Up and Coming Business Trends for 2018
The world of business is an ever-changing environment. If you are not willing to adapt to its rapidly-changing pace, yours could be left out to obsolescence.
You had probably seen businesses which thrived for a while, only to end up closing or being absorbed by a bigger, more capable business of similar kind. Even in trade, it is the survival of the fittest.
With 2018 having arrived and we are but midway to 2019, the business world had manifested probable changes that may be a dawn to a new age in commerce as we know it.
1.The birth of Augmented Intelligence
Machines may be an efficient worker than any person by a long shot. But when removing out the human element in the equation is not possible, the seamless complement between man and smart capabilities of the machine makes for a more probable option—the so-called augmented intelligence.
Augmented intelligence happens when an A.I. plays a crucial role in boosting a worker’s ability to do work as a working tool. Although the application of this trend is subtle, there is an ongoing pressure among workers to overperform from across different industries.
2. Artificial Intelligence going mainstream
While still regarded as an infant which offsets the fear of real-life machine robots taking our jobs, the artificial intelligence as applied in business is getting more and more mainstream.
Giant tech companies like Google and Microsoft are unsurprisingly at the forefront of artificial intelligence development while other companies like Apache, Berkeley AI, and Amazon following suit.
Although it is not immediately straightforward how A.I. would help an average business in the trade, those who pioneer on its progress are significantly at an advantage than the spectators who are obscured about it.
3.Automation making new history
At the core of every big industry are the machines which do all the supposed hard work seamlessly and with efficiency. But this sort of technological feat would not be possible if not for automation.
Although the idea of letting machines do their work with little to no assistance is nothing new in the business world, automation is not necessarily perfect as it is.
Testament for continued growth and innovation is the fruitful collaborating project between Budweiser and Otto which made the first ever automated delivery truck which had managed to traverse a total of 120 miles from Fort Collins to Colorado Springs on its first kick run.
Building a self-delivering truck, however, did not come without a price. Specifically for this Otto and Budweiser joint project, it took an expensive $30,000 worth of hardware fitted into a truck to make it a fruition.
If anything, this is a major game changer for the trucking industry which apparently are in deficit of needed truck drivers but nevertheless bustles a large portion of America’s freight.
Unlike artificial intelligence which is still set for maturity, the fear for a well-implemented automated capability is not unfounded. Day after day, traditional jobs are being lost in favor of this business-efficient feat.
For instance, food chains like Wendy’s and Pizza Hut are already employing robots in some of their business functions thereby making human employees doing simple jobs rarer than expected.
But that was just speaking of automation alone. With somewhat a connection to Augmented Intelligence, automation is also expected to evolve into becoming a true Artificial Intelligence capable of thinking on its own. This human-like capability, should it happen, is bound to shake the world of business as we know it—ultimately becoming a unique organism of its own.
Yet, when the intellectuals think that they would be safe with their marketing job in spite the hullaballoo in the A.I. world, HubSpot claims otherwise as it listed the many possibilities by which A.I. can take on the marketing roles by itself. Yes, that’s a future about machine throwing you ads and contents based on your perceivable internet behavior.
4.Experience over quality
Many organizations were born and had thrived in the idea of satisfying their loyal customers with quality products. Many companies to this day are swayed by this belief. But as customer interest is shifting towards unique experience over quality products, many organizations are still looking to serve something which clients are going away from.
This is not to say that customers are ridding themselves of interest on newer and better-quality products than they currently. It is merely only a shift to another undertaking which might be more satisfying than the ones they were pampered with— a unique experience.
Aptly called the “Experience Economy,” people nowadays remain interested in new thrills than what they frequently encounter, be it going on a trip, a concert, or a date. But this does not mean that tech companies should already close shop and venture in the entertainment industry instead. No, even “experience” can be sold a different way, like adding a human element in the product.
Take the Nike brand, for example. It may be about sports shoes but Nike is a company which knows how to sell experience by incorporating a story to its advertisement which, in a way, builds a connection to its target market.
5.Extinction of the brick-and-mortar shops
The lucrativeness of the online commerce has not only give rise to a seasoned platform like Amazon in the business, it also is breaking down on the traditional stores which people from the early 21st century backward have known and love.
But the rise of the e-Commerce business is only a part of the problem. With the number of middle class in the United States going on a decline, the rising trend with the experience economy coming at a dawn, and massive debts accumulating in the retail industry as other factors to consider, the traditional brick-and-mortar store is slowly dying.
6.Adaptation of the Blockchain technology
To those who are in the loop about cryptocurrency, blockchain should ring a bell as that revolutionary technology which makes everything about the cryptocurrency trade so reliable and secure, basically free from anomalies common to other systems not reliant on the same technology.
But blockchain is not only exclusively-used for cryptocurrency transactions across people from all parts of the global, it is also applicable to other aspects of business, like in healthcare.