Times and conditions change so rapidly that we must keep our aim constantly focused on the future.
— Walt Disney
As 2019 comes to a close, it’s time to set our sights on another year. What could be a better way to do so than by learning about business trends to watch out for in 2020?
1. Versatile Digital Platforms
Today’s entrepreneurs are looking for more ways to maximise their time and make the most of their business tools and applications. As a result, tech companies continue to innovate digital platforms, allowing for more integrations and features.
Flexible and all-in-one digital platforms will continue to be popular among entrepreneurs and corporations. It won’t be uncommon to find products that touch on several areas of the businesses. For instance, MYOB offers more than just an online accounting service. They also provide inventory management, time billing, and detailed reporting. Furthermore, you can access the service through your desktop, the cloud, or both.
2. Machine Learning
Another trend that we expect to happen for 2020 is machine learning. Yes, AI has been around for a while. But the possibilities around the technology are getting more and more sophisticated. In the coming years, smart personalisation will help businesses increase their profit by as much as 15 per cent.
What is smart personalisation?
It’s the process of improving customer experience based on customer behaviour. Gone are the days when all we had to do was show our customers what we offer. For the coming year and beyond, what will be more meaningful for our customers is to show them products or services that they are genuinely interested in. How do you do that? Let’s take an e-commerce website as an example. If a customer searches or browses for cameras, the website’s algorithm detects the behaviour. Eventually, it will display similar or related offers.
Machine learning could be done across all types of businesses. The key is to be able to analyse customer behaviour and use that data to improve the experience we provide to our customers.
3. Sustainability and Going Green
Going green has become a significant movement around the world and businesses are finding golden opportunities in it. An eco-conscious lifestyle goes beyond being mindful of what you eat. It encompasses everything from using recycled products to limiting one’s carbon footprint. So, whether you’re on retail or the B2B industry, you could incorporate sustainability in your company. Use it to break through the eco-conscious market.
4. Gig Economy
A recent study by Queensland University of Technology shows that seven per cent of working Australians find jobs through gig economy platforms. New South Wales has the highest percentage of gig economy workers with Victoria not far behind.
What does this mean for businesses? It means you’ll have more ways to find professionals for your growing company. You could hire freelancers or individual contractors when the need arises, which helps you make the most of your HR budget.
Are you ready for 2020? Let us help you get your business going! Sutherland Reid & Farrar offers a wide range of business solutions from bookkeeping and accounting to human resources and succession planning. We are ready to support you every step of the way. Call us at 02 6752 9700 or fill out our contact form to request more information on our services.