A study published at the https://www.inc.com/wanda-thibodeaux/10-trends-that-will-change-how-you-do-business-over-next-10-years.html has shown that it is only the last decade that has changed aspects of hiring, culture, workforce distribution, and customer preferences.
According to the online financial assignment help services, business trends changes based on two significant factors- demand and technology. As technology has skyrocketed with newer advancements, assessing the demand of customers has changed as well. Understanding what the recent trends are and what needs to contribute to growth will decide business strategies of reputed organisations. These will help them cope with the customers’ demand, use technology in their favour, and create jobs.
Here are the top 3 business trends that have changed the business scenario-
I. Increased adoption of new technology and big data
The very first business trend that is believed to change the scenario is technological advancements and big data. These two are also among the top five strategic business drivers who are considered to stay here till 2022. Experts believe that the next game-changer will appear after that period. It is no wonder that the Fourth Industrial Revolution and new technologies will define business growth, job creation, and demand for specialist skills.
Over the years, big data analytics has developed with the adoption of agile technologies and an increase in advanced analytics. There is no single technology that encompasses big data analytics and gains optimum value from the information for companies. Among those, machine learning, artificial intelligence, quantum computing, Hadoop, in-memory analytics, and predictive analytics are the commonest to give in. These technology trends are likely to meet the demand for big data analytics over the period.
With this, advances in new energy supplies & technologies have also contributed to changing business scenarios. Experts at the online financial assignment help services point out that ‘Decarbonisation, emerging markets and resilience are to thank for increased demand in renewable energy.’ not to forget how big data and new technologies have made it possible for even the common man to make use of all these.
II. Advances in mobile InternetInternet have changed scenarios
Improved customer experiences, enhanced collaboration with employees and workforce, and better marketing strategies- the contribution of mobile Internet is too many to count. Mobile technology is one of those trends that have taken the business world by storm. Thanks to mobile device penetration and their affordability that have seen rapid and monumental growth at all levels of customers.
The number of mobile phone users is estimated to rise above 4 billion every year. It is cellular communication, connectivity, and suitable applications that have been changing the way business communicators create, plan, distribute, and push messages, products, and services.
The mobile trend has turned business operations smoother and swifter than before. It has made business processes streamlined. Thanks to Cloud computing and AI that have increased usability and accessibility. For example, you can save an essential file in the cloud from any part of the world. Same goes for the time when you want to open and download the file.
III. Expansion of developing economies, education and middle class
Increased access to technology and education will provide more significant opportunities in developing countries and businesses that target those markets. Industries like aviation, aerospace, supply chain and transport, infrastructure, mining and metals, travel and tourism, chemistry, advanced materials and biotech, and global health and healthcare are expected to see an expansion of the middle-class customers. It is believed that these are also that segment of the newly emerged customers who will impact the national economic growth.
Not to forget about the impact that expansion of education will bring in for developing economies. It is argued this is due to urbanisation, including greater access to education, technology and opportunity that developing economies and businesses have seen most of its growth.
Small- and medium-scale enterprises created jobs and strengthened support industries in domestic economies, points out a PR published athttps://www.un.org/press/en/1997/19971028.GAEF2777.html. Foreign direct investment and support from the government create a favourable business environment for the growth of small- and medium-scale businesses.
Along with these, advances in artificial intelligence, advances in cloud technology, company culture, remote working, employment changes, distributed workforce, high-speed, project-based work are some of the trends that will bring change among businesses of all shape and size across the globe.
The ever-changing scenario of business is based on trends. We have mentioned three popular business trends that have contributed to bringing changes in business environments.