Business Trends

5 Business Trends That Will Impact Your Organization

With a new year comes another set of trends which shape the way we do business. While we’re already on our way to a more robust digital era, this year has enough surprises of its own which will make us re-think the normal ways we do business.

1. Artificial Intelligence and Customer Experience

When we hear the term “artificial intelligence”, we often think of ways by which interactions are made robotic. But often, we also misconceived the idea for artificial intelligence which functions in an archaic manner underlined in marketing. The idea of incorporating A.I. in the workplace may entail people losing jobs in favor of the more work-efficient machines, its application, at least for 2018, is not to remove human interactions in the picture but rather to enrich it.

Although the idea may underly intrusion, an A.I. like in Google Maps for instance, works directly with users’ data coming from their phones, thereby reducing the need for end-user compliance in revealing that information for business.

2. Live Interactions Trump Social Media

Social media may have proven itself a strong pipeline between content producers and spectators in establishing a brand. But there has been a realization recently from big companies which suggest that live interactions, as in live feeds, have achieved better results in engaging communities to long-term brand loyalty than recorded content that often circulates the social media sphere.

But it does not mean to say that the social media and live interactions do not come hand-in-hand. Just take the Facebook Live feature as an example.

3. Millennials Embracing the Gen Z’s

With the Gen X’ers already getting grey and the Millennials taking reign, it is mostly up to the succeeding generation to receive the next generation called Generation Z. Inevitably enough, along with the Z’ers entry into the workforce is the Millennials’ warm welcome of the next-gen people in the workplace. Finding common ground between Millennials and Gen Zs is not too difficult either, as underlined in their affinity to use technology as part of their daily lives.

4. Increases in Salaries

Setting the results of inflation aside, 2018 is bound to become more lucrative for the global market with workers’ wages expected to increase. But this is not to say that the salary growth would be much, especially for those coming from the lower to middle brackets with only a 3% increase. However, it is also worth noting that this kind of benefit may only apply to people whose line of work are in high demand in the market such as in health, tech, and engineering.

5. Social Learning in Favor of Remote Learning

Companies who are well-invested in their employees are not keen on the idea of keeping them stagnant. While there are plenty of ways by which an employee can hone his craft and therefore better contribute to his employer, formal methods are getting less favor in relation to something more natural and less structured such as social learning.

Social learning happens naturally and even without an apparent monetary cost in the process. It occurs by mere interactions between willing people, resulting in a subsequent transfer of knowledge, such as in a casual conversation between co-workers after a chance meeting at the cafeteria, lobby, etc. In essence, why force something through formal means when there is a method that exists and whose intended benefits happen naturally as a result?

These trends may nevertheless be new but they present exciting opportunities for business owners. With careful strategy and consideration, these modern business trends can make or break a serious industry player.

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Photo by geralt (Pixabay)

Kevin A. Nye on Linkedin
Kevin A. Nye
Management Consultant
With over 20 years of management experience to share, my background spans multiple industries including industrial service and maintenance, wholesale distribution, import/e-commerce, third party logistics, HVAC manufacturing and steel processing. During this time, I have served in leadership positions ranging from Inventory and Operations Management to Regional Manager to Chief Operating Officer and have consulted for many companies across many industries. My primary specialty is helping small and medium sized businesses implement "big business" ideas to provide the structure necessary to support their continued growth.

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