The Future of Business is not what you think

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When people think about the future of business, it's often in terms of new technologies, such as artificial intelligence, virtual reality, or other concepts that even a few years ago would seem like impossible science fiction. The meteoric rise of companies like Uber, Airbnb and Deliveroo have rattled the world of business. Some of the biggest players in transport, lettings and delivery industries suddenly weren’t actually in transport, letting and delivery – they were technology companies. Governments and sectors were left on the back foot, while these new businesses were left with profits. Perhaps the future of business is actually the future of technology

But amidst all the glitz and glamour of a hyper-connected world, "the boring stuff" often goes unnoticed in the day-to-day science and practice of operating a healthy business. The future is not about new processes or small, incremental gains in efficiency but rather a game-changing, seismic shift in how organizations measure and optimize their business, customer,  employee and team performance. Let's take a look at where the future of business might  actually resides-

The Future of Business Is Data (One that You Can Actually Use!)

We already generate astounding amounts of data – 2.5 quintillion bytes per day (IBM) – and as populations increase and technology advances, this amount looks set to grow bigger. Big data! Deep insights! Terms like these have been thrown around pitch sessions and board rooms with reckless abandon for years. But, we can finally say that actionable big data is here. And it will only become more prevalent and effective as time goes on. Just as Google has moved toward a semantic, voice-driven search, automakers, pharmaceutical companies, and manufactures have already embraced big data to increase productivity and reduce the costs of their workforce. This trend should continue to pick up steam, as data storage and computational costs continue to decline.

 

The Future of Business Are Metrics That Make Sense

Traditional business metrics offer little insight into company performance. Today’s biggest business challenge involves knowing how to respond to a world in which the frame and basis of competition are always changing. Against that backdrop, any effort to set corporate strategy must consider more than just traditional performance measures. Yes, gross revenue, operating profit, overhead costs, etc. are all important to understanding the health of any organization. But, what really happened? Could the business have performed better? How should the company distribute its resources for optimum utilization? In hindsight, did the management team make the right strategic decisions? We may have "too much data" right now, but we're not far away from being able to transform this data into a new roadmap for managing a high-performing organization. Businesses with access to these new metrics should outperform those who are unable or unwilling to embrace the new insights they offer.

The Future of Business Is Prediction & Prescription

Gone are the days when organizations used to sit with innumerable data sheets to understand what happened in the past. The time is to look ahead, to remove the uncertainty that always clouds any business, working in such dynamic environment.  Predictive techniques are  providing  extremely accurate and reliable answers to questions like what will happen to my business? How should I cope with the incoming challenges ? And that’ not it. Companies are finding out the next best course of action by asking scenario based questions. Getting a sense of impending success or doom is now slowly becoming clearer, all thanks to the advances in data analytics and insight generation.

Business is changing fast enough that “if you’re not asking questions about what’s different today, you’re on a path of complacency,” says Brian Solis, Principal of Altimeter Group. So the time to start asking the right questions is now!

See how Lymbyc can answer some of important questions that can shape your future business strategy- <Watch Video>

Source-

Excerpts taken from the blog https://www.clicktime.com/blog/the-future-of-business

Blog Author: 
Ankita Asthana
Categories: 
Evolving Landscape

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