Emerging business trends to watch in 2018Oct 31, 2017 Blog Business Trend
Blogger for Entrepreneur Franchise 500, Alex Yakubovich has made some prediction of trends that will hit the world hard in 2018. This is what he had to say!
Words like artificial intelligence and cyber security come up in conversations more regularly than before. Business leaders also need to have a forward-looking mindset when it come to these trends as it is likely to disrupt business in the coming year.
The top 5 trends likely to hit business hard in 2018 follows:
Customer success will pull more internal investment
Customer experience is a main driver of competition (according to Gartner) and customer-centric business models will become an even bigger focus in 2018. More and more startups have dedicated customer success teams and the bigger enterprises will also have to take note. 2018 will see enterprises adopting comprehensive onboarding and customer retention practices, which will mean an increase in monetary and time investments for them.
Blockchain will influence new industries
Blockchain has already disrupted banking, but in 2018 we will see it becoming more commonly in other industries as well – from procurement and insurance to cloud storage and legal management. Blockchain will deliver an experience that is more efficient and secure – whether through quick identification of origin to ensure compliance, or increased could storage and easy transfer of data.
New business functions will drive bottom line impact
Sales will always play a vital role in business cash flow, but finance leaders will start relying on other business functions as driver of bottom-line in 2018.
Harvard Business Review created a report in partnership with Scout RFP which highlights procurement as one of these functions. It states that “sourcing and procurement leaders point out that any cost savings realized through sourcing improvement drop directly to the bottom line, which in turn can have a substantial impact on profitability.
Machine learning will become a must-use
As we enter 2018, machine learning will be seen as less of a phenomenon and more of a critical business technology with business realising the importance of gathering all their data into easily digestible insights – whether customer data for more personalised service, or past project workflow data to predict project timelines.
Mobile will be mandatory
Mobile is here to stay and businesses need to leverage it instead of just embracing it. Customer are demanding more capabilities and offerings on mobile and businesses that answer that demand will see serious returns.
As you plan for the next year, consider these potential influences and what they might mean for you business.
For more from Alex, click here.