No matter what industry you operate in, keeping an eye on bigger business trends in 2018 and beyond allows you to adapt your business model for success. Knowing what may be coming down the pipeline and being prepared for the shifts can mean your organization is ready for the impact of sudden movements that could have the power to alter entire industries.
Emerging business trends you will want to keep an eye on right now include:
- The #MeToo and conscientious capitalism movements: Younger customers are looking for conscientious companies who treat all their employees and customers fairly and well. From the Social Venture Network to the #MeToo and Conscientious Capitalism movements, there is a sense that employees, customers and everyone affected by a business should be treated well. Companies moving to a triple-bottom-line model are finding this approach actually improves profitability, too.
- Customization:While not a new phenomenon, this is emerging as one of the top business trends for 2018. With more customers demanding a more customer-focused and customized experience, businesses in all sectors are working hard to deliver a personalized experience that delivers exactly what each client needs and wants. We already see this in the SaaS sector, with software-as-service titles offering customizable packages and features to allow B2B and B2C clients to get the exact experience they want.
- Artificial and augmented intelligence:From self-driving trucks and drones making deliveries for clients to problem-solving apps airlines can use to automatically re-seat flyers who miss connecting flights, business is being changed by decision-making machines, greater automation and artificial intelligence. In the future, machines and humans will work more closely than ever before to bring better services and more affordable products to customers.
- Smart homes:The way customers interact with their homes and environments is changing, due in part to personal speakers such as Alexa and Google Home. As one of the upcoming business trends, this shift will change how companies need to market and how customers will get information. Companies may need to take additional steps to ensure Alexa, Google Home and other smart home features recognize their brands and offer them as suggestions.
- Net Neutrality:With the repeal of Net Neutrality in 2018 by the FCC and unanswered questions about the upcoming legal battles, there is a big question about how the new internet landscape will impact businesses. With the end of Net Neutrality, internet providers can slow down some parts of the internet and speed up others. They can also legally block some parts of the internet to some customers. With so many businesses relying on the online platform to sell their products and services, it is not yet clear how this change will impact how companies reach their customers.
Are you ready for the future? If you want to bring your payroll services up to speed and start making the necessary shifts to make your company more resilient to future trends, contact BCM Payroll Services Inc. We offer customized payroll throughout South Central, Pennsylvania and Western Maryland — and we help you get ready for business success.