Is your company looking to stay abreast of the current and future business trends? Are you looking to bring your business up to speed with the trends that are on the horizon and currently reshaping industries? It is critical to keep up with the technology trends in the marketplace because many of them will be the standards of the future.The accelerated rate that we see technology advancing is unprecedented. Trying to resist change in times of technological revolution can mean the death or decline of stubborn businesses. Here, we are highlighting nine of the most noteworthy business trends of the present and future.
Between May and July of 2017, Equifax was the victim of a security breach. The private records of approximately 140 million consumers were compromised. This incident exposed how vulnerable companies—even those intended to protect consumer data—are to being hacked. The $575 million that Equifax had to pay due to the breach has prompted many businesses to invest in consumer data protection technology. Cybersecurity measures like biometric verification, data encryption, backup systems, and firewalls are just some of the technologies that are being used to protect consumer data.
Artificial intelligence (AI) and machine learning (ML) have silently emerged in the background of applications and platforms used in every major industry. AI serves several major purposes for businesses. Firstly, AI and ML are freeing up manpower to do more important tasks by taking care of the mundane tasks that consume unnecessary time during the workday. Secondly, the technologies are able to solve problems at a speed that is impossible for humans. Lastly, AI can create the personalized environment that today’s market demands.
Social media is an outlet that businesses can no longer ignore. With an estimated 3.5 billion active members daily, social media is an essential marketing hub for all businesses. The incorporation of video on these platforms has made the power of marketing on these services undeniable. The implementation of the “stories” features and sponsored posts give brands just the type of visibility needed to build brand exposure.
Business development representatives (BDRs) have been the lifeblood of sourcing prospects for many companies for years. The rise in technology has made the role of these professionals all but obsolete. The diminishing returns of the BDR compared to newer sourcing methods has caused the role of these professionals to be called into question. The business development representative’s role is changing to address the changing times.
The internet of things (IoT) is the name given to the billions of interactive devices around the world that are currently connected to the internet. Also known as smart devices, these units are able to be controlled using smartphones and computers. Businesses are adopting IoT technologies to prepare for the future of increased smart device usage. The functions and analytical data these devices provide help businesses to experience less downtime, lower overhead costs, improved customer experience and business insight, waste reduction, and greater efficiency.
There are many tasks that consume unnecessary time and use manpower that could be better utilized elsewhere. Task automation uses software to handle these mundane and repetitive processes in a way that eliminates the need for human intervention in the performance of these tasks. The areas of business that benefit the most from automation are IT, research, document management, risky manual tasks, and sensor-based tracking and alert systems. Task automation is surely a technology that will become a standard and not merely a trend.
When it comes to the manufacturing sector, 3D printing has begun to change the landscape. The 3D printer is used to “print” parts and products in the same manner that a typical printer prints out a document. Major companies like GE, Lockheed Martin, and Boeing are using 3D printing to increase part production for their products. More companies are following the path set by these larger brands. The 3D printing revolution is something that can’t be ignored.
While virtual reality (VR) and augmented reality (AR) have been around for years, signs point toward a reemergence of these technologies. Virtual reality is a technology that creates a virtual environment, and augmented reality creates a digital overlay that is imposed over the physical environment. VR and AR are used by companies to add an interactive layer to their marketing campaigns. The interpersonal experience created by these technologies is appreciated by Millennials and Gen Z consumers.
The movement to “go green” has been around for a while, but with the increase in companies to admit that the fears that science has presented are real, we see a new wave of eco-friendly business practices. Companies are proud to show that they are taking measures to reduce the carbon footprints of their companies. The sustainable approach gives a humanitarian perception to consumers. This is also an effort that is appealing to younger prospects.
Conclusion
Are you ready to reconfigure and retool your business to keep in step with the changing times? Adapting to the new reality is the way that companies will survive the future paradigm shift. If you intend to meet the needs of Millennials and Gen Z consumers, you must first appeal to their expectations.