8 Business Trends That Won't Go Away

                                                                                      

It's a good idea to consider our future towards the end of the year. I believe that several technological, societal, and commercial developments will affect businesses in several different industries. If you have a moment, make yourself a cup of coffee and read about eight business trends that I believe will endure. 

The world is a service.

For many years, the most common business model across numerous industries has been producing and selling goods. Delivering services, in contrast, was hitherto only a function of a select few industries, like telephones. Those times have passed. There aren't many goods or services that customers do not anticipate being available via subscription, from machines and software in the B2B market to sports equipment and streaming services in the B2C market. In other words, how goods and services are used, purchased, and paid for has changed, and I do not doubt that this trend will continue to alter revenue streams, product development, and consumer interactions across industries. 

Concurrent Mobility

The future of mobility, everything-as-a-service, and trends are all interconnected. In the past, urban infrastructure was created to accommodate cars traveling between suburbs and metropolitan centers. This is no longer possible as more people move to urban areas. But I'm confident that cutting-edge ideas and electronic innovations will make transportation practical, secure, and sustainable in the future. We can already witness a shift toward integrated mobility solutions, which combine individual mobility elements like a vehicle or bike with mass mobility solutions, which individuals pay for based on how much they use them. 

A new customer journey 

Industry distinctions and business approaches are mixed when it comes to the consumer experience. Consumers and business clients alike anticipate a consistent brand experience throughout all brand interactions. Additionally, customers want to be able to access individualized experiences anytime, anywhere. Sustainability is yet another impetus. Customers' expectations will only increase, therefore I'm eager to see businesses provide an experience that extends beyond the purchase and entices clients to return.

Long-Term Health

It is vital to be healthy. Over the past few decades, there has been a substantial advancement in medicine, much of it due to technology. Digital tools that gather and aggregate information about habits and health are being used outside of the healthcare sector in lifestyle-related fields. A vast amount of health and activity data is generated by gadgets like smartwatches, intelligent scales, and sensor-equipped exercise equipment. I also see consequences for consumer products, retail, and insurance businesses, even while this development opens up new opportunities for healthcare and life sciences to advance diagnosis and treatment.

The Future of Risk and Capital

Banks and insurers, who are subject to both domestic and international rules, are crucial to the operation of the global financial system. Fintech and Insurtech pioneers have altered how capital is produced and distributed, risks are transferred, and payments are processed in our global economy during the past few years. Because today's banking and insurance products and services can be entirely digital, I anticipate that this market will continue to experience rapid change. 

Renewable Energy 

The transition to a sustainable economy is one of the fundamental requirements of our time, and stopping climate change and its consequences on the environment is one of the century's greatest challenges. Sustainable development is supported in part by emission-free energy. There are already a lot of options for an energy transition. 

Now, it's important to put ideas into practice broadly; I believe this will have an impact on every industry. It will take enormous effort to reinvent the world's energy system, involving all governments, businesses, and individuals. 

cyclical economy 

Adding the circular economy to the list of sustainability's fundamental elements. Our global economy has been linear and single-use for far too long: Businesses extract resources, make goods, and consumers discard them. As a result, we are producing more waste than we can recycle and using more resources than our earth can replenish. 

The shift to a circular economy creates new commercial opportunities while also protecting the environment. I'm sure that the benefits of adopting circular business models will outweigh the current investments that businesses must make. 

                                                                                   

Adaptable Supply Networks

Supply chain disruptions can have serious repercussions in the modern, globally interconnected economy. This includes material and product shortages and delays that result in empty shelves and increased pricing. Companies require supply chain transparency to enable smart planning and build resilience. 

This calls for close communication and information sharing between business partners across an accessible yet secure digital network. It takes a lot of work to establish this real-time transparency throughout the intricate supply chains of today. But in my opinion, it's the best—if not the only—way to provide businesses the ability to react to and foresee supply and demand disruptions. 

These are the trends that, in my opinion, are reshaping the corporate world, the environment, and SAP's product line today and will do so across all industries through 2023 and beyond. 

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