Three Key Trends in Modern Business

Businesses around the world are in almost a constant state of change and flux. On an almost constant basis, new technology, applications, platforms, and devices enter the market that promise to revolutionize the daily operations of businesses. As the years progress, businesses in all industries and sectors will begin to adopt some of this new technology en masse, once the benefits have been realized.

In recent years, businesses have also needed to navigate some challenging situations that may impact on their operations. Most notably, in 2020, the first truly global pandemic since the Spanish Flu impacted the lives of the world’s population.

From a business context, this presented some immediate problems. Workers were no longer allowed to congregate in numbers and occasional lockdowns were imposed by governments in an attempt to slow the spread of infections. This meant that remote and hybrid models of working became the norm for millions of adults at short notice. Thankfully, many businesses had already made the transition to cloud computing, and setting up online working systems was not as challenging as it could have been.

Today, there are emerging trends that continue to influence and modify the business landscape. In this article, three key business trends will be described in detail.

1.The rise in cloud computing (and the need to manage it)

The market for cloud computer services continues to grow at a rapid rate. In 2022, the market for cloud computing services was valued at over $483 billion and this market is expected to grow at a CAGR of 13.1% until 2030. This impressive market growth is because more and more companies are starting to realize the benefits that come from cloud computing.

As previously mentioned, cloud computing can be a key way to support a remote workforce. As the business systems are accessed online, any staff member with suitable access and an internet connection can work from a remote setting. In addition, cloud computing can become a more efficient way to organize your company’s IT infrastructure. As the technology is stored online, there’s no need for physical premises for servers and applications, reducing costs and helping to improve productivity. However, as more businesses start to rely on cloud computing and the number of online applications increases, there’s a greater need to manage these systems effectively.

For companies that use the Kubernetes platform, a k8s ingress controller is vital for ensuring the smooth operation and communications of multiple applications. These software systems allow traffic and communication between different applications and APIs to be monitored, controlled, and managed. Security protocols can be added that will highlight any irregularities in traffic volumes or access requests, alerting IT staff when an issue is noted. In short, these systems are incredibly important for the smooth functioning of any business with online IT services and their usage will continue to grow.

2.Decision-making backed by data

Less than a decade ago, most businesses didn’t rely heavily on data when making high-level decisions or planning for the future. Typically, senior managers and leaders would make these decisions by using their business acumen and knowledge of the latest market trends. However, this led to uncertainty in high-level decision-making and meant that some ideas and plans didn’t adequately take in a range of internal and external factors.

Today, millions of firms rely on business intelligence platforms such as Microsoft Power BI. These platforms allow companies to take high-volume data from multiple sources and combine it within the platform. The data is then subjected to advanced analytical processes that allow business managers to gain key insights, statistics, and reports from the information. This information can play a crucial role in decision-making, while also providing reassurance that multiple factors and a large volume of data have shaped the results.

In short, BI platforms are becoming increasingly used in the business world to reduce uncertainty in decision-making, allowing for more profitable outcomes.

3.AI usage in business

Artificial intelligence (or AI) has progressed significantly in the last decade. It has gone from simply being a term to becoming a realized technology that’s shaping the landscape of modern business.

Many people will now be aware of the AI software provided by platforms such as OpenAI. This technology can be used to create content for websites with little more than a few lines of explanatory text. In addition, AI technology can be used to create bespoke coding and even full software programs simply by asking the platform to make it. The business benefits of this form of AI are already well understood. A key benefit is that AI software can save time and money in business, even negating the need for some forms of specialist staff.

Another example of AI in business is the increasing use of chatbots online. This technology can be used to answer simple questions and queries when customers visit a company website. While chatbots may never replace the need for a dedicated customer service team, they can currently automate routine question-answering and are starting to play a key role in many businesses’ customer service operations.