Emerging Business Trends

The ways of doing business are changing whether it is about leveraging latest technology or keeping up pace with customer taste. Here's a deep dive into the latest trends with actionable steps for organizations. We also showcase real world examples from businesses across a wide range of industries.

The adoption of Robotic Process Automation (RPA) and Artificial Intelligence (AI) is revolutionizing data processing and provision of services. By automating repetitive tasks, organizations can:

Begin by identifying tasks suitable for automation. Invest in AI-driven tools and provide training for your team to manage and work alongside these technologies.

Real-world examples

Amazon : At the forefront of automation, Amazon utilizes robots in its fulfillment centers to streamline sorting, packaging, and shipping processes. Their AI-powered recommendation engine analyzes customer behavior to personalize shopping experiences, boosting sales and customer satisfaction. In addition, Amazon offers RPA technologies to its customers.

Siemens : In industrial manufacturing, Siemens implements AI and automation for predictive maintenance. By analyzing data from machinery, they can foresee equipment failures before they occur, reducing downtime and maintenance costs.

Data is the new currency. Shared services are becoming hubs for data management and analysis.

Develop a robust data analytics team within your shared services. Implement data visualization tools to make complex data understandable and actionable.

Real-world examples

netflix : Revolutionizing content consumption, Netflix uses data analytics to understand viewer preferences. By tracking watch history and interactions, they tailor recommendations and even inform content creation, ensuring high engagement levels.

The Coca-Cola Company : Leveraging big data, Coca-Cola analyzes consumer feedback from social media and purchase patterns to refine marketing strategies and product development, staying ahead in a competitive market.

The rise of remote work has led to globally distributed teams.

Invest in collaboration platforms and communication tools that facilitate seamless interaction among team members, regardless of location.

Real-world examples

GitLab : Operating as an all-remote company, GitLab has team members across 65+ countries. They utilize collaborative tools and asynchronous communication, proving that a dispersed workforce can be highly effective.

Automattic Data : The company behind WordPress.com embraces a fully distributed model. Their diverse team collaborates virtually, bringing a wealth of perspectives and maintaining productivity without a central office.

Shared services are now central to delivering superior customer experiences.

Establish customer experience metrics and regularly review them to identify areas for improvement.

Real-world examples

Zappos : Known for exceptional customer service, Zappos empowers employees to spend as much time as needed to satisfy customers. This client-centric approach has built a loyal customer base and set industry standards.

Apple : By meticulously designing every customer touchpoint—from product packaging to in-store experiences—Apple creates a seamless and engaging journey that fosters brand loyalty and advocacy.

With increasing digitalization, safeguarding data has never been more critical.

Conduct regular security audits and ensure compliance training is part of your organization's culture.

Real-world examples

JPMorganChase : Investing heavily in cybersecurity, they use advanced encryption and AI-driven monitoring to protect sensitive financial data, ensuring compliance with stringent regulations. It also launched a Global Pledge to Improve Security Across Sectors and Borders.

Salesforce : As a leading CRM platform, Salesforce prioritizes data security and privacy. They adhere to global compliance standards like GDPR, providing clients with robust protection and trust.

Sustainability isn't just a buzzword; it's a business imperative.

Incorporate sustainability goals into your strategic planning and report on progress transparently.

Real-world examples

Patagonia : Sustainability is embedded in Patagonia's DNA. They use recycled materials, offer repair services to extend product life, and donate a portion of profits to environmental causes, attracting eco-conscious consumers.

Unilever : Through their Sustainable Living Plan, Unilever aims to reduce environmental impact and increase positive social outcomes. They've committed to sourcing 100% of agricultural raw materials sustainably.

Blockchain offers transparency and security in transactions.

Explore blockchain applications relevant to your industry and consider pilot projects to test their viability.

Real-world example

Walmart : Implemented blockchain to track leafy greens from farm to store shelves. This innovation enhances food safety by enabling rapid traceability in case of contamination, reducing the time to identify sources from weeks to seconds.

Flexibility is key in a rapidly changing business landscape.

Provide training on agile practices and encourage experimentation to find more efficient ways of operating.

Real-world examples

Spotify : Pioneered the "Spotify Model" of agile development, organizing teams into Squads, Tribes, Chapters, and Guilds. This structure promotes autonomy, alignment, and a rapid pace of innovation.

ING : Transformed its operations by adopting agile practices organization-wide. By restructuring into small, cross-functional teams, ING enhanced collaboration and accelerated product development cycles.

Organizations should also consider:

By embracing these trends and proactively adapting, organizations can not only keep pace with change but become pioneers in their industries. Businesses that experiment, tailor and integrate emerging trends will position themselves ahead of the pack both in terms of business performance and employee engagement.