No matter your industry, if you want your business to thrive, you need to stay ahead of the curve. That means anticipating trends, adjusting strategies, and investing in the right tools.
Here’s some good news. This guide is going to walk you through all three.
Leading Business Trends AI
AI is the talk of the town, and that won’t change anytime soon. It’s progressing at ridiculous speeds, and already, you can find niche AI tools that do all kinds of small tasks for you. The most prolific tools help you write things, create images, make videos, and otherwise build content.
But, you can find tools that automate receipt tracking, answer customer questions, personalize emails, and a whole lot more. AI is worth your time. Look for solutions that sound promising to you, and explore.
Keep in mind that not all AI tools are equal, so approach any individual tool with skepticism. But, if you take a diligent approach, you can find tools that genuinely transform how your business operates.
Edge Computing
Do you remember when the cloud was everything? Everyone was talking about how important the cloud is, and they turned out to be right. We all have a ton of stuff in the cloud, and we use it every day.
Well, edge computing is the next major evolution in cloud services, but it mostly works behind the scenes. To simplify a technical topic, edge computing is a process that streamlines cloud resources to get better performance for users.
What does that mean for you?
First, it means that some of your cloud services are going to get faster and more powerful, and that’s nice.
Second, if you provide any cloud resources to customers, you might need to invest in edge optimization. Very soon, users will be able to tell the difference between cloud services that have or don’t have this optimization.
Demographic Shifts
The third major trend you need to consider has nothing to do with technology (well, not directly). It turns out that people are moving away from big cities. Some of this likely is related to technology, as remote work and remote communication are more accessible than ever, but that’s not the part that matters.
What really matters for business planning is people leaving the super metros. For now, the shift seems to still be in the direction of urban living — people are moving from the very biggest cities to smaller cities.
Ultimately, this means businesses need to figure out where their customers are headed over the next few years to adapt sales models and services.
Business Growth Tactics
Automation
AI and automation go hand-in-hand, but not all automation is driven by AI. Regardless, you can likely find automation tools that help your business directly.
Think of any task that eats up a lot of labor, and you should look for automation that might lower that labor investment. It could revolve around digital tasks like emailing clients. It could be a physical task like sorting nuts and bolts.
Anything that you can automate lowers your overhead while improving your efficiency. Automation frees up your resources so that you spend less on redundant tasks and have more time and brain power available for creativity, innovation, and problem-solving.
Value Propositions
Inflation is a thing, and it has hit every industry around the world. It’s also not going away just yet. As a result, consumers are changing habits. While they still want a good deal, many consumers are considering long-term costs over good sales prices.
What this means is that you need to present your long-term value to customers. Whether you sell products or services, if you can show them how your solution really does save money over time, you’re more likely to keep their interest and get that conversion.
Continued Learning
Your third tactic of the day focuses on continued learning, and a rather specific case study can help you see why.
The National Institute of Standards and Technology (NIST) makes a guide to help tech experts keep up with cybersecurity trends. They update this guide now and then, but in 2024, they completely overhauled it.
To skip some irrelevant details, the big takeaway is that NIST now recommends that all business leaders familiarize themselves with cybersecurity. It’s not just an IT problem anymore. Everyone needs to know how it works.
The truth is that this concept applies to technology across the board. You need to know about AI, cryptology, cybersecurity, and how technology fits into your business. You don’t have to become a world-class expert on every topic, but you should be scheduling time to learn and keep up with technology. It’s simply necessary in the modern business landscape.
Business Tools
Customized Software
With the rise of AI, it’s easier than ever to find software built for specific niches. More than that, you can find software companies that will customize software specifically for your business. Yes, this does come with a premium, and it won’t be right for every business model, but you should at least explore the option.
Whether you stick with generalized niche software or truly customized solutions, better software is available, and it can solve problems that you don’t even realize affect your business.
Self-Service
Self-service is yet another concept that often includes AI, but it doesn’t have to. What matters is that you can create methods for customers to take care of some things themselves. Basic online shopping is an example of this. They can browse your website on their own terms and make purchases without involving a single member of your staff.
Any way you can add self-service lowers labor costs and often improves customer satisfaction. People like to be able to take care of their business without any hassle.
Beyond that, you can incorporate self-service into internal systems too. It’s not just about empowering customers. You can empower employees with self-service. Something as easy as an app that allows employees to manage their schedules and time-off requests goes a long way.
Audits
Your last power tool in the business world is the audit. It’s a scary word when you think about the IRS, but in business practice, audits allow you to take a very close look at specific elements of your business. With audits, you can figure out exactly what does and doesn’t work for your company and create targeted solutions that dramatically change performance.
You can use software tools for many audits, or you can contract specialists to perform them. It all depends on how much value you think you can extract from the audit.
Ashley Nielsen:
Ashley Nielsen earned a B.S. degree in Business Administration Marketing at Point Loma Nazarene University. She is a freelance writer who loves to share knowledge about general business, marketing, lifestyle, wellness, and financial tips.
During her free time, she enjoys being outside, staying active, reading a book, or diving deep into her favorite music.
