Business process management and Business management software are essential tools to align strategy of organizations to business goals in small and medium businesses. Technology is advancing at a much faster rate than expected having a greater impact on business processes.
One has to be constantly prepared to produce high quality work with less finance and in the least possible time. Work has become more tedious since one has to continuously compete with your co-workers.
These changes are more complicated than they seem and keeping up with the current managerial trends is by no means an easy task.
Here are some current business trends that will drive your company to success in the time to come
Microsoft has democratized Artificial Intelligence that is now fast becoming an obsession. Business organizations are adopting AI not to replace human intervention but to process large volume of data and to perform repeatable tasks. AI though still in its initial stage is all set to automate processes in order to achieve remarkable growth.
Traditional jobs like ordering food, replacing waiters at restaurants, replacing invoicing and accounting employees are all being done by AI. Automation is followed by large spending due to which there will be rapid growth in specific sectors.
AI is fast becoming a norm providing consumers with a great experience.
Good examples of where AI is providing real time experiences are Google Maps that can be accessed from our phones and GPS Insight where companies shorten the schedule time for telecommunications companies.
Whether it is to respond to a crisis or for municipalities to deploy in times of emergencies AI enriches our experiences.
AI is used to improve our performance to be implemented in several industries. Instead of replacing workforce, performance will be amplified with technology and Augmented intelligence.
- In the Automotive industry changes brought about by software and robotics has resulted in cars being more affordable for consumers
- For Airlines IBMs Watson will inform the flight attendants in of case of flight delay along with alternate connecting flights and much more
- As far as marketing is concerned Amazon uses AI for augmenting worker productivity. AI is used to regulate prices, change product descriptions and product rankings and even change the prices in accordance to your spending habits.
- Automating warehouses is also possible with AI.
Live Interactions On Social Media
Big companies have realized that long term brand loyalty comes with building great communities. Live videos and in-person interactions driven by strong communities are becoming immensely popular.
Social media and technology not only replace in person interactions but also make them more valuable. Consumers as it is are already connected to the virtual world so it becomes easier to build in person relationships rapidly.
Social Learning Outshines Remote Learning
Since professionals have a habit of working remotely social Learning in corporate training programs is a way companies keep them connected while developing their talents out of office.
Learning through social interactions with peers is called social learning where two or more persons by chance run into each other and share ideas.
Social learning helps to promote autonomy and self-direction in order to increase learner engagement.
Millennials To Manage Generation Z
Millennials are performing leadership roles in organizations. Besides managing their peers they will manage Gen Z employees. Gen Z is different from millennials as this is the first generation born with devices in their hands.
Smart companies work fast in order to understand this new generation that will be their future customers and employees. What Gen Z wants is independence, stability as well as advancement in companies according to their performance.
They just want to grow and have no issues taking risks. Millennials and Gen Z are efficient and productive and prove to be great team members.
Augmented Reality / Virtual Reality
AR and VR will enhance employee experience not only by providing duplication of tasks or work challenges but also by preparing them in a better way to face real world situations even before they actually face them.
Blockchain is all about Bitcoin and a different way to process information. Bitcoin though just the top of the iceberg is a digital currency here to stay. It’s like a shared document to be recorded and remembered in different ways. Blockchain is emerging in almost all fields from healthcare to the financial sector.