Do you own a business? Need to look to innovative moves leading companies around the world to success? In the last few years, we have seen technology making business smarter and even more efficient through digital advancements and the internet of things. But what is this year, 2018 bringing? Here are the most significant trends to watch for in this year.
- Revenue Recognition
There is a shift to several business techniques in the services economy which requires business owners to recognize and report revenue in a more complicated way that manual and excel based recognition cannot withstand. New international revenue reporting standards will force businesses to shift from spreadsheets to cloud-based revenue control applications which are reliable to ensure compliance from one source of trust. Public companies are required to comply with this regulation immediately with private companies adopting next year.
- Enterprise Technology Consolidation
This year, postmodern ERP is taking its toll. Many companies will consolidate many disconnected applications of the enterprise into fewer but more centralized platforms to streamline their procedures, widen up business agility and improve insights. With a core, platform promotes the sharing of data across departments thereby increasing the business pace and equipping employees with the ideas and tools necessary to fully tackle new market changes. In 2018 expect to see a wide range of companies merging around the record of the master customer and customer journey.
- Development and widening use of Blockchain cases
This year Blockchain will move from a bitcoin technology to broader use of business cases. Blockchain will block business applications in 2018; there will be mass adoption later. Most evidence to use includes hyper or triple ledgers, automation of contracts and handling of enterprise transactions. Transactions immutability will be applied to accounting records thereby providing unprecedented traceability of transactions history, audit becoming trivial. Blockchain will facilitate machine validation of obligations, auto-billing, and auto collection.
- Voice Experimentation
As a way of experimentation, there will be an acceleration in speech recognition technologies and an advancement in natural language. While business will go ahead to evaluate voice interaction for the workstation, voice-driven assistants are facing severe limitations, mostly inadequate security and protocol identification which will require more refinement and conversational intelligence to be more useful. But they are heading there.
- Al will become real in the company
Use of Al in business applications will make real-time insights and predictive analytics available to some companies. But many ancient companies Al projects will fail because the historical data these tools rely on is unreliable. Companies will have to return to their primary ERP systems to create a good foundation on which their Al systems will operate. Organizations will have recognized the benefits of data science expertise to apply them effectively.
- Data privacy will be shaken up by the General Data Protection Regulation
This shake will catch some enterprises off guard. Initially, enterprises may have assumed this as only a matter in the European Union, but any organization with stakeholders within the EU will have to assess their data privacy mechanism and adapt to comply with the upcoming General Data Protection Regulation. There will be severe consequences of noncompliance; a company will be fined up to the higher of 4% of the total company’s annual global revenue or 20 million pounds depending on the seriousness of the damages incurred. Most organizations will be caught off guard either whether they don’t understand the implications, don’t have experts who can deal with them or they make changes when it is too late to adapt. GDPR will lead companies to costly penalties for noncompliance issues. Denial of service and data privacy activists will challenge top cloud companies like Facebook, Amazon,and Google aggressively testing whether they can comply.
- Financial services
Banking techniques will take a radical drift. Many business owners will want to bank wherever and whenever they feel like banking. The automated banking system is going to overtake the traditional methods with a technological mindset. It will grow to more than 1.5 billion this year. People will carry their bank on their phone.
Although it is an advancement in technology people have to embrace, mobile banking will welcome cybercrimes along its way. More than 60% of people around the world will be managing their bank accounts on the phone. With the increase in some users, the cyber-criminal activities will be high.
- Domination of market by Millennials
In 2018, expect the size of millennials to grow and dominate. Millennials are a cautious and anxious group. They are consumers of digital contents, and they look at the world in different ways. This year, they will cause migration in the social media, video, tools and mobile marketing to engage with the millennial audience. Most businesses are provisioning to millennials which are expected to grow to 1.2 trillion by the end of 2018. Your marketing strategies should be evident in front of them to advertise with them.
- Continued Automation
Last year saw a lot of new trends in the field of computerization. But with the advancement of new technologies such as virtual reality and bitcoin, the automation is expected to grow to a new level this year. These technologies will offer avenues and business applications making users of it interact easily. For instance, virtual reality is a fantastic tool for working with a very user-friendly interface giving users a never see before your experience. There are great opportunities for the next upcoming technologies. If you embrace them, you can dominate the market.
That is my list of the most significant trends in 2018 that will lead your business to go a notch higher. Every businessman or woman has his/her list of business trends to keep in mind fora specified the year. Just be familiar with the latest trends and improve your skills to upgrade your business to a new height and level. 2018 is the opportunity you start focusing on those new emerging business trends.