The Future of Business: Predictions and Trends to Watch
Business environments are in constant flux, making it essential for organizations to keep abreast of emerging trends and stay ahead of competition. Sustainability, personalization, remote work and artificial intelligence are just a few examples of trends worth keeping an eye out for in 2019.
Assimilate business trends to stay ahead of competition and prepare your company for future challenges. Gain more insight into this aspect of business with Maryville University’s online bachelor of business administration degree; find out how it could advance your career!
Digital Transformation
Digital transformation has become one of the buzziest buzzwords in business, yet it involves far more than simply adding technology to existing processes. Digital transformation means altering a company’s operations in response to customer and market changes; that could include anything from transitioning to cloud environments, becoming remote-ready or automating processes for greater efficiencies.
Reimagining customer experience and shifting internal culture are also integral parts of innovation. Additionally, adopting a sustainability strategy could also prove fruitful.
AI and machine learning (ML), cloud services and everything as a service (XaaS), robotic process automation, analytics, cybersecurity, hybrid work platforms and data platforms are the latest trends driving digital transformation, helping companies speed up change. Businesses who understand these technologies’ potential and apply them successfully across domains will have more success with their digital transformation efforts.
As customers and employees increasingly expect efficient, rapid interactions from businesses, it has become essential for organizations to be able to deliver these experiences efficiently, cost-effectively and scalablely. That requires having an in-depth knowledge of how various technologies can be leveraged to meet these demands in an optimal manner.
Companies that don’t adapt will find themselves struggling to remain relevant, potentially losing market share to rivals who offer superior and more responsive experiences that have become expectations across every aspect of business engagement – whether online shopping, B2B services like insurance and security, retail coffee shop experiences or restaurant visits.
Sustainability
As consumers become more cognizant of their purchasing choices, they are demanding businesses incorporate sustainability into their operations. From cutting waste and using renewable energy sources to offering socially conscious products, businesses must prioritize sustainability to retain customers while drawing in new ones.
Companies that take an environmental-focused approach will gain a competitive advantage against their peers. Sustainability practices can also help cut costs and enhance operational efficiencies – for instance using digital technology to streamline data management can save both energy and money.
Sustainability initiatives can also serve to attract young talent and keep existing employees happy. Millennials in particular value working at businesses that share their environmental commitment – 40% would even accept lower salary to work at such businesses!
Sustainability can be defined in three core ways: environmental, social and economic (sometimes referred to as “people, planet and profits”). On an environmental level, sustainable business practice usually means reducing carbon footprints and waste levels while supporting local communities while supporting diversity initiatives.
Socially, sustainability involves fair treatment of employees and respect for human rights. It may also involve building a sense of community among staff as well as engaging with wider public through events or outreach programs. Economically, sustainability strategies ensure a company does not overexploit natural resources while producing enough revenue to cover expenses and reinvest for future investments – for instance renewable energy initiatives may initially require subsidies until reaching self-sustainability.
Personalization
As technology continues to advance, customers increasingly expect personalized engagement. According to McKinsey research, personalization is key to building customer loyalty – and can even help brands make more money! Personalization refers to any marketing strategy which seeks to create one-to-one connections with individual customers through targeted content, recommendations, messaging interactions or any other means.
One example of personalized business experiences can be seen when shopping online and receiving product recommendations based on past purchases or behavior, or walking into a store and being welcomed with your name and previous engagements with the brand. Going forward, businesses may use predictive analytics and artificial intelligence technologies to personalize experiences even further – creating unique customer journeys using personalized offerings tailored exclusively for each customer.
Personalization presents its own set of unique challenges. Many consumers harbor privacy fears and distrust companies that collect and use their data; yet most customers accept personalization provided it’s transparent and not done intrusively. Furthermore, any technology used must work seamlessly across platforms and channels in order to deliver an enjoyable customer experience.
The COVID-19 pandemic also demonstrated that customer loyalty has changed, and that winning over customers requires making every interaction feel personalized. When executed effectively, personalized marketing can increase conversions, sales and engagement while simultaneously strengthening your brand reputation – but any misstep could jeopardize its standing and decrease return customers.
Remote Work
Working remotely has evolved from an exciting dream into the reality that businesses expect and expect from top talent. Not only is working remotely more accepted by employees and employers, it helps businesses save money and attract talent more readily – according to Upwork research, half of businesses will at least partially remote by 2023!
Remote workers have the flexibility of performing their duties from anywhere – be it their home office, satellite office or even a coffee shop. Employees of a company might hire these remote workers; freelancers/independent contractors hired for specific projects may use remote working arrangements to stay connected with clients/teams while not physically being present in one location.
Remote workers may also be more productive than their on-site peers, as they do not face the stresses associated with commuting and social distancing, both of which can disrupt productivity. Plus, they have access to more comfortable workspaces. According to Owl Labs research, remote workers are 2x more likely to make over $100,000 annually than on-site peers.
However, remote work presents its own set of unique challenges, particularly when it comes to creating a healthy culture. To be effective at developing virtual teams and communicate effectively, having the appropriate tools in place as well as an established communication plan are vitally important. Furthermore, employees need strong and reliable internet connectivity so that they can focus on tasks without distraction – this includes having flexible scheduling that suits all employees; otherwise your workforce could suffer! To gain more information on effective remote working methods please visit our Remote Work Resource Center.
Artificial Intelligence
Artificial Intelligence (AI) offers businesses an effective tool for automating tasks, engaging customers and discovering patterns in data. AI can be applied across many business functions such as marketing, customer service and financial planning.
AI tools are helping businesses make better decisions and become more efficient. Voice assistants enable employees to easily answer basic queries and access data without opening spreadsheets or filling out forms. Customers can use an app to return an item or request refunds without speaking with someone in person, while AI also assists with analytics by analysing data and content, predicting trends, and suggesting actions for taking.
However, AI still raises some uncertainties as to its future impact on work and the economy. Depending on the industry in which AI is employed, it may either replace jobs or create new ones; retail and logistics operations can benefit greatly from more efficient supply chains; healthcare can benefit from telemedicine allowing doctors and radiologists to quickly detect cancerous tumors using limited resources and reduced complexity.
Companies will need to closely oversee how AI systems learn and develop in order to prevent any biases that could arise in AI programs used for sorting job applications, for instance a program could detect any subtle preferences against female job seekers that creates an uneven playing field in hiring processes. AI technologies are becoming more sophisticated with each passing year; now capable of understanding natural language communications as well as detecting suspicious activities humans might miss.
AI is revolutionizing science, with researchers using this technology to develop more accurate models and predictions. One AI tool developed at Mount Sinai’s Icahn School of Medicine predicts 80 diseases a year before their symptoms appear – saving medical professionals both time and money in diagnosis. Furthermore, researchers have devised ways of using deep learning and machine learning techniques to quickly identify cancerous cells using only an MRI scan.
