Business professionals and industry leaders should always be aware of the latest trends, as these shifts in the economy can change how companies earn money in the future. A business trend in this case means more and more major companies move towards various strategies to become more competitive. Small and midsize businesses should pay attention to try to keep up with the big fish. Watch out for these major movements in 2016 and beyond.
1. Big Data Grows
Big data has been a big business trend for two to three years, especially with more high-profile data breaches occurring at major retailers. Companies continue to mine customer data to make sales, marketing and customer service efforts more efficient. The idea is that the more data businesses have on customers, the better they can personalize someone's shopping choices. By the end of 2015, just 15 percent of Fortune 500 companies used big data in some way, but a trade group claims investments in big data software should grow by at least 23 percent year-over-year until 2019.
2. Gig Economy
The gig economy is here to stay. In 2015, a survey of 1,000 American workers revealed 34 percent of them freelanced in some way, and 60 percent of those independent contractors earned a quarter of their income from freelance work. This business trend indicates more and more people seek the freedom of working from home, when they want to and setting their own hourly rates on their own terms. Advances in cloud computing, less expensive laptops and improvements in wireless technology continue to allow companies to tap into millions of freelancers to save labor costs, and independent contractors use these same tools to earn more gigs while working from home.
3. Efficient Business Models Win
Lean businesses should win as investors and angel financiers seem to be pulling back now that the global economy is on the mend from the financial woes that started in 2007. Those who work for startups should be aware that this business trend means people should streamline their operations as much as possible to make startups profitable more quickly.
4. Younger Entrepreneurs Rule
Children born after 1995 are starting to enter the workforce. These kids grew up with iPods, smartphones, YouTube and live streaming rather than more traditional methods of communicating. In an era when people find a niche and make money by posting videos on various services, teenagers and young adults discovered an entrepreneurial spirit that bucks the trends of attending college to earn a steady paycheck. This business trend includes younger self-starters who want to enter the labor market by owning a company and having more freedom compared to previous generations.
5. Social Media Dominates
Social media continues to dominate within the sales landscape. Companies are under a lot of pressure to create content and then get the word out through these online channels. Businesses that announce videos, blogs and sales through social media should continue to earn more profits versus those that do not engage in these activities.
Each business trend leads to one thing: more revenue. Business professionals need to embrace these changes wholeheartedly or else they may face an uphill battle in a few years as more and more companies try to survive in a fast-changing global market.
Photo courtesy of Sira Anamwong at FreeDigitalPhotos.net
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