2018: A Year of Digital Trends in Business
It is not uncommon for entrepreneurs and company leaders across all industries in the business world to look for bold and innovative steps that would give them an edge over their competitors. While some may be trying to get ahead, other are simply fighting to keep up with their counterparts. The advent of technology has made it a lot easier for startups to compete, thereby eroding past practices and creating new strategies for smaller business to succeed.
Here are a few trends that the year 2018 has brought forth (while also noting that these practices might just continue to gain ground going forward in the future):
This is perhaps one of the more obvious and prevalent trends that continues to solidify its root each year. The advent of digital banking has replaced the traditional over-the-counter-banking system, making it easier for people all over the world to carry their financial records and most of their assets in their pocket. This trend is not just prominent amongst millennials, as even the older generation are beginning to understand the need to adapt to this faster and more convenient solution.
While these trends bring a lot of positives with them, one can clearly see that the direct impact will likely be a rise in cybercrime across all sectors.
The concept of money is one that has been a serious topic of discussion as it is a means of exchange that decides the economic status of the entire world. Therefore, the idea of a universal decentralized system is one that appeals to all. Blockchain technology offers security, authentication – and it is undoubtedly the currency of the future. This means that more and more businesses will adopt the use of this technology in an attempt to become early adopters.
Virtual Workplaces and Remote Offices
As newer job descriptions’ are opening up, there is a corresponding change in the nature of human presence. Businesses are becoming much smarter thereby targeting productivity and space utilization more efficiently. This means that people can now work from all kinds of locations while remaining connected or clocked in to their various bases. Of course, a bulk of this new behavior is made possible by the advancement in the field of IT by newer software that make connectivity much easier and much more convenient.
The Internet of Things, Machine Learning and Artificial Learning
These three concepts have been buzzwords for quite a while and will likely begin to become reality in the near future. Such technology and interaction between physical devices will mean increases in quality of services and interaction among customers and vendors. This also means that businesses can begin to predict human behavior, satisfaction, and respond to their product based on past history. On the other hand, customers can begin to evaluate the services of their favorite vendors even before they initiate contact, thereby ensuring efficiency.
A Need for Advancements in Cybersecurity
There is an ever present danger that is associated with the extreme levels of connectivity around the globe. Identity thefts, Hacking and user data siphoning has become a real and ever present danger and businesses will have to put a lot of resources towards ensuring that this menace is curbed.
Advertising, Lead Generation and Conversion
One of the main goals of every business is to generate revenue. This means that a huge part of their resources have to be devoted into customer acquisition. However, with the arrival of several user platforms consisting of targeted audiences and customers, this has become more accessible. Businesses must begin to devise new strategies to acquire customers without risking information overload. Small businesses may need to lookout for more effective solutions in order to compete with their larger counterparts.
It is important to ensure that you stay ahead of trends and never fall behind them. Every business has trends that are present in specific industries, and you should ensure that you work with the data available to you.
What other business trends have you noticed in 2018 that have made the biggest impact in your industry? Let us know in the comment section below.