Top 7 Business Innovation Trends for 2017

By Ben Gross

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Companies need to use fresh thinking and innovation to boost their business growth. Plus, they can utilize suitable B2B software solutions such as CRM, project management, collaboration software etc. to enhance efficiency and productivity. To select the right system for your needs, you can read the in-depth reviews of software products in a reputable SaaS directory.

In this article, we look at a few key business trends of 2017 in different sectors and how they are redefining technology and business strategy this year. Plus, we analyze the logic and reasoning behind these global trends, how they are reshaping industries, and the ways in which you can utilize them to further your business and get an edge over the competition.

The trends we discuss below include both emerging business as well as technological models. They offer great opportunities for businesses to create value for their customers and gain more revenue and market share.

  • Customer Centric Approach
    Businesses are focusing on understanding customer needs and providing them personalized experiences. They are utilizing omnichannel and digital communication mediums to engage their customers and offer them what they want. Companies that are not customer centric are sure to get left behind.However, customer centricity is not easy to achieve as it involves a host of factors such as technology, and company structure and mindset. The focus is not on a company’s services and products, but on the customers and clients. To implement this strategy, companies need to use omnichannel solutions to get an all-round view of customer needs across the different touch points. This will help them understand users and build close relationships with them moving from traditional segmentation to trendy hyper-personalization. In this manner they can provide delightful customer experiences and give users what they need, when they need it. To do this, businesses need to develop new methodologies such as user experience design, service design, and design thinking to create convenient user journeys across channels. Plus, they can utilize predictive analytics to learn about the intentions of each customer and predict their future needs.

    Companies such as Amazon, Google, and Uber have invested heavily on technology and training to create frictionless customer experiences. For this reason, they have become global leaders in today’s digital economy.

  • Micro Economy
    There are two main types of micro economy: Pay-by-X such as pay-per-hour rental and pay-per-mile insurance and Micro-X such as micro-donations and micro-payments.This trend is happening because technology and resources have become democratized and affordable which has raised the living standards of people who previously were not able to pay for these services and products.

    Micro economy products and services help the underprivileged and they are lucrative too for businesses due to technologies such as Blockchain that have drastically reduced the cost of transactions. For this reason, companies can get a lot of revenue due to the high number of deals and transactions though the margins are small.

  • Sharing Economy
    business_trends_sharing_economyThis trend involves owning the interface for customer supply. Uber does not own any vehicles, Facebook does not create any content, and Go to the full article.

    Source:: Business 2 Community

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