Boss Lady

4 crucial trends for future business

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The world of business changes quickly, which is why making predictions is not usually a very sensible idea. For many companies, however, thinking ahead is vital, particularly if they want to stay in front of their competitors.

Rather than having a stab in the dark, the most forward-thinking businesses take a look at the emerging trends today in order to predict what is likely to happen tomorrow. With that in mind, here are four of the most likely future developments that businesses should be aware of.

Data, data, data

The amount of data in the world today is staggering. According to the latest research, we create 2.5 quintillion bytes of data everyday (enough to fill 10 million Blu-ray discs). Even if most of it is relatively useless, that still leaves a gold mine of information for businesses to tap into.

The future will see companies across all sectors utilising this data, mining smartphones, social networks and a host of other sources. This data, combined with analytics software, will allow businesses to better understand and even predict customer behaviour, enabling them to create better products and deliver more efficient services.

Cloud computing

Cloud computing may already be key for some businesses, but this is sure to accelerate in the years to come. As the cloud market develops, small business IT services will grow in popularity, with companies across every industry using managed service providers to deliver more efficient results than would be possible with an in-house team.

Security concerns surrounding cloud computing, which are already on the wane, will continue to dissipate, leaving more businesses to enjoy the many benefits on offer. Providing greater affordability, scalability and flexibility, the mass business migration to the cloud looks set to continue.

The internet of things

One of the most hyped predictions for businesses of the future concerns the Internet of Things, or IoT. Essentially, this refers to the way in which a huge number of everyday objects will soon be connected online. So it won’t just be your PC and smartphone that has an internet connection, but also your fridge, your lighting and practically anything you can think of.

This development provides a huge opportunity for businesses making IoT hardware and software, but all companies should be wary of the challenges that this will raise in terms of security and data collection. Every industry from healthcare to manufacturing is likely to be affected, so businesses need to start preparing now for the IoT revolution.

Flexible working

The economy of the future will rely heavily on digital technologies, even more so than it does currently, which means that employees will start to demand a different work-life balance.

Working from home will become increasingly popular, building on a trend that is already visible today. Face-to-face interactions will remain important but the development of communication technologies will enable staff to remain mobile while staying connected to their colleagues and clients.

Predicting how the businesses of the future will look is a daunting task, but there are some signs of what is to come. Companies operating today should have an open mind when these changes begin to emerge to ensure that they do not get left behind.

About Business Woman Media

Our women don’t want to settle for anything but the best. They understand that success is a journey involving personal growth, savvy optimism and the tenacity to be the best. We believe in pragmatism, having fun, hard-work and sharing inspiration. LinkedIn

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