed to build resilience, foster critical leadership abilities, and prepare students to excel in a rapidly evolving job market by integrating real-world case studies and project-based learning.

In summary...

In an era of constant change, earning a business undergraduate degree is more important than ever. It provides the foundation for a successful career by equipping students with the skills needed to navigate emerging trends such as AI, sustainability, and digital transformation.

At Galway Business School (GBS), we pride ourselves on offering a friendly and welcoming student-centred learning environment. Our lecturers, many of whom are entrepreneurs themselves, support, mentor, and guide students through the skills, knowledge, and practical work experience needed to achieve their goals (source).

Choosing to study at GBS means becoming part of a close-knit community where personalised support is paramount. Unlike self-directed online learning, our programmes provide structured guidance, real-time feedback, and opportunities for collaborative learning. This supportive environment not only enhances academic performance but also fosters personal growth and confidence, preparing you to excel in the dynamic business world.

Explore our undergraduate courses and take the first step towards a dynamic and rewarding career in business.

Apply Now or Learn More about our programmes today.