The business world is undergoing a dramatic shift. With a new decade, companies are faced with a host of new challenges, trends, needs and opportunities. How can a company stand out and dominate its industry in this ever-changing business environment? How will you turn your organization into a company of the future?
In the coming decade, companies need to increasingly compete over where they stand in the market. At this point, no organization can afford to fall short in any aspect- be it market research, or even something as seemingly simple as packaging.
Consumers now are aware, alert, and note the most minuscule details in their buying process, believe it or not. Companies that do not recognize and respect this characteristic of their audience are bound to suffer, and those who do will, without a doubt, leave a lasting mark.
Various technical aspects like big data, artificial intelligence and machine learning are changing the workflow of an organization, and these factors are crucial to ascertain, with speed and accuracy, the people’s demands in the ’20s.
Every organization will need to incorporate both humans and AIs to increase the efficiency of their workflow. The companies of the future will have machines and humans working side by side in perfect harmony to constitute a balanced human-technology system.
So, it is very clear that to become the company of the next decade, organizations have to completely reinvent their technologies, leadership styles and customer engagement approach to become the next-generation leading organization.
What does a company of the future need starting from 2020?
As stated earlier, companies need to revolutionize the way they think about their customers. Businesses completely need to redefine their strategies according to the needs of the new decade. Some of the aspects that every company must consider going forward include the following:
- You need to lower your costs by increasing the efficiency of your operations
Driving down the costs in a way that does not affect your clientele or compromise on the quality of your product or service in any way should be your number one mission.
For example, lean operations could go even leaner. You can improve your infrastructure to save energy costs, you can reduce the paperwork. One thing you could do is, sit with your team and ask them about the stuff that bogs them down, and slash down every process that adds no value to your business.
- Invest in the Best in Class Technology
Always give your team the best equipment and technologies to work with. If they perform as leaders this decade, they can be the leaders of this decade.
For example, if your firm is developing some product, give them the best raw material available. This will increase the quality of your service and client satisfaction as well as make the job of your employees much easier.
- Shuffle your product or service mix
As we know, out of all the products or services you are going to provide, some of them will be harder to sell, some of them will give you higher profits, and some will be average. To know about the performance of every product you need to keep shuffling the mix regularly. It will help you identify what your clients need and where you need improvement.
- Upgrade your technology infrastructure
Technology is going to rule the world in this decade. So, you need to keep up with the upcoming technologies as well as the infrastructure required by those technologies to work at the highest efficiency. You need to keep on upgrading the infrastructure to be faster and robust.
- Upgrade the pre-existing technologies
As stated earlier, technologies are developing every passing day and you need to keep up. You need to upgrade and update your software to the latest versions and you need to keep on including and learning about new technologies in your organization.
- Improve your data analytics
Data is going to play a major role in this decade. Due to heaps and heaps of data-generation on the various media platforms, it has become possible to know exactly what your customer’s expectations are. You need to use these insights and analytics very carefully.
- Work together with humans and machines to improve your workflow
You need to incorporate the use of AI to increase the efficiency of your workflow. This will increase the accuracy and speed of your tasks.
Future Business Needs: Services and Products accessibility (Mobility)
The expansion of business comes with the user experience. It involves a combination of some new and some old information. The accessibility of businesses will help businesses grow. It will also help the businesses expand their reach to a wider audience.
o Why is accessibility important?
Around ⅕ of the population of the world struggles to access a whole range of services because of disabilities. When you grow your business, ⅕ of the population cannot be left aside. You need to focus on that group with equal attention
There are three stages of making a website accessible for every single person on the globe.
- Level A: Including the most basic web accessibility features
- Level AA: Crossing the most common barriers for disabled people
- Level AAA: Reaching the highest level of accessibility.
Future Business Needs: Disruption Culture, Globalization and Social Media
Across industries, in several domains, social media is becoming an essential component. Social media skills are no longer considered as hobbies. They have been converted into a niche or a talent. Every company is looking at this facet of globalization as a big part of their business.
