Business Landscape Changed and What Can You Do about It?

 Nisha Pandey
  Mar 15, 2019

We are getting closer to April. It’s the start of the fiscal year in the UK, Japan, and many more countries. It’s a good time to reflect on the business world, how it has changed during the previous year, and what strategies and methods are hot now. Learning about what’s changed and what can you do about it will help you stay competitive and ensure your company keeps growing in the coming year.

Technology

Technological advances haven’t slowed down, and this year comes with a plethora of new changes in the tech market:

Machine Learning and Cloud

Have you wondered why you don’t see as many articles as before about (machine learning) ML and cloud? You might be surprised to learn that it isn’t because they flopped and no one is using them anymore, but the exact opposite - statistics show that almost every mid- and large-sized company has started using these technologies, and small businesses aren’t far behind. Writing about how great are these technologies is just regurgitating what every businessman knows, by this point. If you haven’t done so already, it is high time you adopt cloud and ML or at least commission a cloud-based manufacturing software firm to create a bespoke solution just for you.

Blockchain and Crypto

After the crash in early 2018, the crypto market hasn’t really recovered, and according to economists, it might never recover. If you didn’t board the whole blockchain and decentralization craze, I think it is safe to say, you didn’t miss out on much. If you did, it might serve as an expensive lesson for you to do more research and not fall into groupthink again. There’s also no sight of them becoming popular again in 2019, so you should feel safe if you’re not investing in them.

Marketing

Marketing might’ve undergone the biggest change in 2018. Stories of meddling in elections, rampant fake news outlets, and bots influencing public sentiment came out every other week. The major social media platforms were taken to task on these issues, and many governments around the world forced them to enact stricter measures on marketing.

You might be wondering how is this related to the business world? Well, the effects are bigger than you might realize. First of all, if your business is even remotely related to politics, you’ll have to go through a bunch of extra hoops just to advertise on social media from now on. The measures against fake news might also hurt you if the language you’re using to describe your product is too flowery. Overall, you have to tread more carefully with your marketing campaigns going forwards.

Automation

If we put aside the unsubstantiated fear mongering, how effective is automation and how many jobs can we expect to replace with robots this year? Well, let’s say it’s still better to invest in construction software to handle everything from initial planning to architectural design to completion, and this is true for many other jobs. As a rule of thumb, anything that requires fine motor skills won’t be replaced anytime soon.

What about knowledge workers, is there any breakthrough? Well, this is more complicated. This year marked substantial improvements in natural language processing and object recognition. The technologies are still in alpha stages, and we’re not sure when they’ll be ready yet. All we know is that it could spell the automation of a couple of million jobs by a year or two. That’s why you need to stay up-to-date with the news and get ready for our imminent robot overlords.

Business Apps

Before the email came, phone and mail were the most important forms of communication between businesses and customers. Today, business apps have simplified the interaction, allowing businesses to share messages on new product launches, coupons, and rich media directly on customer mobile devices. Social media has also been integrated into the frame as a powerful advertising media.

Business apps have empowered both brands and customers. While businesses can reach out with their information, customers are able to access services and information from anywhere.

Global Connectivity

Whether you have company branches in different parts of the world or markets worldwide, there is 24 by 7 by 365 business connectivity. You can send emails, make VoIP calls, and get access to data from anywhere, anytime. It is now possible to enter into a conference video call with multiple representatives in different countries.

Your customers can have access to products or services faster than ever. Your business can generate profits around the clock, even during off-business hours. These technologies have reiterated that you should make the most of them to prevent your competition from gaining an edge.

Thus, the business landscape has changed significantly because of new technologies. It is important for any business to embrace these technologies to become more competitive and productive.

Business Landscape Changed and What Can You Do about It?

Nisha Pandey

Nisha Pandey is a certified SEO professional and experienced blogger specializing in the field of IT and technology. Her blogs are focused on keeping up-to-date with the latest developments in
the field.

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