Business Trends for 2018

January 16, 2018 08:04:58 AM

 

Whether you are starting a new venture or finding ways to improve your current business, it is important to know what are the new trends that may change the way people work so you don’t get left behind. We searched the Internet and here are some of the top trends that we think you should keep an eye out.

Artificial Intelligence Drives Customer Experience

When you think of artificial intelligence (AI), you might think of dehumanizing interactions. Don’t confuse AI with primitive marketing automation.

As AI expert and leading keynote speaker Christopher Penn, VP of Marketing Technology for SHIFT Communications says, “There are three levels of machine learning: AI where machines perform tasks normally performed by humans; machine learning, where the machines learn on their own; and deep learning, where machine learning chains together for rich learning.”

Leading companies are embracing AI to perform repeatable, redundant tasks and to process large amounts of data not to avoid human interaction, but to enrich it.  AI is becoming the norm for many practical consumer experiences - these powerful examples use AI to evaluate GPS data:

  • Google Maps uses real-time customer data from our own phones
  • GPS Insight is able to help companies shorten the scheduling window for telecommunications companies. More importantly, they can allow municipalities to better deploy emergency responders and repair crews in a crisis like a hurricane.

Expect to see more highly-customized content delivery, automated to a consumer’s specific persona and lifestyle.

As Penn notes, “AI is not a futuristic concept. The tools and technologies are available, accessible, and not cost prohibitive, (Source: Forbes). 

The Personalization of Marketing

"Marketing is becoming increasingly personal, and this trend will keep going as we move into the new year. No longer will stock images, generic nurturing campaigns, or impersonal calls to action convince consumers. In order to succeed, you’ll have to provide high-value and personalized content every step of the way." – Harrison Doan, director of analytics at Saatva (Source: Business News Daily). 

The Evolution of the Workplace

"The physical workspace as we know it today is going to significantly change next year as businesses start to get smart about how they use space to drive productivity and adapt to new employee behaviors and tech tools. Large companies will also look to reduce their real estate commitments and move more to flex desk options as more employees work away from the office, while being connected to it by making use of better tools that help them do their work more effectively." – Craig Walker (Source: Business News Daily).

The CEO Statesman

For a host of reasons, CEOs are increasingly taking on social issues. Driving the trend: socially-conscious millennial workers, ineffective governments, and the need to build public trust in business. Expect to see more CEOs stepping up in 2018. With the labor market tight, they need to show that their companies are doing good in the world to attract the best talent (Source: Fortune).

Millennials Welcome Generation Z

According to analysts at Goldman Sachs, America’s youngest generation, “Gen-Z” (those born after 1998), are now entering their formative years and rising in influence. At nearly 70 million strong, the eldest of which are now entering college and/or the workforce, this group will soon outnumber their Millennial predecessors. 

Millennials are not children anymore. In fact, the oldest of them are now 35. Millennials are increasingly taking leadership roles within organizations. In addition to managing their peers, Millennials will soon be managing Gen Z employees. Will Millennial managers complain about Gen Z as much as Baby Boomer managers complained about Millennials?  Only time will tell (Source: Forbes).

 

Sources:

https://www.forbes.com/sites/ianaltman/2017/12/05/the-top-business-trends-that-will-drive-success-in-2018/#29636a7e701a

https://www.businessnewsdaily.com/7605-business-trend-predictions.html

http://fortune.com/2018/01/02/five-big-business-trends-to-watch-in-2018/

 

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