Imagine that you are paying for the services and products you love without having to visit their portals, through your favorite social media platform. But the biggest challenge when it comes to this factor is to ensure the data security of customers through the portal.
Healthcare industries are completely shaken up by the effect of disruptive culture. Social media is taking over the healthcare industry at a higher pace. It has become a source to ensure personal as well as community health. People affected by the same conditions can stay in touch and support each other on various groups on social media.
Social media is also changing the way government organizations work. It allows people to be a part of the process by letting them share their ideas, views, and criticism on the way the civil services are working to improve the country.
As a business, if you are able to embrace the power of social media, you will rule the next decade. You just need to be able to communicate with your audience well enough to build an identity for your business and create a brand out of it.
What companies will dominate the next decade?
Amazon is dominating the world of online shopping and will continue to do so in the next decade as well. Nearly 50% of all online sales happen through Amazon and it is now the host of more than 100 million prime members.
Alphabet is the parent company of Google and has every feature it needs to become the winner of the next decade. There are two key areas where Alphabet is standing out in the competition and those are, advertising and cloud computing.
It is no surprise that Google is ruling the world of advertising. In fact, 85% of sales revenue generated by Google in the year 2018 was through its search engine advertising strategies.
Alphabet is now focusing on the cloud computing domain and is likely to earn more money from this market in the coming decade.
Microsoft may not seem like the most competitive form to be on this list. But this company has transformed itself from a windows software developing platform to a blooming cloud-service providing platform in the past few years.
Microsoft may have stumbled a bit a few years back with their mobile devices but their constant learning and improvements make them one of the firms destined for greatness in the world.
Another big name, another tech company that is set to revolutionize their customer experience by changing their focus from providing hardware products towards providing services. They are trying to enter various domains as a service provider, such as video streaming, audio streaming, video games, etc.
Netflix has built a great reputation in the world of online streaming services in the past few years. The company which started by shipping out DVDs is now building its own TV and movie shows on the platform. The company now boasts of 80.8 million paying subscribers throughout the world. Even though this market was crowded quickly, Netflix has a beginner’s advantage in the race and they have made good use of it.
How will Companies beyond 2020 Beat the Competition?
As we have seen in the examples earlier, the only companies who will win the race are the ones who will be consistent with their efforts to improve.
- You need To Stay Lean
You need to maximize the value and minimize the waste. You need to be able to improve the quality of the service you are providing and at the same time, decrease the costs without making any compromises on the quality of the service.
- Know your numbers correctly
You need to know about every single number associated with your business. For example, how many new customers joined you, how many old customers got back to you, how much revenue you generated, how much investments did you make, which investments were really crucial for your business, and which ones could’ve been avoided.
- You need to analyze every bit of data
To know what your customers need, you need to know their expectations and to determine their expectations, you need to know what they are saying about you. And to know that, you need to analyze every single bit of data you are getting from your clients’ side.
- Keep on Learning and Innovating.
Never stop thinking of creative ways on how you can solve a problem related to your business to make your workflow more efficient. This will make you a leader of the next generation.
1. Lead in Excellent Customer Experience
Your customers should visit your platform or your business again and again and it can be only achieved if the customer experience you are providing is impeccable. You need to be alert about all the current scenarios and developments in your niche to give your customers the best experience.
● What Constitutes An Excellent Customer Experience?
Positive customer experience does not only rely on making your customer happy. Generating revenue through that experience is also a big part of it.
To understand the need for good customer experience, let’s take a look at some of the statistics.
- Customer experience is going to be the number one brand differentiator of this decade.
- Every 1 customer from 3 can leave a brand only because of one bad experience.
- 49% of buyers make an impulse purchase after receiving a more personalized customer experience.
- Customers tend to pay around 13% more just because they received an impeccable customer experience.
2. Lead in Employee Engagement
Employees are the backbone of a company. To gain the trust of customers, your employees need to trust you first.
