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6 amazing changes that will change the way we do business in the next 5 years

6 amazing changes that will change the way we do business in the next 5 years

ID-100223344We are living in an extremely exciting time in terms of science and technology. Our ability to innovate is increasing exponentially as the years go by, and things that have always been considered science fiction are becoming normal day-to-day components of our lives. And while we have been seeing invention after invention over and over in the last couple of years, the next five years are going to change a lot of the ways we do business.

To give you an idea of the magnitude of these innovations, here are six amazing changes that have the potential to influence the way people work, live and interact during the next five years.

  1.       Mobile devices will become the customer’s primary means of communication

5G is coming and with it means the ability to use mobile devices in ways not possible today. While there are already more mobile devices than people on the planet, they will continue to have increased capacity and capability. Just as airline passengers can now board planes by using their smartphones, customers will be shopping with mobile devices, in every market.

  1.       Each customer will have a tailored experience

Business is moving from products to services to experiences. If we think about the next five years, it’s going to get harder and harder to make money in transactional businesses, so we have to figure out some way to break out of that. If you shop at Amazon you’ve already seen messages like: “If you like this, then…”. Basically, the site “remembers” you, sends you personalized emails, and treats you differently from any other customer. It’s going to become the standard way of building loyalty, while tracking behavior.

  1.    We will never need a password again

Each person has a unique biological identity and behind all that is data. Biometric data – facial definitions, retina scans and voice files – will be combined through software to build our DNA unique online password.

Biological makeup is the key to our individual identity, and soon, it will become the key to protect it. We will no longer need to create, track or remember multiple passwords for various logins. Referred to as “multifactor biometrics”, smarter systems will be able to aggregate this information in real-time to make sure whenever someone is attempting to access our information, it matches our unique biometric profile and it is authentic.

  1.    USB sticks and physical media will become useless

According to Ericsson’s mobility report, 70 percent of the world will be using a smartphone by 2020, and mobile data networks will cover 90 percent of the population. With cloud services like Apple, Box, Dropbox, Google and Microsoft offering near-unlimited storage at near-free prices, there will no need for storage devices taking up room in your pocket. Not to mention the increase in standard storage for mobile devices in the next five years.

  1.    No more static documents and paper agreements

In today’s digital world, paper-based signatures and paper-based processing are becoming obsolete. In the future, we will rely on “cloud agreements” to actively manage any transaction, and physically needing to print, fax or scan documents will become a memory.

Real estate, financial services, insurance, high-tech and healthcare companies are adopting cloud computing models to increase efficiency, reduce costs and drive a better end-user experience. Soon, contract management will never be the same.

  1.    Visual content and videos will become customary

In a world where brands are competing for that limited attention, the best tool to cut through all the noise is visual communication. In fact, visual information gets to the brain 60,000 times faster than text and 90% of the information we retain is visual.

Being able to see a product or learn about a service will be essential. Just like blogging, information will need to be constantly and creatively updated. Just visit websites such as REI to watch how products are demonstrated today.

I personally believe the smart business owners will want to follow and embrace technology and the innovations it brings, and use it to their benefit, so exciting times are right around the corner, don’t you think?

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