Throughout the world, across all sectors, organisations are grappling with rapid transformation and evolution.
Digitisation is taking businesses across industries by storm. Additionally, businesses have to contend with an enormous global shift and subsequent challenges due to the pandemic. Climate change, shifting political and economic power, AI, and predictive analysis are changing how businesses operate. Our world is changing fast, and organisations must adapt soon.
Having a good grasp on what lies ahead as emerging trends in 2022 can help businesses look ahead and plan effectively to scale and thrive in the post-pandemic era:
1. Sustainable and resilient operations
The entire world is set to follow the eco-trend. Every organisation is seeking to eliminate or reduce environmental damage and costs in its business operations. 2022 would see businesses continue emphasising decarbonising the supply chain.
Businesses with forethought are already looking beyond the supply chain to improve sustainability across all their operations. As customers become more conscious, companies need to align their services and offerings to support mindful consumption. For example, the trend in the delivery service industry is to re-process packaging to aid the conservation of natural resources.
2. Balancing human and artificial intelligence
AI-powered systems are increasingly capable of taking on tasks that humans previously did. It could be conversations through Chatbots, voice bots or data-driven tailored marketing communications. Industry professionals believe in 2022, AI will play a significant part in sales and marketing. AI is also used in corporate initiatives like building business intelligence and analytics.
AI technology is predicted to become essential for observing trends and spotting anomalies using data analytics. For example, predictive analytics and AI is used to examine historical data and reliably spot abnormalities to mitigate risk by alerting lenders of potential defaults in loan accounts.
Employers need to find the right balance between intelligent machines and human intelligence. Automation will affect every industry, so business leaders must prepare their organisations and people for this significant change.
3. Adoption of new technology
Business gurus predict the Fourth Industrial Revolution with the adoption of new technologies in 2022 to spur business growth and job creation. IoT and automation will enhance productivity, efficiency and minimise downtime for manufacturers.
Access to technology will provide greater opportunities in developing countries and contribute to the expansion of SMEs. Technology is predicted to have the biggest effect on the sectors like aviation, farming, sustainable agriculture, biotechnology and healthcare. Businesses have an incredible opportunity to expand with technology, and Tata Capital provides business loans for entrepreneurs looking to tap into the latest technology to pivot and scale enterprises.
4. Customer centricity
Customers are driving business decisions in today’s customer-first market. They are dictating what they want to buy, when and how. Businesses anticipating customer preferences and adapting operations to ease customer decision making will be ahead of the game.
According to Forbes, shopping in the brave, new 2022 economy will be less about choosing where to buy products but more about shopping in a way that fits in consumers’ schedules. Retailers who can provide real-time product details and shipping information upfront using technology are most likely to succeed in this new era.
5. Shift to hybrid work models
Business leaders are faced with the biggest employee-related question right now. When and how to plan employee return to the office? It is predicted that by 2022, 10% of firms will shift to a permanent remote model, 30% will go back to a permanent in-office model, and the remaining 60% will shift to a hybrid model.
Shifting to a hybrid model will require companies to design meetings, job roles, and day to day operations systematically. Executives will need to develop a new model of working and let go of the traditional haphazard processes.
According to the future of jobs report, the adoption of cloud technology will make businesses more agile, collaborative, efficient, and scalable while reducing costs and preparing the company for remote and hybrid work models.
6. Collaboration and integration
2022 is predicted to be a time where companies can outsource anything. Global integration is the way because companies will need to work together to solve critical business challenges and serve humanity bigger and better.
In the future close partnerships with other organisations will be the way to succeed in every business sector. This means deeper supply chain partnerships, data integration, real-time information sharing, capitalising synergies, and cooperation between competitors. Companies must keep an eye on these trends in 2022 and plan effectively for their business. Remaining agile is the key to thriving in a rapidly changing world. Tata Capital’s business loans provide finance for companies looking to capitalise on these business trends in 2022.