It is unlikely that businesses will ever look “normal” again. Due to the turmoil of the last year, we have seen economies shaken by supply and demand shocks and a pandemic’s ability to outperform globalization’s decades-long progress.
Today’s formula for business success is different from that of a decade ago. The leaders cannot know what will work in ten years.
Changing will not be an option if we hope to stay ahead in the 2020s.
From delivering excellent customer support to online ordering to cloud technology to social media and mobility solutions, there is much more happening in the business world. And the execution of these changes requires in-depth planning, adequate resources, and much more.
Companies need a new agenda, consisting of five imperatives, that will enable them to take advantage of opportunities created by uncertainty, stay ahead of the social, technological, and political trends that will define the future of business, and change the way they do business.
By 2025, business models will be dramatically altered by sensors, wearables, the Internet of things, data analytics, new technologies, cyber-attacks daily, and global sustainability. A digital transformation strategy can provide your business with a sustainable commercial future if you put in enough time, effort, and money.
According to experts, approximately $2 trillion will be spent on digital transformation by 2025. Companies across various sectors invested colossal amounts of money.
With technology, we have evolved and adapted to a new world. As a result, we should not just focus on managing the global crisis – but also on our society and economy’s recovery – perhaps the most significant recovery we have ever seen.
Hence, it is crucial to understand what makes some companies more successful. That’s why we looked at which characteristics these organizations have in common that could help them prepare for whatever the future may bring.
In this blog post, we imagine what the future might hold for business, from digital transformation to automation to robotics; let’s explore what will cook in the business landscape and what ingredients one should use to thrive and prosper.
What is Changing in Business World
Source: Finances Online
Modern technology has surely changed the way business is conducted. It will look cliché to say that the business world has become static. And yes, this change is not happening in large-scale organizations, even simple and small businesses like cab services have surely felt the impact of technology and customers’ changing preferences.
The influx of technology and requirements of modern customers have revolutionized even the people and enterprises communicating with customers.
Here we have presented a glimpse of some important statistics that help you understand how the market is changing and how these changes will affect your business operations and your rivals to achieve ultimate success.
The Changing Face of Business Ecosystem
- Half of the population will be online
- The Internet of Things – IoT will change the definition of what companies sell and how they sell
- Cloud technology will eventually dominate the IT market
- Business-to-consumers (B2C) companies will have rewards linked to the use of wearables as it keeps customers hooked with brands
- Email marketing will remain the standard for online B2B and B2C communication.
- According to the survey conducted by McKinsey, more than 47% of companies will integrate at least one AI capability into their business process.
The above figures clearly depict that demand for technology will increase in the years to come as it will help brands foster innovations in products and services.
Capgemini, Nexustek, Elluminati Inc, Synoptek, Dataprise, etc. also provide digital solutions and unmatched IT services, consulting to their clients because it helps them to create a comprehensive IT strategy and improve operations.
What Will the Future of Business Look Like?
We know everything is changing. Whether it’s how consumer behavior changes or how traditional marketing methods change, we all sense it.
Differences in how things feel disparities between what we perceive are direct manifestations of it. Other people see it differently.
As people and marketers alike, it’s almost like we have no common language anymore.
Understandably, we cannot grasp the depth and breadth of this challenge due to its bewildering list of consequences. Then we are uncertain where to target our own efforts; where to look to make a difference.
We can quickly become overwhelmed by change when it is everywhere. However, keep in mind that changes do not happen everywhere at once, nor are they always of equal magnitude.
Considering the following areas will help you better understand how the business world is changing and what changes will impact enterprises the most.
Automation will Take Key Place
Changes are occurring like work. The work that was once done by teams of individuals and complex assembly lines can now be done by machines and robots.
Moreover, the impact of automation is not limited to manufacturing roles – a Forrester report on automation asserts that in 2020, over 1 million knowledge-work positions will be automated or replaced by artificial intelligence.
Today’s machines are powered by Artificial Intelligence (AI), and robotics and machine learning are continuing to advance the field of automation and also help marketers and brands to send personalized recommendations to customers.
Automated systems can now complete complex tasks with little to no human intervention. In the long run, work automation will improve connectivity and business efficiency.
Nonetheless, automation in the workplace also has to do with humans, as close to 50% of the workforce is expected to be replaced by machines over the next decade.
The Immense Growth of Virtual Marketplaces
The wide access to the Internet and increasing usage of smartphones are entirely changing the way consumers shop and order products and services.
Moreover, marketing automation also has changed the way content is published. Today, a business can do,
- Build your online presence – Create a strong digital presence for your business, including delivering a mobile-friendly experience, promotional on social media, and handling customer’s queries using the chatbot
- Attract Customers Online – Launch digital campaigns, use tools such as Facebook, Google Adwords, and sponsored ads to bring traffic and entice customers.
- Automate Sales – Implement advanced sales software such as ERP and CRM to build strong connections with customers, boost productivity, and reduce overall cost.
The Employment Market is Changing
To summarize, the job market has changed drastically. Workers should be prepared to start immediately upon arrival. Many employees are being enticed into the “gig economy” and working for a variety of employers based on their specific skills.
Remote workers also take into consideration business collaboration tools to stay more productive.
We will continue to see these market forces at work. According to a Deloitte report, future economies will be characterized by a mix of fragmentation and concentration.
As a result, they predict that there will be big players that provide infrastructure and support to smaller fragmented players.
Businesses will Feature Modern Technologies More
As companies such as Uber, Airbnb, and Deliveroo rose to prominence, investors were rattled.
Take an example of Uber, how without owning a single car, it has become one of the popular ride-sharing companies across the world with the help of technology.
Video Technology is the future for businesses
With the growth of video in the past decade, the implementation of video technology has come a long way. Video is helping companies and enterprises close the gap with their end user, helping businesses achieve more personalized interactions with their clients.
A robust video hosting solution can help your organization grow with the use of videos in your email and marketing campaigns. Video hosting can also help enterprises to further integrate their corporate communication with in-built video portal for employees and marketing campaigns.
So, What’s New?
The business world is changing so rapidly that you’ll become complacent if you don’t ask questions about its changes.
The shifts won’t necessarily be overnight shifts – they will be continuous and perpetual, but they will change everything as we know it now. Competing for irrelevance is the same thing as competing for the future.
Executives and business owners may find that hard to swallow the pill, but change is constant, and in order to thrive in the years to come, they have to roll their sleeves and prepare a robust business plan to survive in the market.