What makes good practice, in business and investment? Well crucially, it’s being able to spot emerging trends that is a valuable skill. Knowing what the next big thing is and being able to get in on the ground floor with a smart buy-in to the right start-up, or steering your own businesses in the correct direction to be ahead of the competition can make a fortune. You should aim to develop the skill of picking up on the zeitgeist, perhaps tapping into some reports from trend prediction agencies, and looking across different industries laterally. So what are going to be the factors that shape how business develops over the next couple of years?
Availability Of Big Data
We already live in a data-driven economy, with almost any information about anybody being collected continuously, but actually the majority of data collection is fairly useless. Companies have barely scraped the surface of what can be done with it, and the science of big data analytics is very much in its infancy. The coming years will see the advent of much more sophisticated data modelling, with whole new innovations being based on predictions accrued from the critical mass. As more and more data comes online from sources like wearable technology and the Internet of Things, we’ll also see smarter insight tools and mechanisms arising, showing themselves in everything from app development trends to ecommerce.
The Expansion Of A Developing Economy
As emergent global nations like the BRIC countries continue to develop, their economics and cultures will become a more prevalent influence on business trends. As access to technologies revolutionizes everyday life, and these countries expand their numbers of middle class citizens, there will be enhanced demand in areas such as travel, healthcare, advanced materials and consumer goods. So a shrewd investment or business alliance in any of those sectors with an emerging native player may be a golden opportunity.
Renewables Go Big
Renewable energy technology, such as hydrogen or biomass, has been bubbling under for quite a while now, supported by some generous governmental subsidies in certain regions. And yet the market is poised for a boom as decarbonization climbs higher on the global agenda and there is increasing consumer demand for renewable sources of energy and cleaner fuel. Business development in this area looks increasingly likely to be the next gold rush.
A contingent development on the expanding global middle class, the rise of house holding outsourcing is also set to be big. As access to education grows, and more and more people develop professional careers, so they begin to have limited time for household tasks and demand greater convenience. This means that industries such as professional organisation – riding on the back of phenomena such as Marie Kondo – cleaning services and meal delivery will continue to expand. As commerce becomes ever more global and digital, and products and services become more and more personalized and niche in response to customer demand, so ever smaller businesses will become the norm – so the size of a business may not be a reliable key to it’s success or investment potential anymore.