What Will Business Look Like in Five Years?
We’ve covered business trends in the past, but it never hurts to be forward thinking throughout the year. Experts already have a number of small business predictions for the next five years, so continue reading to learn more about what we might see in the not-so-distant future.
We love talking about entrepreneurship! And when Business News Daily asked small business owners and other experts about their trend predictions for 2015 and beyond, a resurgence of entrepreneurship topped the charts.
The experts they interviewed expect an increase in entrepreneurial spirits, especially amongst Millennials. The economy also continues to improve, another indicator that we’ll be seeing more small businesses and startup ventures in the coming years.
The Internet of Things
The Internet of Things (IoT) describes the network of small items that we own that have electronics, software, sensors, and other means of staying connected embedded inside. They exchange data, and any object with an IP address and the capability of transferring data over a network falls into the IoT category.
Experts believe that these small devices are going to transform the way we do business, and you’ll likely be hearing more about the IoT within the next few years.
Time Magazine put it best – bandwidth is the new “black gold" of our information-hungry world, especially with so many people connected to the “Internet of Things” previously mentioned. If we want to keep up with our current rate of consumption something will have to change. Wireless demand is the biggest issue, where demand is sky-high and supply can’t keep up.
While we don’t know how this problem will be solved, the issue will certainly be center-stage for quite some time. It’s a trend in need of a solution.
Data and Metrics
With new technology comes new ways of quantifying our business activities. Inc.com predicts that metrics will matter more and more, and it uses Google Analytics as a prime example. This tool has allowed business owners to set goals, track them, and make fast changes, regardless of how tech savvy they are.
The accuracy of the data that we acquire will increase over time, too. If you’re obsessed with tracking numbers in your business, this will be great news for you.
Many experts agree: software needs to change. If you rely on various software platforms to get your work done, and you’re frustrated with those products, then this could be the news you’ve been waiting for. The problems with many of today’s enterprise software solutions arise because the people who purchase the software aren’t actually the end users, resulting in frustrated end users with no say in how these applications function.
But, that will change. The kinds of developers who brought us easy-to-use websites like Facebook, Uber, and Twitter will be working on enterprise apps. They might not be as fun to use, but they should be far more pleasant to navigate.
What do you think business is going to look like in five years? Are there any future business trends that we didn’t mention? Share your thoughts in the comments!