10 New Fields and Specializations in Business

Key Takeaways

• Technology integration has become an indispensable driver of success, from streamlining operations to creating innovative business models.
• Business students are urged to master advanced and soft digital skills to navigate the evolving business landscape.
• Some of the business fields and specializations are not necessarily “new,” but the advancements in technology within their fields have propelled them into the spotlight, transforming their traditional roles and methodologies.

Blockchain technology allows businesses to store information and stop anyone from editing data entries without permission, making everything transparent and accurate.

However, blockchain technology faces challenges like scalability, security, complexity, and interoperability because it’s still developing. To overcome these, companies are improving security measures, promoting collaboration, and enhancing user-friendly interfaces and interoperability.

Blockchain developers usually obtain a bachelor’s degree in software development, computer science, information systems management, computer engineering, and related fields. These professionals are often not required to have an advanced business degree. However, professional certification is a must.

Some of the best certifications for this field include:

• Certified Blockchain Expert™
• Certified Blockchain Developer™
• Certified Blockchain Architect™
• Certified Smart Contract Auditor™
• Certified Smart Contract Developer™

Business leaders often overlook emerging technology, focusing on buzzwords without a strong business strategy. Digital should be a tool, not a standalone part of a comprehensive strategy, fostering human performance.

Moreover, digital transformation strategies will require rapid expansion in big data analytics, IoT, and AI. Big data analytics can help companies deliver personalized experiences and monetize data, while IoT will introduce secondary devices and increase the value of IoT technology. AI will create new algorithms for data shaping and decision-making.

But like other fields, digital strategy is not without concerns. For one, the rise of digital strategies creates a concern for data privacy and compliance. Another problem is talent shortages and a very competitive market.

Digital strategy professionals must earn an advanced business education, such as a master’s in business administration (MBA) degree, combined with in-demand tech skills, including data analytics, AI, social media marketing, and cybersecurity.

As technology in the business sector continues to evolve, business leaders must also learn how to plan, organize, direct, and control IT resources. Innovation Technology Management, a subset of information technology, aims to maximize the use of technology within the business while minimizing risks and costs.

This new field prefers hiring professionals with business degrees and specializations in innovation, entrepreneurship, and technology strategy. This, too, is a very competitive market. To stand out, students must obtain experience in leading innovation projects, implementing technology solutions, or driving organizational change—which can be achieved through internships and advanced business degree programs.

AI is everywhere. AI mimics human abilities to improve customer experience, raise revenue, improve productivity, and drive business growth and transformation. However, because it’s still a developing field, AI can struggle with some real-world tasks. Nevertheless, AI excels in processing and analyzing vast amounts of data faster than a human brain.

A bachelor’s degree in computer science, data science, or a related field provides essential knowledge. However, advanced degrees such as a master’s or PhD in AI, machine learning, or data science are increasingly becoming standard for specialized roles.

Nowadays, even a small venture can conduct international business through social media and other online platforms. As businesses expand across borders and cultures, professionals find themselves at the forefront of a transformative era.

Some of the most highly valued knowledge and skills in this field include understanding global market complexities and diverse cultural landscapes and excellent hospitality management and communication skills. Leadership positions in this field may require applicants to obtain a master’s degree and develop language proficiency, particularly in key global languages.

A thorough understanding of supply chain management can also give a career boost to those interested in global business.

BPO is one of the biggest service industries today. This strategic business practice allows companies to outsource non-core tasks, reducing operational costs and improving efficiency. However, using BPO can have drawbacks, including communication issues, time zone differences, and loss of control. Companies should ensure effective communication and transparency in their BPO projects to mitigate these.

Specific academic qualifications vary based on the nature of BPO services. But to stand out for leadership positions, one must have a background in project management, business administration, economics, business analytics, organizational leadership, or information technology. Two best-advanced degrees for this field include an MBA or a Master’s in Business Process Management.

KPO involves outsourcing business tasks like analysis, consultancy, and market research to companies with dedicated workforces. Advantages include cost-effectiveness, access to top talent, and efficient resource utilization.

While cost savings and access to specialized talents are two major advantages of KPO, experts in this industry face particular difficulties. Problems within the field include intellectual property concerns, data security, client expectations, talent retention, and cultural and language differences.

KPO positions require applicants to have proficient knowledge in portfolio management, business administration, financial accounting principles, information technology, or any domain-specific area.

Mobile commerce is not technically a “new field” but has gained traction with the advancements of technological devices. M-commerce involves e-commerce transactions using mobile phones, utilizing WAP technology for sales, services, payments, and information exchange. It’s a rapidly growing industry, especially since 76% of people in America use their phones to shop online.

M-commerce business setup costs are high, with start-up complications and reliability issues. Networks and service providers are unreliable in developing countries, and security concerns arise.

Specific educational requirements vary depending on the role or aspect of M-Commerce you are interested in. Nevertheless, the most preferred is a degree in business administration/management, information technology, digital marketing, or any degree focusing on e-commerce.

FinTech has been rapidly advancing, transforming the landscape of financial services globally. This field has significantly advanced in digital payments, online banking, robo-advisors, blockchain, insurance, open banking, and quantum computing.

These technologies have revolutionized financial services, providing real-time insights, automating investment processes, streamlining underwriting processes, enhancing competition, and transforming fundraising and peer-to-peer lending.

However, like any burgeoning field, FinTech has its challenges. These include regulatory compliance, cybersecurity threats, data privacy issues, and the integration of legacy systems. Overcoming these hurdles is crucial for the continued growth and success of the FinTech industry.

To stand out in the FinTech job market, one must obtain a degree or certification in a relevant field such as finance, computer science, data science, or business analytics.

Aggregators, such as news, service, and video aggregators, help compile and organize similar and important information from millions of websites in the digital age. These platforms leverage advanced algorithms and data analytics to compile, organize, and present relevant content to users, offering a streamlined and efficient way to access valuable information.

Aggregators offer time efficiency, personalization, diversity of sources, user reviews, and content discovery. However, they face challenges in quality control, monetization for content creators, and data privacy concerns. Balancing personalization with user privacy is crucial for effective aggregation.

Most open positions in this field look for business majors in strategic business development, market analysis and research, and project management, with legal and regulatory compliance and performance management knowledge.