To stay ahead of the curve, businesses must be aware of the latest trends. These trends are transforming the business world, from Customer-centricity to Remote work and automation. If you aren’t aware of these trends, you can read our articles to learn about their impacts on the business world.
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Customer-centricity
According to the most recent business trend, eCommerce firms must embrace customer-centricity. This will change the way companies do business. In addition, with mobile devices becoming increasingly important, businesses must rethink their capabilities and structures.
The customer-centricity movement has gained popularity in the past decade and is now a key competitive differentiator for businesses. As a result, over 70 percent of CIOs are planning to increase their investments in customer-centricity in the year 2021. In addition, personalization, proactive communication, and omnichannel experiences will play a key role in customer retention.
Remote work
Remote work is becoming more prevalent in many workplaces, and many CEOs are discussing it as the new norm. Remote workers may experience a lack of company culture and be less engaged, but that is not the only issue. Companies should focus on cultivating a positive work environment and creating a healthy work-life balance.
Remote work was not impossible when technology wasn’t advanced. However, it was nearly impossible for colleagues outside the office to reach remote workers through email, text messages, or direct messages. Those who needed to contact their colleagues had to provide an alternative phone or fax number. Full-time remote positions were very different.
Socially-mindful business
There is a huge demand for ethical brands, and companies are increasingly conscious of their impact on society. Millennials are especially interested in ethical products. A recent study shows that 92% prefer companies committed to ethically sourcing raw materials. They are also concerned with gender equality, environmental issues, and better working conditions.
Automaton
While most innovation is incremental and not disruptive, automation allows organizations to transform business and create new revenue streams. While this may be a challenging task for the risk-averse market incumbents, there are many potential benefits to business owners. For example, automation can reduce the cost of production and increase productivity while reducing error rates and redundancy.
Organizations are increasingly automating their processes as they seek to deliver digital experiences. This results in hyper-automation. Organizations are embracing AI and machine learning technologies to automate business processes and manage huge data sets. As a result, IT automation tools can pivot to address new challenges.
Collaborative economy
The collaborative economy is already making waves in the global business arena. Companies like eBay are orchestrating the internet’s peer-to-peer network, allowing individuals and businesses to share their goods and services. By sharing items, people avoid overconsumption and unnecessary purchases and create value by collaborating. Although the collaborative economy is often referred to as the sharing economy, it is also true that companies like eBay and the sharing economy charge fees for facilitating their economic activities.
While collaborative consumption is most popular in developed countries like the United States, the United Kingdom, and Australia, it is becoming increasingly popular in less developed nations, particularly in emerging markets where this economy can create substantial economic growth. Companies like Airbnb, for example, are expanding into markets in Asia, Latin America, and the Middle East. Some local entrepreneurs have even launched startups to address local needs, such as access to finance and education.
