This is a time of great change and innovation. Research shows that millions of company executives will retire this year, leaving the market open for a newer, younger workforce. This combined with constant advances in technology mean that firms of all sizes must be ready for these changing business trends.
Automation Is Becoming More Widespread
We are at the threshold of a new era where artificial intelligence will be combined with robotics, holographic computing and networking, leading to a world of increasing automation. This technology is disruptive and will lead to the elimination of individuals and organizations from the marketplace that is unable to adapt, while those that do will dominate their respective industries. Institutions should switch to automation as it can allow them to slash costs while increasing productivity, while individuals must transition into jobs where human labor and intelligence are preferred over machines.
Increasing Data Collection Of Customers
A growing number of companies are interested in collecting increasing amounts of data on their customers. In truth, this desire has always existed, but due to technological limitations companies were limited in the data they could acquire in the past. Technology has matured to the point where companies can gather detailed data on their customers via analytics and other tools. This data is critical because it allows institutions to make better marketing and advertising decisions which are focused on specific demographics. However, companies must also be aware of the laws regarding privacy and remain in compliance with them.
Specialists Are High In Demand Among Corporations
This trend is largely a result of the many advances which are being made in technology. The world is increasing in complexity to such an extent that few individuals can be expected to master multiple disciplines. While polymaths do exist, they are a rarity, and most companies these days demand highly skilled specialists who have a deep understanding of one area. In fields such as medicine, science and engineering, many believe that large teams of specialists may be needed to make the breakthroughs that are necessary to solve some of mankind’s most challenging problems.
Greater Customer Engagement
The ways and extent to which companies engage with their customers has continued to increase. The primary method which is being used for engagement today is digital tools. Companies are emphasizing personalization, as opposed to a one size fits all approach, as well as assessing customer response and data which is related to their purchases and desires. Smartphones have played a pivotal role in this development, and will continue to do so for the forseeable future. Companies which prioritize engaging their customers via their smartphones will have a significant advantage over those that don’t.
Personalization is popular among customers in many different industries because it foments trust while providing value. A dealer that takes the time to personalize their offerings will elevate themselves above a mere salesman, reaching their customers in a manner that will virtually guarantee a positive and profitable response.