Prospects and future trends of businesses

None can predict the future outcome of any particular business for certain. The future is a ‘finicky’ thing, that often shows neat resistance to outcomes or predictions based on research. That being said, there are still a couple of patterns that may ‘seem’ ready to have a major influence on the business world ahead. “The pace of change in businesses will continue to increase, as only a third of today’s major companies are expected to survive the next 25 years.” says Rufus Franck, founder of Consultants 500. So without further ado, let’s have a look at a few potential prospects of businesses for the upcoming years.

Growth in the automation sector

Automation in industries, the most hyped up topic of discussion of potential organizations, would facilitate higher production, efficient use of materials, certified quality products, reduced factory lead times and so forth. The automation devices often isolate employees from the workforce, thereby safeguarding them from the dangers of the factory environment. The main disadvantages,however, would be the lack of job safety of employees. In order to find work in relevant fields, an employee might have to relocate to a distant place, which can cause stress, and is quite time-consuming. Massive amount of investment for capital is required to invest in automation, and there’s also the need for a higher level of maintenance. Perhaps the easiest way to plan for automation in a company is to concentrate on the small activities that prevent its workers from performing their optimum workflow; to find the tools that would automate them first.

Specializations

To keep in pace with the ever growing world of business, companies must shift their focus to hire specialized employees in future. “By specializing, you become an expert in a specific field,” digital strategist Paul Boag says. By focusing priority of work on a specific niche, employees can dedicate their hard work towards a particular segment only, rather than trying to be the ‘jack of all trades' but ‘master of none’.

Aiming beyond marketing

An organization running without heavy investments in marketing is like a sheep sailing without a rudder. However, fast forward a few years later, and this might turn out to be a joke to future CEOs. Innovative companies like Tesla do not rely on marketing to attract its customers. Instead, the company relies on ‘word of mouth’ from its users and fanbase. Elon Musk believes that user experience is all that matters. He believes that as time flies by, companies would realise the same and put an effort to minimize investments in marketing and rather focus on UX more. “Put the vast majority of your energy, attention, and dollars into building a great product and a smaller amount into shouting about it.”-echoes Jeff Bezos, the CEO of Amazon.

Intelligent interfaces

Intelligent interfaces will continue to transform how humans interact with machines and data, the release said. Computer vision conversational voice, auditory analytics, augmented reality (AR), and virtual reality (VR) have led to an increase in human-centered focus in tech--a trend that will only expand vastly in the future.

Consumers functioning as innovators

Consumers not only can serve as customers-but also work as ‘innovators of businesses’. For rising companies like Oneplus and Xiaomi, customers tend to ‘go the extra mile’ and show up for fan meets. These are the consumers that obsess over the subtleties of specification sheets, pay close attention to read and write reviews, and would recommend the companies individually to make specific changes and upgrades to their existing products. These companies then make changes inherently based on user opinions and feedback, and in turn, retain the loyalty of its user fan base. As time goes by, more and more businesses and tech companies would start following such strategies 

https://medium.com/@aditshayan/prospects-and-future-trends-of-businesses-25789ffca428?sk=cd9d3d962c9e1359db0d78209c032f60due to its intrinsic effectiveness.