There will be a significant change noticed in the trends and practices in business management in 2020 and the years to come because of the COVID-19 Crisis. These trends will impact growth to a great extent and therefore you will need to know the drivers to ensure that your business moves in the right direction.
The next few years will be crucial for your business which is why you must devote a considerable amount of time and effort in formulating the best strategy to take your business ahead of your competition.
Here are a few specific trends noticed by the World Economic Forum that will impact the growth of a business through 2022.
- There will be an increase in the adoption of new technology like remote workforce monitoring and employee engagement applications. Therefore, anything that you plan to do in 2020 for your business should be made keeping these technologies in mind, because it will not only increase your productivity level but will also ensure business growth.
- There will also be extensive use of big data analytics in these few years which will help businesses to make smarter decisions based on specific investments and innovations.
- With the extensive use of smartphones, there will be an increase in the use of mobile apps for business. There will be many companies that will be looking for mobile apps to digitize business processes.
- Artificial Intelligence will also play a significant part according to MIT Sloan Management Reviews. It will increase efficiency, improve productivity, and performance.
- There will be a lot of use of cloud technology. Cloud computing will make businesses more collaborative, agile, scalable, and efficient. It will also reduce costs.
In addition to the above, the business world will see:
- A shift in national economic growth
- A change in socio-economic trends combined with technology
- Affluence in developing economies and in the middle class
- Expansion of knowledge and education creating better opportunities and
- Improvement in new energy supplies.
A company that creates their business strategy in accordance to these trends will be more resilient and withstand the competition in the years ahead.
Emerging trends for major industries
The changes in business management will impact virtually every industry. Therefore, it is only a forward-thinking entrepreneur who will be able to capitalize on these emerging trends to make a successful business.these are the trends that will create huge opportunities for major industries:
- After COVID-19 peer groups will rise and play a significant role in community interaction and wellness due to social distancing. Therefore, you will need to make a more meaningful connection with your community using social wellness apps to survive in this tech-driven business world. The peer groups will allow you to establish a more human interaction.
- Machine learning and artificial intelligence will be integrated into the business world even more than before. The future wants the simplest actions when it comes to customer retention and technology will help businesses in that.
The business world will also experience the needs of SaaS solution platforms like CloudApper, that will empower businesses to automate tasks, improve productivity, and augment IT resources using web and mobile applications in businesses of all sizes. This will increase the demand for professional organizers to ensure continued sustainability.
Remote work culture
In workplaces, culture can develop naturally through group exercises, joint effort, and other IRL shared encounters. The time groups spend together gives them a feeling of direction and having a place. Building a remote group culture during or after this corona crisis will likewise happen naturally, however, it will require progressively conscious ideas and proactive exertion to shape. Here’s the way you do it right:
When constructing a remote group, you’ll have to reconsider all procedures, from enlisting, onboarding, vocation ways, and execution surveys, to coordinated effort, instruments, monitoring your remote team, and undertaking the executives.
Upcoming trends for small businesses
Even the small businesses will need to make a change in their business strategies to ensure the growth of a business, to gain more traffic to their site without needing to buy real Instagram likes, ensure more conversions, and more. The trends noticed in this specific arena are:
- Use of customized web and mobile applications to level the playing field and simplify complex business processes such as compliance management, customer relationship management, maintenance management, remote employee monitoring, and others.
- There will be more remote work without compromising on productivity because employees will not have to spend time commuting to the office daily.
- Due to the upcoming economic crisis after the COVID-19 pandemic, starting a venture will have to be planned using much less financial resources than before by using affordable technologies and smarter systems. With more accessibility to the plug-and-play features will reduce the cost of business operations.
- The role of women in business will be more playing leadership roles. There will be no gender gap in 2020 and the presence of women will be more across all business sectors.
Moreover, social media marketing will be the key in 2020 with more and more use of platforms like Facebook, LinkedIn, Instagram, and Twitter. Generation Z will play a crucial role in the success of small businesses. Most importantly, technology will play a crucial role in improving customer service, an important factor for business growth.
Few general trends
Across all industries, there are a few general trends noticed as well.
- One of the most significant trends noticed is the capturing of the younger generation. This is because businesses are now moving to digital devices like laptops and smartphones for managing their day to day processes and it is the younger generation who are the active users of several digital devices.
- Going green is another notable adoption seen in businesses today. Using emails, natural materials, renewable energy, and contributing towards the environment make a business more popular to an individual consumer.
- The rise in eCommerce seems to dominate the market and will continue to do so in the years to come. Therefore, you should invest in online stores in addition to your brick and mortar storefront.
Businesses are now more inclined to use an all in one platform for their workforce management, asset management, and maintenance and security needs. One such platform is CloudApper, which is an intuitive platform that businesses and individuals can use to instantly create apps for managing different business processes without having to know anything about software development.
These comprehensive systems help them to accomplish more than one goal. Therefore, there will be more use of central business-intelligence platforms to make the best use of the tech space with better integrations and APIs.
Make a resolution
To wrap it up, here are a few trends that you should choose if you are still worried that you may end up making the wrong resolution.
- Ensure that you provide more control over data and process customization to the consumers to facilitate using and re-selling of it. Ensure one-to-one personalization.
- Focus more on alternative ways of increasing productivity, reducing cost, and minimizing risks if you are low of capital.
- Ensure that you spend more on subscription services to scale and grow your business. just make sure that you focus on niche subscriptions.
Lastly, and perhaps most importantly, make your business more socially connected since this is gaining popularity over the years and has become the table of stakes for businesses.