Assignment 6A: Identifying Opportunities in Economic & Regulatory Trends

Opportunity #1: Healthcare Regulatory Trends

1. I found this article on regulatory changes at the following web address: https://www.businessnewsdaily.com/7671-regulatory-issues-changes.html
2. I believe that this information suggests an opportunity might exist due to the importance of health care. Being able to provide such a service to your employees is of much importance. Though the United States, among other countries do not view universal healthcare as a basic human right, it is still an important service that could be considered an unmet need.
3. The customer with the opportunity would be the employee receiving some form of assistance from their employers when it comes down to healthcare.
4. The opportunity is relatively difficult to exploit. Many changes are easier said than done and to ensure that most employees are benefited with assistance regarding their healthcare plans would be a grueling process. This is my view of the issue due to knowledge of companies not providing healthcare to some employees due to extenuating circumstances which prevent them from doing so due to policy. For example, seasonal workers are often times not offered the benefits that a full-time employee would receive due to the position being deemed seasonal.

Why did you see the opportunity?

I saw the opportunity due to the high demand of such a necessity. Healthcare allows sustenance of employees and prioritizes the wellbeing of an employee. I believe that healthcare and access to such a service stand high in terms of importance. If healthcare were to become more accessible to employees, the general well being of the individual would be better off. The employee is taken care of, therefore they can continue to perform their work duties with ease.

Opportunity #2: Artificial Intelligence: A regulatory trend to watch for

1. I found an article that addresses AI and their introduction into the workplace at the following web address: https://riskandinsurance.com/wc-regulatory-trends-changing-the-industry/
2. I believe that this information suggests an opportunity might exist due to the availability of artificial intelligence. The opportunity available is the use of AI in order to promote productivity within fields of work that require manufacturing within an industry.
3. The customer with the opportunity would be the owners and officials who are in charge of certain industries that could utilize AI in lieu of human beings. Though this may not be beneficial to those who are replaced by AI, it is beneficial to the industry cost wise, therefore they are the customer. They are seeking a more cost efficient opportunity to take advantage of to further their success as an industry.
4. The opportunity is relatively difficult to exploit. To produce AI and to have them carry out a specific function may not be as cost effective as one may assume. It surely cost money in order to obtain AI that would increase productivity within industries. However, if you were to consider the cost and how it would differ in the long run, it may be an investment worth making in the eyes of the industry owner. However, this would lead to jobs becoming obsolete and would override the need for worker’s compensation.

Why did you see the opportunity?

Though I may not agree with the use of AI with the intent to increase productivity within manufacturing jobs, it is an apparent opportunity industry owners could consider if they really care for the success of their business over the opportunity they have to employ people in need. This is an opportunity for the industry, but a disservice for workers who are in a working field that may soon become obsolete due to the existence of AI.

Opportunity #3: Improving Economic Opportunity in the U.S

1. I found an article which informs readers of ways to improve economic opportunity in the United States at the following web address: https://www.cbpp.org/economy/improving-economic-opportunity-in-the-united-states
2. I believe that this information suggests an opportunity might exist due to the reasoning behind economic opportunity barriers. In some cases, these barriers are associated with income, race, and education. There are apparent racial disparities when evaluating unemployment rates and this may be due to preference within society. It is unjust to decline potential employment due to income and race. Though, level of education is a matter than can be viewed differently when hiring employees to work for your company. It may not be fair to do so if obtaining higher levels of education are often prevented due to the family income of a young adult, but being deemed more qualified for a position due to one’s experiences is often accepted over those without higher levels of education.
3. The customer of this opportunity would surely be the individual seeking employment while facing such barriers. It would benefit them if they were not discriminated based on income, race and education.
4. The opportunity is rather easy to exploit when we are focusing on barriers involving income and race. There are aspects of an individual that should not be frowned upon if it is out of their control. An individual cannot do anything differently if they belong to a certain race and this should not be an issue in today’s day and age.

Why did you see this opportunity?

I was able to see this opportunity due to the views I hold in regards to income and race. Throughout my upbringing, there were multiple days, multiple years where my mother and I ate ramen and spam and only such foods due to the income available to her. If employers were to judge potential employees on their income, it would be wrong because it is not within their control. This is similarly the case for race, since one cannot change and should not be discriminated to begin with. Though when it comes to education being a barrier, not much can be done. It is a miracle that I was given the opportunity to attend the University of Florida and if I had not had this opportunity, I would be facing this educational barrier, as my family did not have the means to provide a college education for their child.

Opportunity #4: 7 Elements of Economic Opportunity

1. I found an article discussing various methods that would improve economic opportunity at the following web address: https://www.uschamberfoundation.org/bhq/7-elements-economic-opportunity
2.  I believe that this information suggests an opportunity might exist due to being able to reconstruct certain aspects. If officials are able to plan out more effective forms of running a society, the society as a whole with foster growth.
3. The customer in this opportunity would be the individual receiving an opportunity to improve their economic opportunity. For example, if the public school system were reevaluated and changes were made, the students at these facilities would be given more opportunity to learn more effectively.
4. The opportunity is relatively difficult to exploit due to funding and lack of attention on the subject. If we allow mediocre systems to continue their ways, we will continue to receive young adults who were not as fortunate to have a good educational system in place in certain regions.

Why did you see this opportunity?

I saw this opportunity because I came from an area where the public school system was not a very good one. I feel as if I was provided with the bare minimum, while there are children who have the accessibility to resources which enhance their educational path. If I were given access to better opportunity, I believe that it would ultimately lead to a more successful life as a student and member of society.