● What is employee engagement?
Your employees should be part of every single process, every single change your company is experiencing. If your employees are part of the process, they will feel more passionate about the work they are doing. Also, making sure that employees are happy will automatically increase the efficiency of your workflow.
3. Lead in Innovation and AI
As stated earlier, Artificial intelligence and innovation will be one of the major aspects of business in this decade.
● What is innovation?
Innovation is the ability to create something that is more efficient or to create something new. If you need your business to grow, you need to give your customers something more than your competitors are willing to give.
For example, if you are a mobile phone manufacturer, you need to be efficient in one of the specs like power management, processing speed, camera quality, storage management, etc.
● What is AI?
Artificial intelligence is incorporated in businesses to improve your workflow in a more human manner. For example, if you have a chatbot on your website, it will give the user a more personal feel and will also increase and improve the customer experience.
4. Lead in Solving Problems of Tomorrow
Many companies nowadays are focusing on making a social impact. Working for a social cause through your platform attracts customers towards your initiatives and also boosts the reach of your brand to a wider audience. For example, in August 2019, the CEO of Walmart announced that Walmart will no longer sell handguns and military-style weapons. In the same way, CVS Health stopped selling cigarettes.
Being proactive is one of the major factors of being in business. For example, AI is going to be one of the biggest industries of this decade. So, if you are an industry working on Artificial Intelligence you need to identify the problems that could arise due to AI in the near future and try solving them before your competitors. This will give you an edge over your competitors.
5. Lead in Making Informed Decisions
Knowing what your customers are asking for has become important now. You need to give them what they need, where they need it, and at the price they want.
● Using data and actual customer insights to make decisions
Heaps and heaps of data are uploaded on social media every single day. This data can be used to advantage your company. You could analyze real-time data of your company to determine the strength, weaknesses, opportunities, and threats of your businesses.
● What is Big Data and Analytics?
Big data is used for various aspects. But one of the most important uses of big data is to personalize the experience of your customers. It will give you insights about the needs of your customers and you can determine their importance.
● What is customer engagement?
As a brand, you need to keep on conversing with your customers. In the age of globalization and social media, it is important to be recognized by your customers, not as a business but as a brand. So, you need to keep on improving your efforts.
6. Lead in Cross-Function Collaboration to improve efficiency?
Technological collaboration is going to be a big thing this decade. Every company is trying to create everything on their own. But it is always not possible to be ahead in every single race. This will help you make use of technologies developed by various companies by allowing you to collaborate with them while creating a whole project.
For example, if you want to create a database, creating complete cloud computing services will be a big waste of time. What you can do is use the services of companies like Amazon and create your database on AWS.
Additionally, within your organization, departments such as Commercial, Customers Experience Operations, Product, Marketing, should be highly collaborative in order to improve efficiencies, speed up decision making, and quickly receiving and making good use of customer insights for continuous iteration.
How can Your Business become one of the Companies of the Future?
To become the company of the future you require hard work and determination in every step you take. You need to be consistent with the efforts. Being the company of the future simply means that you need to keep on learning and incorporating new ideas, new technologies, and new innovations into your business.
As a company, you need to make sure where you stand in the competition, why you stand where you are and what will be the efforts you need to put in to become the top in your niche. So, figure out what your long term and short term goals are, define them as SMART goals and follow them. Are you set to make the 20’s your decade?
REFERENCES & FURTHER READING
The Companies of Tomorrow. https://www.crainsnewyork.com/sponsored-bank-america/companies-future
Chris Neiger. 10 Companies Set to Dominate the Next Decade.
Allison Bailey, Martin Reeves, et all. The company of the future Winning the ‘20s. https://www.bcg.com/publications/2019/company-of-the-future.aspx
Francis Goh. What the corporate company of the Future looks like? https://www.collectivecampus.io/blog/what-the-corporate-company-of-the-future-looks-like