Working in the business industry often means keeping up to date with the latest and greatest trends. Technology is rapidly changing, and falling behind in understanding of said technology often leads to falling behind in successes. However, it’s not just technology. There are trends in the workspace, and trends in the environment. Lucky for you, we’ve got them all covered. Learning about the latest trends will help you stay ahead of the competition and utilize everything at your disposal. With that in mind, let’s take a look at some trends in business that you should NOT be afraid of.

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1. Artificial intelligence

AI can be daunting for anyone. It can feel conceptual more than tangible, and learning the ins and outs can scare even the most experienced. However, artificial intelligence isn’t going anywhere. As we continue to see a digital transformation across various arenas (including and especially business lending), the use of artificial intelligence has become more popular and more essential. Take, for example, generative AI. Generative AI can accomplish plenty for business lenders. According to Biz2X, “Generative AI can streamline and enhance the user experience in business lending. By leveraging natural language processing and machine learning capabilities, it can generate personalized loan offers, recommendations, and financial insights tailored to individual businesses.” This transformative technology can put you ahead of the competition. While you may feel it sounds daunting, there’s nothing to be afraid of. AI is here to stay and here to help improve your customer experience.

2. Increased focus on automation

Like AI, automations are becoming increasingly prevalent for not only financial institutions, but businesses in general. See, customer needs have shifted from just wanting relationships to wanting automations. In-person transactions have made way for an increase in online business. While it may feel intimidating to bank on automations, they actually allow business owners to focus more on data analytics in the near term, while allowing businesses to thrive in the long term as well. Automations go hand in hand with artificial intelligence, as artificial intelligence is used to power the automations. New technologies allow for new opportunities for businesses to improve processes and more importantly improve efficiency. Customers are looking to get their business done quicker and more efficiently than ever before, and with automations that’s now possible.

3. Increased focus on hybrid/remote work

For what felt like forever, standard practice was all employees going into the office five days a week. Nobody challenged that approach, and it seemed to be successful. Unfortunately, then came the COVID-19 pandemic. The pandemic forced everyone to work remotely for a long time until things started to open back up. When things started to open back up, something interesting happened in the industry. Rather than everyone jumping back into coming into the office every day, workers wanted to ease their way back into the office. Businesses also wanted to ease employees back in, as office spaces needed to be reorganized and everyone needed to get back into the flow of the office. However, where we stand today is interesting. Employees have still not taken to working fully in-person, with the majority of companies employing either fully remote or hybrid workspaces. Some companies find the hybrid workspace to be a negative, as they want to see employees in the office, getting their work done. However, in 2023 and moving forward, the level of trust between employees and employers must increase. With the hybrid workspace set up, employees not only receive that extra level of trust from their employers, but they also enjoy extra freedoms of choosing when they come in and being able to work from different locations. While it may seem daunting to put this level of trust in your employees, the trend is pointing in the direction that that trust is necessary, and that your employees will appreciate you for it.

4. Sustainability is here to stay

Sometimes trends appear to people to be fads. Sustainability is not one of those fads. As society continues to expect more out of businesses, they are looking to businesses to see their plans for helping improve the world. It’s no longer just about the product, it’s now about the product and its impact. To the average business owner, this may seem like a lot of work. Having to rethink all of your processes and make sure you’re making the right decisions for the environment sounds challenging. But in reality, you’re doing work that will help entice customers to come to you and stay with you, while also making a positive difference. According to Harvard Business School, “Research shows that companies with high ESG ratings have a lower cost of debt and equity, and that sustainability initiatives can help improve financial performance while fostering public support.” Look into ways that your business can be more sustainable and how that sustainability can help increase your customer base. You’ll be glad you did.

Takeaways

From new technologies to changes to make the workspace more progressive, it’s essential that you stay up to date on the latest trends. While many of these trends may appear to be intimidating, they’re truthfully attainable and will help you grow your business. As you’re looking into the different trends, consider how you’re looking to position your business. Not every trend will work for every business, and it’s essential that you determine what fits best for you.

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