It’s hard to imagine the business world in 2021. The way we work, communicate, and consume is changing so quickly that it can be difficult to predict what will happen just a few years from now. But it’s not impossible!
Business trends in 2021 are sure to be as dynamic and varied as they have been over the last decade. While it is impossible to predict what will happen two decades from now, there are a few predictions that Goodthink Associates believes can help you get ahead of your competitors today and some trends that will be huge over the next five years.
Artificial Intelligence
With all of the recent innovations in big data analysis, AI-driven chatbots for customer service, and virtual reality training programs (just to name a few), everything companies do is becoming more automated than ever before. This trend will only accelerate as new technologies emerge in the coming decades.
Artificial intelligence will likely account for more than half of all customer service interactions by 2025. This means businesses need to start training themselves on how AI works.
Predictive Analytics
Predictive analytics will have a major impact on how businesses operate, especially in the fast-paced world of retail. With an influx of data about what’s popular and what isn’t, companies can make more informed decisions for their business.
Internet of Things
The internet as we know it has been revolutionized with the advent of the Internet of Things (IoT). The IoT is changing nearly every aspect of our lives by connecting physical objects to digital networks. So far, this trend has mostly impacted the technology and manufacturing industries, but there are lots more ways that these technologies could be used in 2021.
Automation
While our future may seem like a utopia of all-knowing AI and robots, the flip side is that there will be many fewer jobs available. The solution: give people skills in new fields such as coding or data science to keep them employed for years to come.
Gig Economy
The gig economy is not going anywhere anytime soon, and companies like Uber might become ubiquitous services that employ people rather than contractors or freelancers – if this trend continues, we’ll see an increase in companies that provide benefits to those who work for them.
Blockchain
It’s been predicted that we’ll start to see blockchain technology applied in the business world by 2021. This decentralized digital ledger system has so much potential for security and transparency. It will be interesting to see how its uses evolve.
Digital Economy
The rise of the digital economy will only continue as we see more and more people buy their goods online or on mobile. This trend can be seen in almost every industry from retail, food services, and manufacturing. This means it’s important for businesses to keep an eye out on new ways consumers want to interact with brands, so they don’t get left behind! One way is through social media influencers like Facebook Live, which might become a key marketing tool by 2021.
Millennials Will Run the Workforce
The first millennials will be taking over management positions by 2021, and they’ll have a different approach to how business is done. They’re used to immediacy, collaboration, and mobility in their jobs. Hence, it’s likely that we’ll see leaders who are more comfortable with these concepts than the traditional hierarchical methods of past generations.
Businesses should also better prepare themselves for what might happen if robots take over some human tasks – 68% of companies don’t even know where they would go after automation takes hold! Making plans now could help prevent this from happening or find workarounds before it becomes too late to recover.
It can be difficult to predict the future, but definite trends are coming out on top that all businesses need to keep an eye on.
We hope these predictions help you plan and stay competitive in the 2020s marketplace today! What other business trends do you think will start trending by 2021? Share your thoughts below!
