5 Major Business Trends to Think About
If you’re a business owner, you’ve started to notice the trend of the ‘Internet of Things.’ While there’s no doubt this trend has brought many benefits, there are also a lot of potential pitfalls. This article will explore five significant trends that should be on your mind if you want to stay on top of your game.
Big Data Analytics
Big data analytics is a powerful tool organization can use to make better, more informed decisions. Big data allows big business trends to uncover hidden patterns and new growth opportunities. Access to the correct information can help companies make smarter decisions, improve customer satisfaction, and increase profits.
While big data is a considerable volume, it is relatively easy to work with. Organizations can use newer tools and technologies to make big data accessible.
The concept of big data is relatively old, but it has only recently become a valuable tool for businesses. Big Data is a combination of structured and unstructured data, and it can be used in various ways.
One major business trend is using artificial intelligence (AI) and chatbots. This technology is used by businesses in various sectors, from e-commerce to education. These bots help customers make purchases, get answers to frequently asked questions, and compare products and services. In addition, these chatbots can also track user behaviors and purchase patterns.
Many companies are using technology to improve their customer experiences and reduce costs. Several big brands, including Facebook and Starbucks, have announced support for AI chatbots. Some organizations are even building their chatbots.
AI chatbots can save businesses an estimated $8 billion in two years. This includes savings on customer service, operational costs, and other related expenses.
There are many ways to utilize the Internet of Things (IoT) to increase the productivity of your business. This trend is beneficial for small and medium-sized enterprises. It can help companies improve customer service and reduce labor costs.
IoT helps companies to collect and analyze data. The data can be used to provide new products, reconfigure services, or enhance the bottom line. Aside from using the data for product and service improvements, IoT can also identify gaps in processes and policies.
A significant driver for IoT investment is the streamlining of standard working processes. For example, you can monitor the level of products in your warehouse to determine if you’re delivering the right items at the right time.
Social Media Commerce
One of the significant business trends to think about is social media commerce. Social media is one of the fastest-growing areas of the digital world, with more than half of the global population now engaged in some form of social network.
Social commerce is selling goods or services directly to customers through social networks. It is an excellent way for businesses to gain exposure, increase brand awareness, and boost sales.
In the US, where internet users are lower than in other countries, social commerce is still in its infancy. However, it is expected to grow at a rate of 35% over the next few years, with the total amount reaching $36 billion by the end of 2019. This is only 10% of China’s total consumer spending, which will be roughly $27 billion in 2020.
Robotic Process Automation
Robotic process automation (RPA) is the use of artificial intelligence and programmed bots to automate a variety of repetitive tasks. It combines the advantages of a virtual assistant, including accuracy, speed, and efficiency, with the benefits of a human worker, including predictability and the ability to perform tasks in real time.
RPA has been used across a range of industries. However, many organizations have yet to take advantage of the technology. Those that have, however, are reaping the benefits. For example, insurance companies have a fierce demand for speed and agility.
As a result, companies have been investing heavily in RPA software development initiatives. Leading vendors are driving growth through these efforts. The robotic process automation market is projected to grow through 2024.