Technology Trends in 2018
2018 has begun to shape how business and customers interact. Technology is replacing old business models and offering new opportunities
What does this mean for small businesses? What does this mean for workers? As we can’t predict which technological disruption will have the most impact, there a some trends that will shape future business patterns and process. It’s important to be aware on macro trends that could affect you.
What are some trends to watch out for?
Niche Markets & Personalization
As consumer interests evolve and information is easily accessible, there’s a trend away from mainstream brands and markets. As every customer is unique, they expect unique offerings and and customization. This provides a lot of opportunities for small business or entrepreneurs to cater to specific audiences or markets. Niche or targeted marketing becomes more important; it allows businesses to tap into the preferences of individuals.
Mobile to Artificial Intelligence
We have seen tech behemoths like Amazon, Google and Microsoft invest heavily in an AI fist strategy. As a result other corporation have followed suit making it easily accessible to smallest business through third party tools.
With Artificial Intelligence tools, small businesses can unlock a competitive edge in the ever changing landscape; mundane tasks can be automated, virtual assistants can be employed, and Artificial Intelligence information can provide better insights into the customers. Netflix and Spotify use Artificial Intelligence to tailor recommendations to your preferences.
Fluid workforce
it is estimated that by 2027, “the majority of U.S. workers will be freelancing by 2027”. According to Stephan Kasriel who is the CEO of Upwork, “the growth of the freelance workforce is three times faster than the traditional workforce.” This is an opportunity for business scale quickly without the increasing cost of having a full-time employee and to tailor their offerings to a different type of workforce. With this rise, businesses can scale up and down, quickly adapting to seasonalities and changes in markets.
Privacy value platforms
Last year, a lot customers had their personal data compromised and established companies experience security breaches. The US elections highlighted the importance of security and privacy. Business that prioritize privacy protection for their customers will have a selling advantage.
How to stay ahead?
Technology disruption is not an enemy but a friend; only those who don’t adapt get left behind. Here are some tips
Flexibility
Business will continue to experience changes, sometime sudden changes to their processes and strategies. As an owner or employee you’ll have to adapt as well. Leasing equipments instead of buying is a way to control cost without losing capabilities. Outsourcing is another way to flexible if you need to pivot quickly to stay ahead the competition. With sites like Upwork and peopleperhour, business could easily hire someone to work on a project.
Refinement of skills
Disruptions not only affects your processes or products; it impacts skillset and how you interact with customers. To stay up to date with changes, you’ll need a culture of continuous learning. Websites like Udemy, Coursera, and Khan Academy offer classes that are free or affordable that teach skills to keep you updated with technological disruptions
Continuous Networking
With the dynamic business environment, relationships with customers and other businesses become valuable. Having personalized offerings requires a better understanding of your customer. Sometimes you won’t be able to provide all the offerings needed to optimize a customer’s experience; you could partner with others to complement your products.
Looking forward…
Be comfortable being uncomfortable; Technological disruption is your friend. 2018 is an exciting year with boundless opportunities. You can start developing your own unique strategies to stay relevant in this dynamic environment
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